Financial Firms Affect US Dollar

Investors hunt Yen and Swiss Franc on renewed US Financial worries.

News and Events:

The Dollar fell broadly on Thursday as worries of wider credit-related losses at some US financial firms made investors abandon risky trades, starting a rally in the Yen and Swiss Franc. They tend to attract flows during periods of uncertainty as the low interest rates reflect the capital surplus of their respective countries.

Worries over the US financial sector were back on investors' radar screen, with Citigroup cutting its Q3 earnings estimates for Lehman Brothers. It also lowered estimates for Goldman Sachs Group, Merrill Lynch & Co Inc, and Morgan Stanley, citing expected losses on hard-to-sell assets and lower client trading volumes.

ECB policymaker Klaus Liebscher said on Thursday that euro zone growth was expected to come in at the bottom end of expectations this year but an all-out recession in the region was highly unlikely.

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USD Stability in Assian Session

Forex Market Overview 20 August 2008

The Usd was stable in the Asian session, despite the upside surprise in US PPI and slightly better than expected housing data. The EurUsd remained range bound between 1.4806 and 1.4742, and the UsdJpy traded between 109.90 and 109.62. Wall Street was lower yesterday lead by the financial sector and worries over Fannie and Freddie. Commodities bounced back with crude trading to $115.00bll, while gold rebounded back above $815oz. Asian regional stock indexes are surging with Shanghai higher by 7.55% and European indexes are poised to open higher with, the exception of the FTSE, down -2.28%.

The highlight of the European session will be the UK MPC minutes and we will see how close the BoE really is to raising rates. Judging from the price action of the Gbp, the markets are clearly expecting very dovish minutes echoing the dovish Inflation report. We expect the August vote to be identical to July's surprise vote, ie,7-1-1 (Tim Besley voting to raise rates). However, it is a bit astonishing that given the concerns over near term inflation stated in last weeks Inflation Report that in the same report would seem to endorse a rate move lower. There is considerable risk that, in light of the dovish Inflation Report, the market will view another 7-1-1 vote as slightly hawkish.

Daily Forex Pivot Point
AUDUSD
R 3: 0.8846
R 2: 0.8797
R 1: 0.8757
CURRENT: 0.8703
S 1: 0.8626
S 2: 0.8593
S 3: 0.8503

EURJPY
R 3: 163.88
R 2: 163.10
R 1: 162.39
CURRENT: 162.28
S 1: 160.88
S 2: 160.14
S 3: 158.61

USDSGD
R 3: 1.4265
R 2: 1.4219
R 1: 1.4201
CURRENT: 1.4108
S 1: 1.4025
S 2: 1.3891
S 3: 1.3819

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USD Against EUR

Dollar posted 5-week gains against Euro

News and Events:

The Dollar jumped to a 6-month high against the Euro on Friday, helped by another drop in oil prices and growing views the US economic slowdown may be bottoming while growth in the euro zone stalls. It also posted a fifth week of gains as investors shifted their view on the global economy's ability to withstand a downturn initiated in the United States.

Data in the US on Friday showed an unexpected rise in manufacturing activity in the New York state area and an increase in industrial output and consumer confidence. By contrast, reports on Thursday showed the euro zone economy contracted in Q2 for the first time since the common currency's inception.

A steep drop in commodity prices also has lent support to the Dollar easing concern about the US economic outlook in the second half of the year. Crude oil prices slid further on Friday and ended 0.9% lower at 113.90 per barrel.

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Weakness In USD

Forex Market Overview 18 August 2008

The Usd was slightly weaker in the Asian session and start of the trading week. This week will have market participants pondering the swift unraveling of the global growth decoupling story and sharp correction in commodity prices. The massive surge in the Usd caught many analysts off guard, causing a broad recalculation of forecasts. However, most are now predicting a short term tempering of Usd buying. We should like to see how this week's trading plays out, before expressing our short term bias. The EurUsd traded upward from 1.4649 to 1.4767, while UsdJpy fell slightly from 110.61 to 109.97 on light trading. The commodity bloc was able to gain some ground, with the NzdUsd moving sharply from 0.7040 to 0.7100 and AudUsd from 0.8654 to 0.8745. Crude is slightly higher trading at $115.11bll up 1.17% while gold is above the $800oz mark. The Asian regional indexes are following Wall Street mixed closed on Friday, with Shanghai down -4.61%. European futures are now pointing to a mixed opening.

