BFI: Currency market commentary

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BFI: Currency market commentary

21.06.2010 10:44 Monday
EURUSD

As this currency pair has a significant problems with the resistance at 1.2480 some drops toward 1.2360 shall be expected surely. On the other hand We may account for correction rebound up to 1.2480 and such action should be used to setting some short especially when the next correction downward movement shall starts from area 1.2450-1.2500.

USDCHF

Falls below 1.1080 may be reflected in testing some supports 100 pips lower and that downward movement should be used to opening long positions around 1.0980 area. Other scenario says that the current supportive area at 1.1020 may withstand any bears attack with possible rebound estimated at about 100 pips.

GBPUSD

Opening shorts from 1.4940 may bring some profits definitely as the firm downward trend line is coming through that area. Moreover in case stronger downward pressure traders may be witnesses of testing supports around 1.4530.

EURJPY

Despite the temporary flat trading between bands at111.30 and 113.30 any further yen weakening is highly possible with targets around 113.80 so Today We suggest opening some longs from 112.30 with no more than 30 pips of stop loss order as falls below that support may easily add another 100 pips lower. Moreover breaking the level 111.00 should prolong fall by another 50 pips.  
 
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