Daily Market Comments - Tuesday 27 July 2010

[RTFX-Trading]

EUR-USD	Uptrend is still intact in a triangle configuration. It should continue to rally to 1.3008 or 1.3041 if support around 1.2959 hold. After which a pullback to 1.2959 - 1.2936 zone is possible.
USD-CHF	It looks more likely that it would rise to 1.0540 - 1.0595 from 1.0473 or 1.0446. After which a downside move is expected.
GBP-USD	One move lower to 1.5427 or 1.5364 is anticipated while below 1.5505 - 1.5536 area. Stop loss above 1.5583 zone.
USD-JPY	Current move should be supported in 86.85 - 86.57 zone for a rise to 88.03. A break below 86.25 opens the way down.
USD-CAD	Market should not go lower than 1.0313 - 1.0288. After this move down it should go up to 1.0355 - 1.0372 area.
NZD-USD	Currently uptrend should end around 0.7376 - 0.7377 area. A correction down to below 0.7277 is expected. A rise above 0.7416 will abort the expected correction.
AUD-USD	Currently uptrend should end around 0.9038 - 0.9065 area. A correction down to below 0.8958 is expected. A rise above 0.9103 will abort the expected correction.
EUR-JPY	While below 113.51 it is more likely to fall further towards 112.86 or 112.56 level.
EUR-CHF	Currently uptrend should end around 1.3685 - 1.3656 area. A correction down to below 1.3570 is expected. A rise above 1.3687 will abort the expected correction.
EUR-GBP	It should test 0.8444 area after which a sell off down to 0.8343 or extended to 0.8297 area is expected.
EUR-CAD	It should trade lower to 1.3359. Resistances are at 1.3455 and 1.3494. A break of 1.3552 is bullish, confirmed by a close above 1.3473.
EUR-NZD	One more dip to 1.7683 or 1.7646 is likely followed by a grind higher to 1.7749 - 1.7779. After which it can resume its downtrend.
EUR-AUD	Support at 1.4382 or 1.4358 should hold. Then a correction to above 1.4491 is anticipated. A clear break of 1.4320 is again bearish.
GBP-CHF	A corrective rise should ideally test 1.6330 or even higher than 1.6417. Supports are at 1.6195. Stop loss below 1.6099 zone.
GBP-JPY	Should fall around 134.14 while below 134.58 - 135.09 zone. Then a recovery up to above 135.09 is expected.
GBP-CAD	Should test support at 1.5933 while below 1.5991. If support at 1.5933 holds it can rise up to 1.6061, if not it should fall to below 1.5875 zone.
GBP-AUD	There are initial signs of a good corrective recovery towards 1.7236 or even 1.7268. Supports at 1.7151 and 1.7098 zone.
CAD-JPY	It looks more likely that it would rise to 84.69 - 85.22 from 83.97 or 83.71. After which a downside move is expected.
NZD-JPY	A correction down to 63.31 or lower is now expected from 63.90 or 64.12. A break above 64.49 is needed to turn bullish.
AUD-JPY	Current upmove should end around 78.62 - 78.82 area. A correction down to 77.90 or even 77.38 is expected. A rise above 79.23 will abort the expected correction.
XAG-USD	It should trade higher to 18.30 while 18.08 or 18.02 offers support. Stop loss below 17.87 zone.
XAU-USD	Market should not go lower than 1181.82 - 1177.47. After this move down it should go up to 1189.27 - 1192.37 area.

Trading Desk, RTFX Ltd
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