With a relatively empty calendar today, the European session markets will be watching the EuroZone trade balance for signs of global weakness.

Daily Forex Pivot Point

AUDUSD
R 3: 0.8952
R 2: 0.8845
R 1: 0.8797
CURRENT: 0.8750
S 1: 0.8652
S 2: 0.8593
S 3: 0.8504

EURJPY
R 3: 164.40
R 2: 163.88
R 1: 163.10
CURRENT: 162.52
S 1: 161.845
S 2: 161.39
S 3: 160.15

USDSGD
R 3: 1.4265
R 2: 1.4220
R 1: 1.4193
CURRENT: 1.4123
S 1: 1.4025
S 2: 1.3890
S 3: 1.3820

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Swiss Retail Sales Growth Slows More Than Expected In June

Monday, the Federal Statistical Office said in a report that Switzerland`s inflation adjusted retail sales rose 0.7% year-on-year in June, at a slower pace compared to 7.4% rise recorded in May. A year earlier, sales had risen 5.1%. Economists had expected the growth to slow to 3.3% for June.

When adjusted for inflation and the number of shopping days, retail sales rose 4.7% year-on-year in real terms.

In June, sales of food, drinks and tobacco rose 2.5% and that of clothes and textiles was up 0.6%. Sales of other products edged up 0.1%.

Further, the statistical office said retail sales rose real 2.7% year-on-year in the second half of the year after adjusting for inflation. In nominal terms, sales grew 4.4%.

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Economic Slowdown In Europe

Signs of economic slowdown in Europe, Asia and Australia reduced outlooks for higher interest rates and boosted demand for Dollar

News and Events:

The Dollar rallied to a five-and-a-half month high against the Euro on Monday, boosted by another drop in Crude Oil prices and speculation that the US economy slowdown was spreading worldwide. Mounting signs of economic difficulties in Europe, Asia and Australia have diminished prospects of higher interest rates outside the United States, bolstering demand for the Dollar.

The euro briefly recouped some of its losses after European Central Bank council member Klaus Liebscher warned that policy-makers remained focused on taming high inflation. Liebscher told Market News International that inflation risks remained to the upside in the medium term and that there is no room for "complacency" on euro zone interest rates and inflation.

Declining Oil prices helped ease worries about the impact of higher energy costs on the US economy and also helped boost demand for the greenback.

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Dollar Rose Broadly Against Majors

Dollar rose broadly against majors on surprising data and lower expectations for ECB rate increase

News and Events:

The Dollar rose broadly and hit a 5-1/2-month high against a basket of currencies on Thursday, bolstered by a surprise rise in June Home sales and diminished expectations for euro zone interest rate increases.

European Central Bank President Jean-Claude Trichet, in remarks after the bank held rates at 4.25%, said he expects economic growth in the euro zone to weaken substantially this year, even as he sees inflation remaining above the ECB's target. Following his comments, investors unwound bets for ECB interest rate increases this year.

Further pressuring the Dollar was an increase in Crude oil by 0.94% to 119.92 per barrel after falling to a three-month low 117.14 on Wednesday.

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US Financial Turmoil

US financial turmoil is worsening but FX market await data later this week

News and Events:

The Dollar eased on Monday, amid concern losses at US financial companies will continue to weigh on the slowing economy, after Merrill Lynch said Lehman Brothers may post a loss in the Q3 and take an additional $2.5 bio write-down on home loans for the period.

Negative sentiment was completed by comments from Minneapolis Fed President Gary Stern saying that the next two to three quarters could be disappointing.

