Weekly Market Comments - Monday 18 May 2009

[RTFX-Trading]

EUR-USD	There are initial signs of a good corrective recovery towards 1.3606 or even 1.3654. Supports at 1.3476 and 1.3394 zone.
USD-CHF	It should test 1.1434 area after which a sell off down to 1.1049 or extended to 1.0879 area is expected.
GBP-USD	There are initial signs of a good corrective recovery towards 1.5260 or even 1.5327. Supports at 1.5114 and 1.5034 zone.
USD-JPY	Market should not go lower than 93.4534. After this move down it should go up to 96.9750 - 97.7233 area.
EUR-JPY	There is bearish potential for a fall to 125.9033 while 130.3667 - 131.5700 resist. After this fall a recovery up to 131.5700 or 132.7733 is expected.
EUR-CHF	It should trade higher to 1.5186 while 1.5072 or 1.5047 offers support. Stop loss below 1.4958 zone.
EUR-GBP	It looks more likely that it would rise to 0.8994 - 0.9094 from 0.8887 or 0.8837. After which a downside move is expected.
USD-CAD	It should be subject to more sell off towards 1.1635 or 1.1578. Corrective upward swings should face resistance around 1.2096 area. A break of 1.2021 is bullish.
NZD-USD	There are initial signs of a good corrective recovery towards 0.5996 or even 0.6049. Supports at 0.5848 and 0.5754 zone.
AUD-USD	There are initial signs of a good corrective recovery towards 0.7605 or even 0.7651. Supports at 0.7482 and 0.7404 zone.
XAG-USD	Should test support at 13.6767 while below 14.0100. If support at 13.6767 holds it can rise up to 14.3567, if not it should fall to below 13.3433 zone.
XAU-USD	Current rise should end around 940.8700. Objectives of this downmove are 915.4300 or 899.3700. A rise above 950.2500 is again bullish.

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