Daily Market Comments - Monday 10 May 2010

[RTFX-Trading]

EUR-USD	Corrective dips should ideally halt near 1.2659 or 1.2613 for one more thrust upwards towards 1.2765 - 1.2824 area or 1.2917 in extention. Fall below 1.2494 puts it back on a downward path.
USD-CHF	Market should pop up towards 1.1131 or 1.1158 this bullish scenario would be damaged if 1.1040 - 1.1027 zone is broken, a severe break down could then occur.
GBP-USD	Market should hold major support at 1.4396 before rising towards 1.5013 or even 1.5204 limit.
USD-JPY	It is likely to fall towards 89.87 - 88.34 unless a corrective rally breaks the 92.31 resistance. Stop above 93.08 zone.
USD-CAD	While above 1.0390 - 1.0330 zone a corrective upmove could test 1.0505 or 1.0560. After which it should resume its downtrend.
NZD-USD	It may attempt a test higher to 0.7152 - 0.7190 after which weakness may set it to a drift down to below 0.7061 limit.
AUD-USD	One more dip to 0.8833 - 0.8798 is likely followed by a grind higher to 0.8933.
EUR-JPY	It may attempt a test higher to 117.57 - 118.88 after which weakness may set it to a drift down to 113.75 limit.
EUR-CHF	One more dip to 1.4082 - 1.4047 is likely followed by a grind higher to 1.4182.
EUR-GBP	It is a triangle configuration. Market should break either side. Acceleration should occur above 0.8808 or under 0.8442 limits.
EUR-CAD	It looks more likely that it would rise to 1.3427 - 1.3565 from 1.3227 or 1.3158. After which a downside move is expected.
EUR-NZD	Current rise should end around 1.7996. Objectives of this downmove are 1.7682 or 1.7525. A rise above 1.8153 is again bullish.
EUR-AUD	Currently uptrend should end around 1.4443 - 1.4416 area. A correction down to below 1.4267 is expected. A rise above 1.4467 will abort the expected correction.
GBP-CHF	Market should hold major support at 1.5956 before rising towards 1.6695 or even 1.6962 limit.
GBP-JPY	One more dip to 134.30 - 133.00 is likely followed by a grind higher to 136.83 - 138.05. After which it can resume its downtrend.
GBP-CAD	It should trade higher to above 1.5710 while 1.5338 - 1.5218 offer support. Stop Loss below 1.4965 zone.
GBP-AUD	It may attempt a test higher to 1.6805 - 1.6979 after which weakness may set it to a drift down to 1.6375 limit.
CAD-JPY	It is likely to fall towards 85.34 - 83.11 unless a corrective rally breaks the 88.76 resistance. Stop above 89.87 zone.
NZD-JPY	It is likely to fall towards 63.92 - 62.61 unless a corrective rally breaks the 65.96 resistance. Stop above 66.61 zone.
AUD-JPY	It is likely to fall towards 79.45 - 77.88 unless a corrective rally breaks the 82.10 resistance. Stop above 82.88 zone.
XAG-USD	Uptrend is still intact in a triangle configuration. It should continue to rally to 18.80 or 18.86 if support around 18.17 hold. After which a pullback to 18.17 - 17.92 zone is possible.
XAU-USD	Strength can extend to 1217.07 or even higher than 1238.07 as declines are expected to find support at 1200.53. A fall below 1196.07 could turn it bearish.

Trading Desk, RTFX Ltd
16th September Square Mosta, MST 1180 Malta
Tel: +356 23 310 000 | Fax: +356 21 412 458

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