British house prices fell for a tenth straight month in July causing the EurGbp to rise to a session high of 0.7933 before retreating to last trade at 0.7894. Unexpectedly strong New Zealand trade data lifted NzdUsd 0.54% to 0.7459. But it stayed near the six-month low of 0.7388 traded last Thursday.

Market focus this week will shift to a deluge of data, particularly Q2 US GDP on Thursday and Friday's US jobs figures.

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ECB And BOE

ECB and BOE are both expected to leave rates steady

News and Events:

The Dollar rose for a fourth straight day overall to a seven-month peak versus the Yen and a six week high against the Euro on Wednesday, as the slide in oil prices to a new three month low raised hopes economic growth would pick up and inflation would subside.

Earlier this week, Fed kept short term interest rates unchanged but was perceived as being slightly more concerned about slow economic growth than it was about inflation

Demand for the Euro fell ahead of the European Central Bank policy meeting today. While the bank is expected to leave benchmark borrowing costs steady at 4.25%, analysts think ECB President Jean-Claude Trichet could soften his hawkish rhetoric, citing more data pointing to slower euro-zone growth.

Bank of England is also expected to leave rate unchanged at 5%, the lowest since December 2006.

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ForexGen principals:

ForexGen customer satisfaction is our major objective. To reach our business goals, we strive to put our client's goals in focus. We highly value our clients and always aim to exceed their expectations and cross the limitations encountered by the sophistication of the Forex trading industry.Throughout our partnership with the industrial leaders, we are capable of delivering incomparable quality of online currency trading service.
ForexGen services are all controlled by the international banking and financial regulatory standards.
ForexGen is continuously providing the Forex market's safest trading terms & conditions. Providing professional currency trading services that meet our client's expectations is our first priority.

ForexGen principals:

ForexGen customer satisfaction is our major objective. To reach our business goals, we strive to put our client's goals in focus. We highly value our clients and always aim to exceed their expectations and cross the limitations encountered by the sophistication of the Forex trading industry.

Forex Market Overview

Forex Market Overview 04 August 2008

The Usd was broadly unchanged for Friday's close in the Asian session. The EurUsd closed at 1.5560 and is now trading at 1.5580, while the UsdJpy closed at 107.60 and is now trading at 107.80. The Jpy fueled carry trades gained slightly, with EurJpy easing up towards 168.00 and the AudJpy strengthened to 100.50. Emerging Asia was slightly stronger, with the UsdSgd falling to the 1.3690 support. The commodities are seeing a broad rally, with crude wti up 0.76% to $126.06bll and gold up 0.37% to $914.35oz (also giving the commodity bloc ccy a small bounce). Regional Asian equity markets are following Wall Street weak close across the board, with Shanghai's down -1.00%. European stock futures are pointing to a negative open lead by the FTSE down -1.17%. Ominous start to the week, where most analysis are calling for continued Usd gains.

A big week for Central Banks (and currency markets), with the Fed, RBA, BoE and ECB deciding on rates. In this event studded lineup, perhaps the most anticipated event will be the ECB accompanying statement and Trichet's subsequent comments. We have seen recent economic data in the Eurozone hit a soft patch, while commodities have sold off. The market is gambling on that in the near future the ECB will change its hawkish tune, which will push the EurUsd even lower. In addition, with increasing probability that Central Banks in the developed countries will now have room to stave out economic collapse with inflation expectations declining, the dollar seems to be in the driver's seat. Note: CFTC positioning data for the week up to July 29 points to an adjustment out of USD short positions against the G10, with only the Aud holding a significant net long position against the greenback.

In the European session, the Eurozone producer price inflation will have the markets attention. We are expecting another surge in prices across the region (currently at it highest level in 25 years). While we expect the ECB to stay hawkish, with the economy stagnating and food and energy prices softening, the interest rates will not rise again.

