The Forex Markets Today

The Markets Today Friday 01 August 2008 / 11:40h CET

EUR/USD	1.5565
EXPECTATION		THE RISK	SUPPORT AND RESISTANCE
The move lower could gain speed in euro today. With strong initial resistance 1.5610 likely to top the market and space to fall to 1.5420		Bearish trend at 1.5650 is key – a weekly close above keeps the Euro at high levels.	1.5550 MINOR 1.5610 STRONG 1.5495 STRONG 1.5650 TREND 1.5420 STRONG 1.5700 KEY

GBP/USD	1.9785
EXPECTATION		THE RISK	SUPPORT AND RESISTANCE
Cable touched the 1.9915 level just to fall and close the day bearish. Stay short, trend-line at 1.9885 is key, expect a fall towards 1.94 ish		Intra-day break of 1.9835 risks a spike up – sell such rallies, stop only upon a daily close above 1.99.	1.9750 MINOR 1.9835 STRONG 1.9680 STRONG 1.9885 TREND 1.9600 STRONG 2.0000 STRONG

USD/JPY	107.60
EXPECTATION		THE RISK	SUPPORT AND RESISTANCE
Immediate bullish trend was broken, the correction stopped at 107.20 just to bounce back to 107.60. Strong initial support here, we expect another try of 108.20		A weekly close above 108.20 keeps the pair bid for 110. Failure to do so may see a side-ways range next week 106.50/108.50	107.55 STRONG 107.90 MINOR 107.20 STRONG 108.20 STRONG 106.65 KEY 108.90 MINOR

USD/CHF	1.0480
EXPECTATION		THE RISK	SUPPORT AND RESISTANCE
Remains bullish, initial support at 1.0460, waiting to break higher – target 1.0660		1.0445 intra-day key support broken risks a set-back to 1.0350	1.0460 MINOR 1.0500 MINOR 1.0445 STRONG 1.0540 MINOR 1.0350 TREND 1.0660 TARGET

XAU/USD	909.00
EXPECTATION		THE RISK	SUPPORT AND RESISTANCE
Volatile day yesterday, try both sides. The day ended underneath of 916 and we remain bears for a weekly close near 885		925 is key resistance today – a weekly close above that may hold Gold for a week.	900 MINOR 914 STRONG 895 STRONG 925 KEY 885 TARGET 931 STRONG

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