The Forex Market Today

The Markets Today Tuesday 29 July 2008 / 10:00h CET

EUR/USD	1.5750
EXPECTATION		THE RISK	SUPPORT AND RESISTANCE
Both, the top and the bottom held and the Euro was held in tight range. Minor bullish trend at 1.5730 this morning, while this holds we can re-challenge 1.5760/85 level		We remain bearish in the medium-term, an hourly close underneath of 1.5725 is a bearish signal. On top: a close above 1.5820 stops our view.	1.5730 MINOR 1.5765 STRONG 1.5690 STRONG 1.5820 KEY 1.5640 MINOR 1.5860 STRONG

GBP/USD	1.9935
EXPECTATION		THE RISK	SUPPORT AND RESISTANCE
The bullish trend held and Cable went to test the top. 2.00 is still key resistance, we like to try shorts here for a new dip to at least 1.9885.		An daily close above 2.00 keeps Cable bid. But a daily close underneath of rising support 1.9885 calls for a move lower	1.9925 MINOR 1.9970 MINOR 1.9885 TREND 2.0005 KEY 1.9810 STRONG 2.0060 MINOR

USD/JPY	107.60
EXPECTATION		THE RISK	SUPPORT AND RESISTANCE
More range trading ahead, we lower the range a few pips to 106.80 / 107.70.		An hourly close above 107.75 should lead to 108.50	107.30 MINOR 107.70 MINOR 106.80 STRONG 108.10 MINOR 105.85 STRONG 108.50 STRONG

USD/CHF	1.0330
EXPECTATION		THE RISK	SUPPORT AND RESISTANCE
Not much of a dip so far. Here we expect the USD to test rising support 1.0285, wait to buy such a dip.		An hourly close underneath of 1.0270 stops our otherwise bullish view for a rise above 1.04.	1.0305 MINOR 1.0355 MINOR 1.0285 TREND 1.0400 KEY 1.0210 MINOR 1.0485 STRONG

XAU/USD	930.00
EXPECTATION		THE RISK	SUPPORT AND RESISTANCE
Small initial range 926 / 935 – possible extension towards 940, we like to sell tops for a medium-term move through 900		Minor bullish support 925 broken today will unleash a bearish move faster than expected with initial target 917	926 STRONG 936 MINOR 917 KEY 939 STRONG 908 MINOR 945 MINOR

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