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BFI: Currency market commentary

01.09.2008 11:34 poniedzia³ek
EURUSD
Range of trading for today is 1,4620-1,4710. Fall below 1,4620 will lead to dynamic slide to 1,4550 where the first strong support should be met. A rebound above 1,4710 would widen the range to 1,4780-1,4640.

USDJPY
Drops that we forecast last week have occurred with first significant support level at 107,70. Retreat to 108,40 is possible, however our destination target is 106,50.

USDCHF
The pair is seen in range 1,0930-1,1020 as an example of a strong sideways trend. It is due to the uncertainty caused by oil prices (Gustav hurricane in the USA and geopolitical tensions between Russia and the EU)

GBPUSD
Latest falls of this pair are the result of bad macroeconomic data from the UK. We expect the decline to reach 1,7940.


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