Daily Market Comments - Wednesday 14 July 2010

[RTFX-Trading]

EUR-USD	It should trade higher to 1.2800 while 1.2661 or 1.2623 offers support. Stop loss below 1.2584 zone.
USD-CHF	There is bearish potential for a fall to 1.0493 while 1.0569 - 1.0596 resist. After this fall a recovery up to 1.0596 or 1.0624 is expected.
GBP-USD	It should trade higher to 1.5258 while 1.5112 or 1.5071 offers support. Stop loss below 1.5031 zone.
USD-JPY	It may attempt a test higher to 88.80 - 89.05 after which weakness may set it to a drift down to below 88.22 limit.
USD-CAD	No comment!
NZD-USD	Currently uptrend should end around 0.7202 - 0.7243 area. A correction down to below 0.7113 is expected. A rise above 0.7291 will abort the expected correction.
AUD-USD	It looks set for gains to 0.8888. Supports at 0.8757 and 0.8729. A break of 0.8627 will damage this bullish structure.
EUR-JPY	It looks set for gains to 113.66. Supports at 111.79 and 111.41. A break of 109.93 will damage this bullish structure.
EUR-CHF	It should trade higher to 1.3458 while 1.3384 or 1.3365 offers support. Stop loss below 1.3347 zone.
EUR-GBP	It should test 0.8440 area after which a sell off down to 0.8336 or extended to 0.8289 area is expected.
EUR-CAD	It looks set for gains to 1.3200. Supports at 1.3029 and 1.2982. A break of 1.2858 will damage this bullish structure.
EUR-NZD	Current fall is near an end of wave around 1.7631 zone, a rally should then procede to above 1.7735. Fall below 1.7579 would cancel this scenario.
EUR-AUD	It should trade higher to 1.4467 while 1.4369 or 1.4339 offers support. Stop loss below 1.4271 zone.
GBP-CHF	The current rise has limited upside potential between 1.6030 and 1.6073. A correction down to 1.5955 - 1.5922 zone is expected. Then if 1.5922 area hold it should resume his uptrend. Needs to cross below 1.5837 to wriggle out of this bullish setup.
GBP-JPY	It should trade higher to 135.43 while 133.94 or 133.56 offers support. Stop loss below 133.18 zone.
GBP-CAD	Current rise should end around 1.5713. Objectives of this downmove are 1.5545 or 1.5455. A rise above 1.5792 is again bullish.
GBP-AUD	It looks more likely that it would rise to 1.7275 - 1.7367 from 1.7151 or 1.7105. After which a downside move is expected.
CAD-JPY	It should trade lower to 85.50. Resistances are at 86.44 and 86.76. A break of 87.38 is bullish, confirmed by a close above 87.05.
NZD-JPY	It should trade higher to 64.34 while 63.44 or 63.20 offers support. Stop loss below 62.96 zone.
AUD-JPY	Corrective dips should ideally halt near 77.60 or 77.32 for one more thrust upwards towards 78.40 - 78.92 area or 79.47 in extention. Fall below 76.28 puts it back on a downward path.
XAG-USD	It should trade higher to 18.44 while 18.15 or 18.06 offers support. Stop loss below 17.97 zone.
XAU-USD	Currently uptrend should end around 1215.14 - 1221.30 area. A correction down to below 1199.95 is expected. A rise above 1230.32 will abort the expected correction.

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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