Daily Market Comment - 24 January 2008



EUR-USD
1.4630. Uptrend is still intact in a triangle configuration. It should continue to rally to 1.4683 or 1.4781 if support around 1.4608 hold. After which a pullback to 1.4608 - 1.4571 zone is possible.
USD-CHF
1.0915. Current fall is near an end of wave around 1.0813 - 1.0884 zone, a rally should then procede to above 1.0953 or 1.0980. Fall below 1.0806 would cancel this scenario.
USD-JPY
106.71. It looks set for gains to above 107.74. Supports at 105.84 and 106.35. A break of 105.33 will damage this bullish structure.
GBP-USD
1.9553. It looks more likely that it would rise to above 1.9600 or 1.9644 from 1.9509 or 1.9463. After which a downside move to below 1.9374 is expected.
EUR-CHF
1.5967. It may attempt a test higher to 1.6022 after which weakness may set it to a drift down to below 1.5837 limit.
EUR-JPY
156.10. It should trade higher to 157.90 while 155.35 or 154.45 offers support. Stop loss below 153.54 zone.
EUR-GBP
0.7482. Currently uptrend should end around 0.7486 - 0.7496 area. A correction down to below 0.7454 is expected. A rise above 0.7511 will abort the expected correction.
AUD-USD
0.8731. A corrective/consolidation activity between 0.8645 and 0.8834 is likely for a while.
USD-CAD
1.0241. It should register further gains to 1.0298 while 1.0203 caps downside attempts. Stop loss below 1.0166 zone.


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