EURUSD

Trading strategy: standing aside

The euro recovered after diving to as low as 1.2205 yesterday as the Fed reiterated it plans to keep rates exceptionally low for an extended period, repeating the language used in previous statements. The central bank's decision to keep rates unchanged was widely expected but analysts say that the language used to describe the state of the economy is a bit more cautious than in April. Yesterday's pullback into the low 1.22 region was short-lived and the upside is back in focus - first resistance being seen around 1.2350, followed by a more notable barrier at 1.2465/00. Short-term sentiment is bullish and won't change while the 1.2150 level provides a stable support and is far from current market levels. A sustained break above 1.2350 could offer a good buying opportunity. Current exchange rate is 1.2344 @06:20 GMT

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

EURUSD

EURUSD 4hrs chart 6-24-2010

GBPUSD

Trading strategy: small long at 1.4850, stop at 1.4770 (0.5% risk), 1st objective at 1.4900, 2nd objective at 1.5000

The pound is a good performer against the dollar nowadays and managed to reconquer the upside territory by climbing towards the 1.5000 where it found temporary resistance. If current pullback will extend lower, support should emerge around 1.4850 and 1.4800, lower. Short-term sentiment will remain positive as long as 1.4800 provides a stable barrier on dips. Current exchange rate is 1.4982 @06:20 GMT

Support: 1.4900, 1.4850, 1.4800 and 1.4700/20 Resistance: 1.5000, 1.5100 and 1.5250/70 Market sentiment: long term - bearish, medium term - bearish, short term - bullish, intra-day - bullish

GBPUSD
GBPUSD 4hrs chart 6-24-2010

Other setups:

EURJPY

EURJPY
EURJPY 4hrs chart 6-24-2010

USDCHF

USDCHF
USDCHF daily chart 6-24-2010

EURGBP

EURGBP
EURGBP daily chart 6-24-2010

Have a good day!