BFI: Currency market commentary

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BFI: Currency market commentary

16.06.2010 10:16 Wednesday
EURUSD

The yesterday commentary shall be kept as demand for common currency is still quite weak and the maximum reach of the current rebound is estimated at around 1.2350/90 and the lower resistance was tested unsuccessfully. So We consequently bet on further declines in mid-term, continuing that thought opening some shorts around 1.2320 would be a smart decision as the factor of austerity EU is still weighting on common currency.

USDCHF

Following sentiment governing on eurusd adversely We are suggesting to open some longs not earlier than from support at 1.1300 with possibility of position enlargement 30 pips lower. However We have to point out that fall below 1.1250 may easily add another 50 pips lower.


GBPUSD

Setting short position around 1.4800 may bring a fat profit but only in case another strong jump above 1.4780. Moreover any journey toward 1.4900 means that the psychological resistance around 1.5000 may become a real target. Only drop below 1.4700 may smoothly add another 70 pips lower.

EURJPY

Today we forecast that any deeper slide toward 110.40 is highly possible, what is more that significant support shall be treated as a perfect opportunity to purchase euro with targets 100 pips higher, at least. On the other hand only falls below 110.00 may force bulls to return toward 108.00 area.   



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