EURUSD

Trading strategy: small long at 1.2450, stop at 1.2380 (0.5% risk), 1st objective at 1.2500, 2nd objective at 1.2600

The euro holds gains around 1.2550 after a quiet day on the back of the US public holiday. Since not much happened and the euro sits around same levels where it was 24 hours ago, I maintain my yesterday's view. Upside remains favored as the short-term charts are bullish since breaking above 1.2150 and a potential pullback from current levels will probably find solid bids around 1.2400, which is - more or less - the median retracement of last upleg (last week's full move). Resistance is seen not far from here, around 1.2600 then a bit higher - at 1.2670, top of May 21. While short-term studies are positive, favoring long positions with targets above $1.26 - keep in mind that longer term sentiment is highly bearish and current move from below $1.2 to $1.25-1.26 could be part of a corrective cycle. Current exchange rate is 1.2535 @06:00 GMT

Support: 1.2500/20, 1.2465, 1.2400, 1.2350 and 1.2200 Resistance:1.2600, 1.2660/70 and 1.2700 Market sentiment: long term - bearish, medium term - bearish, short term - bullish, intra-day - slightly bullish

EURUSD

EURUSD 4hrs chart 7-6-2010

GBPUSD

Trading strategy: small long at 1.5000, stop at 1.4920 (0.5% risk), 1st objective at 1.5050, 2nd objective at 1.5150

Cable lost some ground after reaching 1.5225 on Friday but the uptrend is still very strong on a short-term basis - as we can see on the daily charts. While the uptrend remains intact and price doesn't break below recent lows around 1.4880 - buying dips seems a good plan. Such levels where to look for potential buying opportunities are 1.5000 - rising trend line providing support - and 1.4950. Current exchange rate is 1.5143 @06:00 GMT

Support: 1.5100, 1.5000, 1.4950 and 1.4850/80 Resistance: 1.5200/25, 1.5250/70 and 1.5300 Market sentiment: long term - bearish, medium term - bearish, short term - bullish, intra-day - bullish

GBPUSD
GBPUSD 4hrs chart 7-6-2010

Other setups

USDCAD

USDCAD
USDCAD 4hrs chart 7-6-2010

EURJPY

EURJPY
EURJPY 4hrs chart 7-6-2010

Have a great day!