With no important economic figures out this week, especially from the US economy, the markets have been calm with risk aversion controlling the markets.

The European currency continues to trade as expected hitting our first target of 1.3550, which represents key support for the day. Its quite likely to continue its down move towards 1.3510.

The British pound is back trading below it's psychological support level of 1.5000. With any clear daily close below that level Sterling is likely to continue with its down move towards 1.4910 and 1.4870 within the next couple of days.

The Swiss franc continues to trade within its range trending between 1.0750 and 1.0850. Today it hit our first target of 1.0800 and it's likely to continue with this bullish move towards 1.0850 during the next trading session.

Gold finally broke below 1120 USD to a daily low around 1108 USD per ounce as we expected talked about in our previous reports. Gold is likely to continue with its down move towards 1090 USD per ounce during the week or so.