Forex Market Overview

The Markets Today Friday 28 July 2008

EUR/USD	1.5730
EXPECTATION		THE RISK	SUPPORT AND RESISTANCE
Wait to SELL tops near 1.5750, strong resistance 1.5765, initial strong support 1.5695, a break there has space for a strong move down to 1.5450		Hourly close above 1.5770 stops the short-term view, but we will not go long unless 1.5820 breaks.	1.5695 STRONG 1.5765 STRONG 1.5640 MINOR 1.5820 KEY 1.5500 TARGET 1.5860 STRONG

GBP/USD	1.9875
EXPECTATION		THE RISK	SUPPORT AND RESISTANCE
It trades right at the 6-week rising trend this morning, 1.9875 holds the day the pair can challenge 2.00 once again. A break lower does look likely but it needs to break 1.98 to confirm a reversal.		As long as the bullish trend holds and possibility of a daily close above 2.00 exists, Cable could still rally strongly.	1.9870 TREND 1.9930 MINOR 1.9810 STRONG 1.9995 KEY 1.9660 STRONG 2.0060 MINOR

USD/JPY	107.70
EXPECTATION		THE RISK	SUPPORT AND RESISTANCE
Expect to hold in high range in the short-term 107.60 / 108.10 in slow markets, 107.00 / 108.50 is possible.		Outlook is for further Dollar rise to 109.30 next and 110 target. A break of 107.10 risks 106.60.	107.60 MINOR 108.10 STRONG 107.10 STRONG 108.50 STRONG 105.85 STRONG 109.30 STRONG

USD/CHF	1.0340
EXPECTATION		THE RISK	SUPPORT AND RESISTANCE
It risks a set-back to trend-line at 1.0265 before it can continue rising. Wait to BUY on dips.		1.0400 strong resistance, an hourly break above can see a 100 points rise	1.0305 MINOR 1.0370 MINOR 1.0265 TREND 1.0400 KEY 1.0210 MINOR 1.0485 STRONG

XAU/USD	929.00
EXPECTATION		THE RISK	SUPPORT AND RESISTANCE
We are carefully bullish in the very short-term only, looking for a rise to 935 or even 940. Medium-term traders should wait to establish short up there.		A break of strong support 926 risks a fall to 916.90, a lower daily close is bearish Gold for 870-ish	926 STRONG 934 MINOR 916.90 KEY 939 STRONG 908 MINOR 945 TREND

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