Daily Forex Pivot Point
AUDUSD
R 3: 0.9528
R 2: 0.9476
R 1: 0.9419
CURRENT: 0.9306
S 1: 0.9286
S 2: 0.9276
S 3: 0.9206

EURJPY
R 3: 169.73
R 2: 169.19
R 1: 168.31
CURRENT: 167.70
S 1: 166.98
S 2: 166.01
S 3: 165.33

USDSGD
R 3: 1.3850
R 2: 1.3827
R 1: 1.3728
CURRENT: 1.3721
S 1: 1.3651
S 2: 1.3606
S 3: 1.3567

Forex Market Overview

Forex Market Overview 05 August 2008

The Usd was broadly stronger in Asian session, as traders position themselves for today's FOMC rate announcement. The EurUsd slid from 1.5590 to 1.5524, while the UsdJpy took a weaker tone in the Asian afternoon, falling to 108.05 from 108.32. The AudUsd & NzdUsd continued to be sold off on the back of the RBA comments, dropping to 0.9223 and 0.7259 respectively. The Jpy fueled carry trades took a bearish tone with EurJpy pulling back from yesterday's 168.78 highs to 167.96. After a busy day of trading, the crude is current softer down -1.08% to $120.09bll, while gold closed below the psychological $900oz lvl, now trading at $887.83oz. The Asian stock markets are following Wall Street lower, with the Hang Seng down -2.23%, while European stock futures are looking at a mixed open.

In Australia , the RBA held rates at 7.25% as was widely expected. What was unexpected was the absolutely frank talk from the central bank. In today's communication, the RBA stated "with demand slowing, the board's view is that scope to move towards a less restrictive stance of monetary policy in the period ahead is increasing". We view this transparent comment as an admission that unless we witness and economic miracle in the next 4 weeks, the market should expect a 25bp cut in September. With the market now shifting expectations to a 25bp cut in September and possibility of a 50bp cut in December, we expect the Aud to continue to come under selling pressure.

In the Eurozone retail sales, PMI and industrial production will keep the markets busy. We are expecting all three indicators to show weakness and putting pressure on the ECB to act.

In the UK , July's CIPS/Markit report on services is likely to verify that activity in the sector is slowing significantly. The index dropped sharply from 49.8 to 47.1 in June, (below the 50 level that theoretically separates contraction from expansion). We expect the GbpUsd to continue its downward market to 1.9300.

The highlight of the trading day will be the FOMC rate announcement. We are expecting the Fed to hold at 2.00%. Since they were unwilling to move higher in June we doubt conditions warrant have changed for the better. With renewed troubles in the financial markets and weakness in economic data, from our perspective the window for higher rates has closed. In addition, we expect the accompanying statement will be relatively unchanged and will disappoint the market by not taking a more hawkish tone. We still see upside inflation and downside economic risk to be basically balanced. Currently we expect the Fed to hold until 2009.

Daily Forex Pivot Points

AUDUSD

R 3: 0.9419
R 2: 0.9347
R 1: 0.9301

CURRENT: 0.9213

S 1: 0.9164
S 2: 0.9032
S 3: 0.8979

EURJPY

R 3: 169.97
R 2: 169.73
R 1: 169.19

CURRENT: 167.14

S 1: 167.32
S 2: 166.98
S 3: 166.01

USDSGD

R 3: 1.3850
R 2: 1.3827
R 1: 1.3775

CURRENT: 1.3756

S 1: 1.3651
S 2: 1.3606
S 3: 1.3567

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ForexGen services are all controlled by the international banking and financial regulatory standards.
ForexGen is continuously providing the Forex market's safest trading terms & conditions. Providing professional currency trading services that meet our client's expectations is our first priority.

ForexGen principals:

ForexGen customer satisfaction is our major objective. To reach our business goals, we strive to put our client's goals in focus. We highly value our clients and always aim to exceed their expectations and cross the limitations encountered by the sophistication of the Forex trading industry.

