********************************************************** Market Review - 18/07/2008 21:49 GMT The greenback heads for weekly gain versus euro as banks weather credit turmoil The greenback rose for another day on Friday, heading for its largest weekly gain versus the euro in a month as strength in stock markets gave support to the dollar. The DJI ended in positive territory after a smaller-than-expected quarterly loss from Citigroup Inc eased worries about the U.S. financial sector, with the
- Forex: Currency trading was quiet as Japanese traders celebrated a public holiday, with thin conditions leading to exaggerated price action. The USD seems to be stabilizing somewhat after JPMorgan and Citi's earnings, but this week brings reports from WaMu and Wachovia, two institutions that have been burned by their significant subprime exposure. "Given that few of the major currencies seem attractive to investors at the present time, a sad-sack performance is appropriate," said David Watt
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Being supported by the up trend line from 1.5302 (Jun 13 low) to 1.5611, EURUSD rebounds from 1.5783 level. The pair might be forming a short term cycle bottom on 4-hour chart. Key resistance is now located at 1.5893, a break of this level will conform the cycle bottom, and then further rise could be seen to 1.5940 level.
-------------------------------------------------------- INTRA-DAY USD/CHF OUTLOOK : +1.9954+ Updating time : 21 Jul 2008 01:10 GMT As cable has fallen after meeting renewed sell- ing at 1.9991 (Aust.), suggesting recovery fm last Friday's low at 1.9906 has ended at 1.9993 n conso- lidation with downside bias is seen, however, below said sup is needed to extend decline to 1.9880/85. Sell on recovery with
