FOREX MARKET UPDATE 21/05/07

Monday May 21, 2007



EUR-USD
1.3511. It should trade higher to 1.3533 or above 1.3555 in extention. Supports at 1.3488 and 1.3499. Stop loss below 1.3477 zone
USD-CHF
1.2272. Uptrend is still intact in a triangle configuration. It should continue to rally to 1.2278 or 1.2303 if support around 1.2266 hold. After which a pullback to 1.2266 - 1.2258 zone is possible.
USD-JPY
121.08. It should be subject to more sell off towards 120.72 or 120.37. Corrective upward swings should face resistance around 121.15 area. A break of 121.58 is bullish.
GBP-USD
1.9751. It should trade higher to 1.9786 or above 1.9820 in extention. Supports at 1.9726 and 1.9743. Stop loss below 1.9709 zone
EUR-CHF
1.6580. Market looks set for gains towards 1.6599 or above in extension. Dips should find support at 1.6564 - 1.6554 zone.
EUR-JPY
163.61. It should trade higher to 164.12 or above 164.64 in extention. Supports at 163.11 and 163.37. Stop loss below 162.85 zone
EUR-GBP
0.6840. A corrective/consolidation activity between 0.6827 and 0.6846 is likely for a while.
AUD-USD
0.8238. It should be subject to more sell off towards 0.8211 or 0.8183. Corrective upward swings should face resistance around 0.8249 area. A break of 0.82735 is bullish.
USD-CAD
1.0894. It should see a sell off to below 1.0848 while 1.0924 area curtails its upside. A break beyond 1.0971 will abort the downside.





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