Forex Market Overview

Forex Market Overview 06/08/2008

The Usd was slightly weaker in Asian session, as the market digested the FOMC decision to hold rates at 2.00%. The EurUsd gained from 1.5450 to 1.5509, while the UsdJpy ranged between 108.20 to 108.47. The Jpy fueled carry trades performed well, with EurJpy piercing through 168.00 support and the TryJpy reached a 7 month high at 94.11. Wall Street rallied on the Fed decision, with the Dow up 2.93% and a majority of Asian regional indexes are following. The European stock markets are looking to open higher with FTSE futures trading up 2.78%. The commodity bubble continues to deflate with crude wti trading below the psychological $120.00bll and currently at $118.83bll.

The FOMC decision to hold rates at 2.00% was really not a surprise. However, the fact that Fed member ultra hawk Plosser didn’t join Fisher in voting for a hike was notable. The lack of additional votes subtly suggests that members view the current rate level as correct and downside risks to economic growth as still fragile. The accompanying statement was little changed, with acknowledgement that commodity prices are declining, changing the last statement wording in regard to energy prices from “continued increases” to just “elevated”. With commodity prices falling and inflation expectations softening, and while the risks to US growth still persist (it would be extraordinary for the Fed to raise when payrolls are collapsing), we don’t expect the Fed to act any time soon. For this week, the fate of the Usd lies in the outcome of Thursday ECB rate decision.

AUDUSD

R 3: 0.9419
R 2: 0.9347
R 1: 0.9301

CURRENT: 0.9190

S 1: 0.9134
S 2: 0.9091
S 3: 0.9032

EURJPY

R 3: 169.73
R 2: 169.19
R 1: 168.79

CURRENT: 168.05

S 1: 166.86
S 2: 166.01
S 3: 165.33

USDSGD

R 3: 1.3850
R 2: 1.3827
R 1: 1.3817

CURRENT: 1.3779

S 1: 1.3651
S 2: 1.3606
S 3: 1.3567

Throughout our partnership with the industrial leaders, we are capable of delivering incomparable quality of online currency trading service.
ForexGen services are all controlled by the international banking and financial regulatory standards.
ForexGen is continuously providing the Forex market's safest trading terms & conditions. Providing professional currency trading services that meet our client's expectations is our first priority.

ForexGen principals:

ForexGen customer satisfaction is our major objective. To reach our business goals, we strive to put our client's goals in focus. We highly value our clients and always aim to exceed their expectations and cross the limitations encountered by the sophistication of the Forex trading industry.

The Forex Markets Today

The Markets Today Tuesday 05August 2008

EUR/USD	1.5505
EXPECTATION		THE RISK	SUPPORT AND RESISTANCE
Euro is headed lower, target 1.5350. Strong support on the way lower at 1.5500 and 1.5460 may slow the move.		Short-term bearish trend at 1.5535. An hourly close above that can see a pullback to 1.5580.	1.5500 STRONG 1.5535 TREND 1.5460 STRONG 1.5585 KEY 1.5350 TARGET 1.5605 STRONG

GBP/USD	1.9565
EXPECTATION		THE RISK	SUPPORT AND RESISTANCE
1.9660 did not hold, Cable is at the lowest levels in 7-weeks and has space to fall to 1.9430.		Short-term bearish resistance at 1.9610 – a breech there may lift the pair to stronger 1.9660, but while the day loses underneath of that we will remain bearish	1.9550 MINOR 1.9615 MINOR 1.9480 STRONG 1.9660 STRONG 1.9430 TARGET 1.9740 KEY

USD/JPY	107.80
EXPECTATION		THE RISK	SUPPORT AND RESISTANCE
The top broke, 108.30 resistance held again and the pair returned to strong support at 107.65. BUY here, next attempt up will lead 100 pips higher to 109.35.		Stop longs upon breaking 107.50, risk is a dip to 106.60	107.65 STRONG 107.90 MINOR 107.15 MINOR 108.30 MINOR 106.60 STRONG 109.30 TARGET

