DAILY FOREX NEWS BY UBP, 10 08 12

EXCHANGE RATES

Currency Support II Support I Level Resistance I Resistance II
EURUSD 1.2000 1.2150 1.2280 1.2420 1.2700
GBPUSD 1.5000 1.5260 1.5620 1.5750 1.5900
EURGBP 0.7500 0.7600 0.7870 0.8070 0.8170
USDCHF 0.9500 0.9630 0.9780 0.9830 0.9970
USDJPY 75.00 77.60 78.40 80.00 80.70
USDCAD 0.9850 0.9950 0.9940 1.0100 1.0340
AUDUSD 1.0130 1.0480 1.0520 1.0600 1.0700
EURJPY 92.00 94.00 96.30 101.1 103.2
XAUUSD 1580 1600 1613 1625 1650
XAGUSD 26.05 26.70 27.99 28.50 29.90

EVENTS & MEETINGS

Prime Minister Mario Monti holds cabinet meeting in Rome. 09:00Gmt

VIEWS & TRADING IDEAS

EUR/USD

The pair dropped 100 pips yesterday in a thin market and no
specific news. This drop could extend to the 1.2200 area where it
should find some good support. We still believe range trading prevail
within the 1.2150-1.2430 area for the next sessions.

GBP/USD

Cable is again finding some difficulties in overtaking this 1.5700
resistance. The pair is now expected to test the low of the range at
1.5500. We are still in this 1.5400-1.5750 range with no clear
direction seen for the coming days even though we favour selling
levels ahead of the 1.5700 resistance.

USD/CHF

The greenback is recovering from the recent lows, our bearish
scenario was wrong as we are again trading above the 0.9740. Gains
should now extend to the 0.9820 where stands the next important
resistance.U

USD/JPY

The pair remains trading within its tight range 78.00-78.80. We
challenged yesterday the top of this range but the pair was unable to
extend gains.

AUD/USD

The aussie was down on dovish comments from the RBA. Short term
technical picture still remains bullish but the 1.0600 level needs to
be broken to see higher levels. Support stands at 1.0480. We will be
prudent at current levels.

USD/CAD

The pair is still downside oriented and more is expected. Target
stands at 0.9850 for the short run and resistance at 1.0050. Downside
prevails as long as the 1.0050 is holding on the upside.

Commodities

The whole precious metals complex was hit by Asian Hedge funds
selling disapointed by Chinese economic figures.The first support in
gold will be around 1600$ and more importantly into 1585$ where good
sovereign and physical offtake are suspected to be waiting.Silver
seems more resilient to the downside despite the gold or platinum
trading lower with players interested to add to their existing longs
between 27.70 and 27.80$.
The technical target should be at 28.80$ for next week, and the
idea to buy on dips remains the best idea for a short term play.

******

Burada yer alan yatırım bilgi, yorum ve tavsiyeler yatırım
danışmanlığı kapsamında değildir. Yatırım danışmanlığı hizmeti,
aracı kurumlar, portföy yönetim şirketleri, mevduat kabul etmeyen
bankalar ile müşteri arasında imzalanacak yatırım danışmanlığı
sözleşmesi çerçevesinde sunulmaktadır. Burada yer alan yorum ve
tavsiyeler, yorum ve tavsiyede bulunanların kişisel görüşlerine
dayanmaktadır. Bu görüşler mali durumunuz ile risk getiri
tercihlerinize uygun olmayabilir. Bu nedenle, sadece burada yer
alan bilgilere dayanılarak yatırım kararı verilmesi beklentilerinize
uygun sonuçlar doğurmayabilir.

*******

Foreks Haber Merkezi ( [email protected] )
http://www.foreks.com
http://twitter.com/#!/ForeksTurkey