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BFI: Currency market commentary

24.07.2008 10:25 czwartek

Good morning. Here comes our opinion about today's situation on the foreign exchange market.

EURUSD
Gains of the last couple of days have been corrected by 50%. The rate will stay in range between  1,5670-1,5760. Fall below 1,5670 will be a good opportunity for the attack on 1,5610.

USDJPY
The pair stays in range 107,40-108,00. There is a chance for upside rebound towards previously  mentioned level of 108,40/60. Afterwards the rate should return to 107,20 area.

USDCHF
We expect oscillations between 1,0340-1,0390. Breach of 1,0390 will inevitably lead to 1,0440. This pair will stay in consolidation due to reduced trading during holiday season.

GBPUSD
Range of movements for today is between 1,9900-2,0040. Inside this range the level of 1,9960 is seen as a key resistance. In case it is broken, we should witness a rebound above 2,0040 towards 2,0070/2,0120.

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