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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Forex News | Dollar VS Oil

Dollar rallies to one-month high on Oil drop and Confidence rise

News and Events:

The Dollar soared to a one-month high against a basket of currencies on Tuesday, benefiting from a steep drop in oil prices and an unexpected rise in US consumer confidence.

Analysts said Merrill Lynch's announcement late on Monday of yet another write-down and capital-raising exercise also helped support the Dollar, as they raised hopes the turning point in the yearlong credit crisis was close.

Oil fell as low as 120.42 yesterday before ending only $2.5 down at 122.19. A decline in oil prices tends to benefit the Dollar, as it eases some of the growth concerns.

Second-quarter US GDP on Thursday and Friday's US non-farm payrolls figures for July will be the market's main focus later this week.

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Crude Oil And Better US Data

Market is looking for direction with lower Crude Oil and better US data

News and Events:

Last week upbeat readings on US durable goods orders, new home sales and consumer sentiment released buoyed the Dollar by lifting some of the gloom over the US economy.

The ongoing slide in crude oil prices is also supporting the greenback.

FX market is eyeing the direction of crude oil prices and US non-farms payrolls data, which is due on Friday.

European corporate earnings due this week may provide some direction to the Market.

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