Daily Market Comment - 22 January 2008



EUR-USD
1.4454. It is likely to attempt nearer support at 1.4383 for extending further to below 1.4311 while below 1.4454 - 1.4528 area. Rise above 1.4564 would dampen this bearish expectation.
USD-CHF
1.1081. Uptrend is still intact in a triangle configuration. It should continue to rally to 1.1130 or 1.1178 if support around 1.1063 hold. After which a pullback to 1.1063 - 1.1039 zone is possible.
USD-JPY
105.98. Downtrend is still intact.It should continue to fall to 105.83 or 105.45 if resistance at 106.21 area doesnt break . Direct rise above 106.21 could turn the picture bullish for a corrective up move to 106.48 or even 106.74 limit .
GBP-USD
1.9433. It should register further gains to 1.9534 while 1.9381 caps downside attempts. Stop loss below 1.9329 zone.
EUR-CHF
1.6017. Market should hold major support at 1.5899 before rising towards 1.6079 or even 1.6142 limit.
EUR-JPY
153.18. Overall structure is bearish. Decelerating momentum could attract it towards supports at 152.08 or 151.96. Major support is clustered around 150.61 limit.
EUR-GBP
0.7438. One more dip to 0.7419 or 0.7400 is likely followed by a grind higher to above 0.7451 or 0.7482. After which it can resume its downtrend.
AUD-USD
0.8614. Overall structure is bearish. Decelerating momentum could attract it towards supports at 0.8574 or 0.8532. Major support is clustered around 0.8428 limit.
USD-CAD
1.0349. Uptrend is still intact in a triangle configuration. It should continue to rally to 1.0352 or 1.0414 if support around 1.0321 hold. After which a pullback to 1.0321 - 1.0305 zone is possible.



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