The Markets Today

The Markets Today tuesday 22 July 2008 / 09:25h CET

EUR/USD	1.5920
EXPECTATION		THE RISK	SUPPORT AND RESISTANCE
1.5800 held and the top broke Monday afternoon. 1.5930 initial resistance, clearing that will see the pair stretch up to 1.60, in a volatile market 1.6100 could be reached.		Rising trend only at 1.5850 this morning, hence room for an intra-day set-back, BUY dips and stop only upon a break of 1.5800.	1.5885 MINOR 1.5930 MINOR 1.5850 TREND 1.6000 STRONG 1.5800 KEY 1.6120 TARGET

GBP/USD	2.0030
EXPECTATION		THE RISK	SUPPORT AND RESISTANCE
Cable managed breaking 2.00 and closed the day above. We remain bullish, expect a rise to 2.0130 key resistance.		Initial support at 2.00, an hourly break there stops the short-term rise and we can dive to 1.99, a daily close lower turns us bearish.	2.0000 STRONG 2.0045 MINOR 1.9985 MINOR 2.0130 KEY 1.9900 STRONG 2.0165 STRONG

USD/JPY	106.50
EXPECTATION		THE RISK	SUPPORT AND RESISTANCE
It rose to the 107.15 key and returned to 106.30. Strong support 106.40 this morning, while this holds we can retry the top – a daily close above 107.15 would be bullish.		We see high risk of a fall from here today, 105.20 target, a low daily close could see continued selling down to 103-ish by Friday.	106.40 STRONG 106.90 MINOR 106.10 MINOR 107.10 STRONG 105.20 STRONG 108.30 STRONG

USD/CHF	1.0170
EXPECTATION		THE RISK	SUPPORT AND RESISTANCE
1.0250 could not be bypassed, this morning the pair is underneath of 1.0185 and we expect a fall to at least 1.0100		Only an hourly close above 1.02 may stop the short-term bearish sentiment.	1.0160 MINOR 1.0185 STRONG 1.0100 STRONG 1.0210 MINOR 1.0020 KEY 1.0275 STRONG

XAU/USD	972.00
EXPECTATION		THE RISK	SUPPORT AND RESISTANCE
The top of the range broke, we like to attempt longs here for a rise to at least 985, 995 is likely.		Stop longs underneath of 969 with room to fall to bullish trend-line at 960. A lower daily close turns us bearish for 925.	970 STRONG 976 MINOR 960 TREND 985 STRONG 944 STRONG 995 STRONG

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