USD/CHF	1.0520
EXPECTATION		THE RISK	SUPPORT AND RESISTANCE
Closed the day at the high, for now holding minor bullish support 1.0500, while above we are looking to extend towards 1.0660		An hourly close underneath of 1.0490 risks 1.0420/40 in the short-term.	1.0500 MINOR 1.0535 MINOR 1.0450 STRONG 1.0590 MINOR 1.0420 KEY 1.0660 TARGET

XAU/USD	885.00
EXPECTATION		THE RISK	SUPPORT AND RESISTANCE
Looking weak this morning, it has nearly reached our 882 target. This may offer some intermediary support and Gold could pull back to 894 for a new SELL		A fall through 880 has room for 865 or even 850 this week.	882 STRONG 888 MINOR 875 MINOR895 STRONG 895 STRONG 865 STRONG 903 STRONG

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ForexGen services are all controlled by the international banking and financial regulatory standards.
ForexGen is continuously providing the Forex market's safest trading terms & conditions. Providing professional currency trading services that meet our client's expectations is our first priority.

ForexGen principals:

ForexGen customer satisfaction is our major objective. To reach our business goals, we strive to put our client's goals in focus. We highly value our clients and always aim to exceed their expectations and cross the limitations encountered by the sophistication of the Forex trading industry.

Forex Market Overview

Forex Market Overview 01 August 2008

The Usd was able to hold on to late day gains in the Asian session, as weak initial jobless claims threaten to end the greenback strength. However, a late US session sell off in oil and less than hawkish comments from ECB members, quickly came to the Usd aid. The EurUsd traded lower from 1.5605 to 1.5550, while the UsdJpy bounced between 108.40 and 107.55. The AudUsd fell sharply lower, as a local media reported that the RBA was ready to start easing, trading down to 0.9360.. In the late Asia trading FX markets have gotten very quiet, as market seem willing to wait until this afternoon’s release of US Non Farm Payrolls. Crude is slightly weaker at $123.34bll, while gold is trading down to $910.50oz. As the trend of falling economic activity continues in the G10, we expect commodity prices to continue to soften, which, in turn, should support the Usd.

Paulson said yesterday in Washington that… "While the stimulus is making our economy stronger than it would have been otherwise, the housing correction, credit market turmoil and high energy prices remain a considerable drag on the economy -- and the effects of this drag can be seen in the soft job market". Paulson also expressed that he sees improvement in the US economy saying..."We are making progress, although not in a straight line. Housing continues to be at the heart of our economic challenges and remains our most significant downside risk…We must work though the necessary adjustments in housing and credit markets to return to growth next year and beyond."

A lack of data in European session will have the market squarely focused on the US session and the release of non-farm payrolls. The much better than expected ADP figures, which printed at 9k, has once again provided intrigue to today already volatile release. We still believe, after yesterday’s jump in initial jobless claims and further deterioration in the Conference Board survey (job component), that the risk are skewed to the downside. In addition, ADP has been overly optimistic in recent months. While we are expecting something slightly higher than the 75k consensus, our gut is saying that anything is possible today, especially how events and sentiment are falling in place for Usd bulls.

Daily Forex Pivot Point

AUDUSD
R 3: 0.9528
R 2: 0.9476
R 1: 0.9419
CURRENT: 0.9369
S 1: 0.9357
S 2: 0.9328
S 3: 0.9276

EURJPY
R 3: 169.73
R 2: 169.19
R 1: 168.31
CURRENT: 167.23
S 1: 167.10
S 2: 166.01
S 3: 165.33

USDSGD
R 3: 1.3850
R 2: 1.3827
R 1: 1.3717
CURRENT: 1.3694
S 1: 1.3606
S 2: 1.3567
S 3: 1.3501

Throughout our partnership with the industrial leaders, we are capable of delivering incomparable quality of online currency trading service.
ForexGen services are all controlled by the international banking and financial regulatory standards.
ForexGen is continuously providing the Forex market's safest trading terms & conditions. Providing professional currency trading services that meet our client's expectations is our first priority.

