Forex Market Overview

Forex Market Overview 31 July 2008

The Usd traded sideways in Asian session, after the stronger ADP figures and rally on Wall Street pushed the greenback higher. The EurUsd traded in a 1.5525 to 1.5602 range, while the UsdJpy traded between 107.80 and 108.34. US stocks gained, as ADP pointed to a 9k gain vs. -60k, giving hope that Friday's NFP will prove stronger then the -75k expected. The S&P gained 1.7% and 2 year Ts dropped by 2.6%. Crude rallied to $126.88brl, but with global demand slowing we expected upside to be limited.

Yesterday's decision by the Turkish Constitutional Court not to close the AKP was clearly seen as positive for markets, with Try and equities gaining on the report (with a positive gap at the open today). While the verdict has not ended all domestic concerns, it will go a long way to ease investors concerns.

The Japanese Industrial production fell by -2.0% m/m vs. -1.7% exp. The government has already cut forecasts for industrial output, as surveys point to further weakness ahead.

The European Session will be focused on Eurozone's July flash CPI. The market is expecting a new record high of 4.1% and there is little evidence to suggest otherwise. This figure, combined with the sharp drop in key Economic Sentiment Indicator, will mean at some point soon the ECB will have to make a tough choice. Inflation or Growth.

Daily Forex Pivot Points
AUDUSD
R 3: 0.9637
R 2: 0.9590
R 1: 0.9528
CURRENT: 0.9438
S 1: 0.9404
S 2: 0.9328
S 3: 0.9276

EURJPY
R 3: 171.81
R 2: 171.07
R 1: 169.97
CURRENT: 168.27
S 1: 167.50
S 2: 166.01
S 3: 165.33

USDSGD
R 3: 1.3850
R 2: 1.3827
R 1: 1.3717
CURRENT: 1.3685
S 1: 1.3606
S 2: 1.3567
S 3: 1.3501

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Forex Market Overview

The Markets Today Friday 28 July 2008

EUR/USD	1.5730
EXPECTATION		THE RISK	SUPPORT AND RESISTANCE
Wait to SELL tops near 1.5750, strong resistance 1.5765, initial strong support 1.5695, a break there has space for a strong move down to 1.5450		Hourly close above 1.5770 stops the short-term view, but we will not go long unless 1.5820 breaks.	1.5695 STRONG 1.5765 STRONG 1.5640 MINOR 1.5820 KEY 1.5500 TARGET 1.5860 STRONG

GBP/USD	1.9875
EXPECTATION		THE RISK	SUPPORT AND RESISTANCE
It trades right at the 6-week rising trend this morning, 1.9875 holds the day the pair can challenge 2.00 once again. A break lower does look likely but it needs to break 1.98 to confirm a reversal.		As long as the bullish trend holds and possibility of a daily close above 2.00 exists, Cable could still rally strongly.	1.9870 TREND 1.9930 MINOR 1.9810 STRONG 1.9995 KEY 1.9660 STRONG 2.0060 MINOR

USD/JPY	107.70
EXPECTATION		THE RISK	SUPPORT AND RESISTANCE
Expect to hold in high range in the short-term 107.60 / 108.10 in slow markets, 107.00 / 108.50 is possible.		Outlook is for further Dollar rise to 109.30 next and 110 target. A break of 107.10 risks 106.60.	107.60 MINOR 108.10 STRONG 107.10 STRONG 108.50 STRONG 105.85 STRONG 109.30 STRONG

USD/CHF	1.0340
EXPECTATION		THE RISK	SUPPORT AND RESISTANCE
It risks a set-back to trend-line at 1.0265 before it can continue rising. Wait to BUY on dips.		1.0400 strong resistance, an hourly break above can see a 100 points rise	1.0305 MINOR 1.0370 MINOR 1.0265 TREND 1.0400 KEY 1.0210 MINOR 1.0485 STRONG

XAU/USD	929.00
EXPECTATION		THE RISK	SUPPORT AND RESISTANCE
We are carefully bullish in the very short-term only, looking for a rise to 935 or even 940. Medium-term traders should wait to establish short up there.		A break of strong support 926 risks a fall to 916.90, a lower daily close is bearish Gold for 870-ish	926 STRONG 934 MINOR 916.90 KEY 939 STRONG 908 MINOR 945 TREND

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 Monday 21 July 2008 / 09:25h CET

EUR/USD	1.5860
EXPECTATION		THE RISK	SUPPORT AND RESISTANCE
Strong initial range 1.5810 / 1.5880 this morning. A break on top has room for a lift towards 1.60, with a daily close above we can remain bullish.		There is loots of space lower, an hourly break at 1.5810 should see a drop to 1.5750. A low daily close has room for 1.5610 by tomorrow.	1.5810 TREND 1.5885 STRONG 1.5750 STRONG 1.5930 MINOR 1.5615 KEY 1.5990 STRONG

GBP/USD	1.9920
EXPECTATION		THE RISK	SUPPORT AND RESISTANCE
Very strong basis at 1.9900, while it holds Cable should re-try the 2.00 level, but it needs a daily close above that to stay bullish.		An hourly close underneath of 1.9890 stops the short-term bullish outlook and risks a fall to 1.9800, medium-term rising trend.	1.9900 STRONG 1.9940 MINOR 1.9810 TREND 2.0000 KEY 1.9750 STRONG 2.0060 STRONG

USD/JPY	106.70
EXPECTATION		THE RISK	SUPPORT AND RESISTANCE
USDJPY overshot and remains bid at 106.60 for now. While this holds there is a possibility to retry the 107.15 resistance level, an higher close is bullish for 108.50		An hourly break of 106.55 risks a pullback to 105.85	106.55 STRONG 106.90 MINOR 106.20 MINOR 107.15 KEY 105.85 STRONG 107.70 STRONG

USD/CHF	1.0220
EXPECTATION		THE RISK	SUPPORT AND RESISTANCE
The pair broke the recent bullish trend and is stuck in a small neutral range of 1.0180 / 1.0250, we see no direction here but watch out for a break lower.		We see a possible extension to 1.0285, failure to close the day above that however is bearish for a retry of the 1.00 key	1.0180 STRONG 1.0250 STRONG 1.0135 MINOR 1.0285 STRONG 1.0100 STRONG 1.0330 STRONG

XAU/USD	961.00
EXPECTATION		THE RISK	SUPPORT AND RESISTANCE
Gold maintained the range, today this range has narrowed to 942 / 968. Closer to the top we may try selling at 963/965 with a tight stop.		A break through 968 and daily close above that is bullish Gold.	952 MINOR 964 MINOR 942 TREND 972 KEY 935 KEY 974 STRONG
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