Economic Calendar

Wednesday, July 30, 2008

Today's Market Outlook

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Daily Forex Technicals | Written by Windsor Brokers Ltd | Jul 30 08 15:12 GMT |

EURUSD

Rallied to 1.6040, 15 July all-time high, before reversal. Confirmation of 1.5945, 22 July lower top secondary and losing 1.5710 support, underpinned latest attempt higher that stalled at 1.5772. The following weakness collapsed to 1.5553 ahead of consolidation. Fresh weakness followed, extending losses to 1.5522 today. Oversold studies signal correction towards 1.5585, 61.8% retracement of 1.5303/1.6040 advance, before heading lower.

Res: 1.5587, 1.5600, 1.5617, 1.5630
Sup: 1.5522, 1.5505, 1.5460, 1.5436

GBPUSD

Left a lower top at 2.0075 on 22 July, against 2.0162, 15 July peak, from where a choppy retreat reached 1.9817 on 24 July, before bouncing to 1.9978. A choppy consolidation was followed by a breakdown through 1.9817, reaching 1.9760, ahead of consolidation. Early signs of fresh weakness emerging, latest dip under 1.9768/60 raises fears of an extension to 1.9712/1.9667, possibly 1.9666/50 on a break.

Res: 1.9823, 1.9854, 1.9863, 1.9890
Sup: 1.9712, 1.9697, 1.9675, 1.9666

USDJPY

Declined to 95.77, 2008 low on 17 Mar, ahead of a steady advance to 108.59, 2008 high, posted 16 June. The failure to clear the 200-day MA underpinned a three-legged correction that found support at 103.77 on 16 July. Subsequent rally cleared 107.04, 200-day MA, now looking for 108.59 test. Only a loss of 107.00/106 would question bulls.

Res: 108.44, 108.59, 108.97, 109.22
Sup: 108.00, 107.71, 107.45, 107.30

USDCHF

Recovered from 1.0010, 15 July 3 month low, to 1.0406 on 25 July, interrupted by a dip to 1.0314. A swing lower almost retested 1.0316, leaving a slightly higher low at 1.0318, ahead of an upside break through 1.0406, to reach 1.0479. Consolidation over 1.0440/43 now being followed by fresh gains towards 1.0494/1.0541, next target area.

Res: 1.0541, 1.0573, 1.0589, 1.0600
Sup: 1.0479, 1.0450, 1.0440, 1.0406

Windsor Brokers Ltd
http://www.windsorbrokers.biz

The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.




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