EURUSD

Trading strategy: standing aside

The euro rebounded from Friday's low near 1.2250 breaking above minor resistance at 1.2360, but upside remains capped at 1.2400, which is the first intra-day resistance to watch today. Upside remains slightly favored as current recovery could bring pressure against the 1.2465/00 region. Intra-day pullbacks like those seen in the last few days - measuring 90 points - are also likely. In such case, keep an eye on support around 1.2300 as it will probably provide a buying opportunity. The economic calendar is light this week - most important event being the NFP on Friday. According to COT data released Friday - the euro short contracts are rising after last week's massive short-covering. Current exchange rate is 1.2369 @06:13 GMT

Support: 1.2350/60, 1.2300, 1.2250/70, 1.2150 and 1.2000 Resistance: 1.2400, 1.2450/65, 1.2500 and 1.2670 Market sentiment: long term - bearish, medium term - bearish, short term - slightly bullish, intra-day - bearish

EURUSD 4hrs chart 6-28-2010
EURUSD
EURUSD COT 6-28-2010

GBPUSD

Trading strategy: small long at 1.4950, stop at 1.4880 (0.5% risk), objective at 1.5100

1.5000 finally breached as cable managed to generate strong momentum, grabbing bids within the 1.4850-1.4900 region last Friday. More upside is in the cards even though medium term sentiment is bearish, but while the pound maintains the bullish course - 1.5400 and 1.5500 look like decent targets. Momentum remains intact on a short-term basis if pullbacks do not break below 1.47-1.48. Intra-day support is seen at 1.5000 and a bit lower, at 1.4950. Current exchange rate is 1.5025 @06:13 GMT

Support: 1.5000, 1.4950, 1.4900, 1.4850 and 1.4800 Resistance: 1.5100, 1.5250/70 and 1.5300 Market sentiment: long term - bearish, medium term - bearish, short term - bullish, intra-day - bullish

GBPUSD
GBPUSD 4hrs chart 6-28-2010

Other setups

USDCHF

USDCHF
USDCHF daily chart 6-28-2010

USDCAD

USDCAD
USDCAD 4hrs chart 6-28-20

Gold

Gold
Gold daily chart 6-28-2010

Have a great dat!