The Forex Markets Today

The Markets Today Monday 04 August 2008 / 09:40h CET

EUR/USD	1.5585
EXPECTATION		THE RISK	SUPPORT AND RESISTANCE
Fridays fall was stopped at 1.5505 and the Euro bounced back to the starting point. Strong bearish trend at 1.5610, SELL here, we continue to wait for a fall targeting 1.5350		A close above 1.5625 on the 4-H charts stops the immediate bearish view and further range 1.5550 - 1.5750 may be seen this week.	1.5570 MINOR 1.5610 TREND 1.5525 STRONG 1.5625 KEY 1.5460 STRONG 1.5700 STRONG

GBP/USD	1.9705
EXPECTATION		THE RISK	SUPPORT AND RESISTANCE
Cable is weakening and trades at the lowest level in 3 weeks. Minor support 1.9700, stronger at 1.9660 may hold and Cable risks a pullback towards 1.98		A fall through 1.9660 as space for a larger fall to as low as 1.9440.	1.9700 MINOR 1.9735 MINOR 1.9660 STRONG 1.9800 STRONG 1.9570 STRONG 1.9880 KEY

USD/JPY	107.80
EXPECTATION		THE RISK	SUPPORT AND RESISTANCE
Expect to hold range 107.30 / 107.90 with bias to break the top. Medium-term target remains 110.		An hourly break at 107.25 risks trying the 106.65 key support.	107.25 STRONG 107.90 MINOR 106.65 KEY 108.20 STRONG 105.90 STRONG 108.90 MINOR

USD/CHF	1.0470
EXPECTATION		THE RISK	SUPPORT AND RESISTANCE
While above 1.0445 we remain bullish – target remains 1.0660		1.0445 intra-day key support broken risks a set-back to 1.0385, a daily close lower stops the rise.	1.0445 STRONG 1.0500 MINOR 1.0390 TREND 1.0540 MINOR 1.0350 MINOR 1.0660 TARGET

XAU/USD	914.00
EXPECTATION		THE RISK	SUPPORT AND RESISTANCE
Bearish trend stands at 918 this morning – SELL here and look to widen the downside towards 880.		An hourly close above 918 stops the short-term bearish view and Gold could maintain a range 910 -935	911 MINOR 918 TREND 895 STRONG 923 MINOR 882 TARGET 930 STRONG

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