The Forex Markets Today

The Markets Today Wednesday 06 August 2008 / 09:50h CET

EUR/USD	1.5500
EXPECTATION		THE RISK	SUPPORT AND RESISTANCE
Down to 1.5440 and back. Medium-term bearish trend-line at 1.5545 this morning, sell any spikes, continue to target 1.5350 this week.		The Euro may not spike and simply fall back to 1.5470 with space to fall further. A daily close above 1.5550 stops the immediate bearish view.	1.5470 MINOR 1.5515 MINOR 1.5435 STRONG 1.5545 TREND 1.5350 TARGET 1.5610 STRONG

GBP/USD	1.9560
EXPECTATION		THE RISK	SUPPORT AND RESISTANCE
The downside was widened to 1.9510, since any recovery has been short-lived and pressure is still on the downside. Looking to extend the current fall to 1.9430 or even further		Strong initial resistance 1.9600. Intra-day allow for spikes to 1.9630 to sell again, a daily close higher risks 1.9800	1.9515 MINOR 1.9600 STRONG 1.9460 STRONG 1.9630 STRONG 1.9430 TARGET 1.9720 STRONG

USD/JPY	108.30
EXPECTATION		THE RISK	SUPPORT AND RESISTANCE
It has made a new high overnight and for now remains above old 108.25 high. Stay long, expect a rise to 109.50-ish.		Stop longs upon breaking 108.15, stronger support 107.80, a daily close lower risks a correction.	108.20 MINOR 108.50 MINOR 107.80 STRONG 108.85 MINOR 107.50 MINOR 109.30 TARGET

USD/CHF	1.0515
EXPECTATION		THE RISK	SUPPORT AND RESISTANCE
Very short-term bullish trend broke this morning, the pair may see a set-back to as low as 1.0445, buy dips.		A return back above 1.0530 turns us bullish, medium-term target remains 1.0660	1.0495 MINOR 1.0535 MINOR 1.0445 KEY 1.0590 MINOR 1.0395 STRONG 1.0660 TARGET

XAU/USD	884.00
EXPECTATION		THE RISK	SUPPORT AND RESISTANCE
Gold fell as low as 872 before starting to turn. Currently on a minor upswing it may try the 888 level and could even reach 895. SELL rallies		A new dip underneath of 880 has space for at least 865 or even 850	880 STRONG 888 MINOR 873 MINOR 895 STRONG 865 STRONG 903 STRONG

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