Daily commentary - 2010-09-03, 09:14
EURUSD
It looks quite obviously that investors mood on this pair depends on U.S job data what is expected to be revealed later in this day. As the market is defending levels around 1.2800 some positives factors may be reflected in enthusiastic jump accounted for 80 or even 120 pips. So we may suggest to open some speculative shorts not earlier than at 1.2890 but so called market overshooting shouldn't break the resistance 30 pips higher. In case falls below 1.2760 another 160 pips shall take only few hours.
USDCHF
Quick overview this currency cross chart let us know that the main cash stream is flowing toward parity definitely. The current rebound from levels around 1.0060 should lead us not higher than the resistance 100 pips up. Moreover , exactly levels around 1.0150 should be used as the best selling opportunity with targets more o less 50 pips below parity. However in case breaking the resistance at 1.0180 another 120 pips won't be a problem.
GBPUSD
Today this pair should not be quoted lower than at 1.5350 as breaking that support may easily open a way toward quite fat short positions accounted for 200 pips below the firm pause at 1.5170. Generally speaking the surviving level at 1.5400 should be crucial in testing such targets as 1.5440 or 50 pips higher. So Today we suggest to open some speculative shorts just around 1.5480. Moreover in case testing 1.5530 another 70 pips will not be waiting too long.
EURJPY
This currency cross clearly reflects positive sentiment ruling on stock indexes and until we are above 107.50 the current march shall be kept. Today we recommend to set some short position around 109.60 what should bring about 100 pips of possible correction slide. Otherwise we have to remember that strong rebound toward 110.60 may add 400 pips next week. Adversely decisive falls below 107.50 should refresh such levels as 105.00 and lower as new targets.
