Daily Market Comment - 23 November 2007


Daily Market Comment

EUR-USD
1.4849. It should be subject to more sell off towards 1.4823 or 1.4797. Corrective upward swings should face resistance around 1.4852 area. A break of 1.48865 is bullish.
USD-CHF
1.1011. It should be subject to more weakness towards 1.0997. After which a correction to above 1.1032 is anticipated. A break of 1.0984 is bearish.
USD-JPY
108.44. It should see a sell off to below 108.1 while 108.81 area curtails its upside. A break beyond 108.97 will abort the downside.
GBP-USD
2.0619. N/A
EUR-CHF
1.6351. Current fall is near an end of wave around 1.6306 - 1.6344 zone, a rally should then procede to above 1.6367 or 1.6380. Fall below 1.6298 would cancel this scenario.
EUR-JPY
161.03. Overall structure is bearish. Decelerating momentum could attract it towards supports at 160.55 or 160.50. Major support is clustered around 160.00 limit.
EUR-GBP
0.7201. A corrective/consolidation activity between 0.7182 and 0.7215 is likely for a while.
AUD-USD
0.8713. It is likely to attempt to below 0.8619 while below 0.8713 - 0.8728 area. Rise above 0.8775 would dampen this bearish expectation.
USD-CAD
0.9857. Market looks set for gains towards 0.9899 or above in extension. Dips should find support at 0.9844 - 0.9824 zone.

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