ForexGen principals:

ForexGen customer satisfaction is our major objective. To reach our business goals, we strive to put our client's goals in focus. We highly value our clients and always aim to exceed their expectations and cross the limitations encountered by the sophistication of the Forex trading industry.

Forex Market ADP Report

FX market focus on tomorrow Non-farm payrolls after ADP report gave a positive picture

News and Events:

The US dollar continued its recovery of the past ten days on Wednesday, helped by very good private sector jobs report for July and ongoing efforts from central bank officials to ease stress in financial markets. But this gain has been limited by a $4 a barrel rebound in crude oil prices after data showed an unexpected decline in US gasoline inventories last week.

Forex is focusing on tomorrow non-farm payrolls. Despite the positive employment picture from ADP Employer Services report, few analysts believe market may reverse gains on Friday's non-farm payrolls report.

Steps by the Federal Reserve, the European Central Bank and their Swiss counterpart to extend liquidity offers investment banks through January 2009 and introduce a new term auction facility also contributed to overall positive sentiment on the Dollar.

Throughout our partnership with the industrial leaders, we are capable of delivering incomparable quality of online currency trading service.
ForexGen services are all controlled by the international banking and financial regulatory standards.
ForexGen is continuously providing the Forex market's safest trading terms & conditions. Providing professional currency trading services that meet our client's expectations is our first priority.

ForexGen principals:

ForexGen customer satisfaction is our major objective. To reach our business goals, we strive to put our client's goals in focus. We highly value our clients and always aim to exceed their expectations and cross the limitations encountered by the sophistication of the Forex trading industry.

The Forex Market Today

The Markets Today Thursday 31 July 2008 / 10:50h CET

EUR/USD	1.5610
EXPECTATION		THE RISK	SUPPORT AND RESISTANCE
We remain Dollar bullish. 1.5625 initial resistance, trend-line at 1.5665 – sell tops, expect a dip to 1.5500, target 1.5350 by tomorrow.		A clear break of 1.5665 stops the immediate bearish move and can see the pair recover to 1.5750 key.	1.5590 MINOR 1.5625 MINOR 1.5525 STRONG 1.5665 TREND 1.5490 STRONG 1.5750 KEY

GBP/USD	1.9805
EXPECTATION		THE RISK	SUPPORT AND RESISTANCE
Cable is still holding the 1.9800 level, but the old bullish trend has been crossed long ago and we are waiting for a fall to 1.9660 or lower.		Initial resistance 1.9830 broken risks a rise to 1.9915 key.	1.9765 STRONG 1.9830 STRONG 1.9720 MINOR 1.9915 KEY 1.9660 STRONG 2.0000 STRONG

USD/JPY	108.20
EXPECTATION		THE RISK	SUPPORT AND RESISTANCE
As long as it remains above 108.05 we like to keep longs, target remains 110.		A break of 108.05 risks 107.70, an hourly close lower stops the bullish move and risks a set-back to 106.75	108.05 TREND 108.30 MINOR 107.70 STRONG 108.50 STRONG 106.75 KEY 108.90 MINOR

USD/CHF	1.0470
EXPECTATION		THE RISK	SUPPORT AND RESISTANCE
It maintains very high levels and is set to cross into the 1.05 handle for a push towards 1.0660		Watch 1.0445 initial support, a break there risks a set-back to trend-line at 1.0345	1.0445 STRONG 1.0500 MINOR 1.0405 MINOR 1.0540 MINOR 1.0345 TREND 1.0660 TARGET

XAU/USD	912.00
EXPECTATION		THE RISK	SUPPORT AND RESISTANCE
Gold fell and recovered but is unable to cross the old 917 key level. Stay short, we look for another fall towards 885		An hourly close above 917 can see Gold recover up to 930	906 MINOR 917 STRONG 895 STRONG 925 MINOR 885 TARGET 933 KEY

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