Daily Forex Market Review 18.6.2010
General Overview
The USD/CHF colapsed after the Swiss National Bank left rates unchanged and gave a
signal that they would not continue to intervene in the FX market.
Trading Advice
Sell USD/CHF close to hourly support near 1.1150. Stop out near 1.1180, take profit at
1.0900.
EUR/USD
The Euro rallied almost a big figure after a solid Spanish Auction, to end the trading session close
to 1.24. The correction will likely continue to 1.2500 and then 1.2650.
GBP/USD
The pound could not break the 1.4820 area despite a better than expected UK Retail Sales. The
pound is likely to push through this area and test the 1.5000 price level.
USD/JPY
Profit taking in USD/JPY pushed the currency pair lower pressing below the 91.00 level. A close
below 90.50, would lead to a liquidation to the 89 support level.
Oil
The divergence between gasoline and oil prices were evident as gasoline rallied and oil retreated.
Oil will continue to test the $78 resistance level, and potentially rally to $80.
