Monday, September, 06 2010 - Weekly e-Newsletter & Commentary - Issue No. 423

Currency Futures Commentary
Andrey Korchnoy, CTA, Sr. Systems Analyst
The euro was near a more than two- week high against the dollar before reports this week that economists say will show the recovery is gaining strength in Germany, Europe’s largest economy. The yen fell versus higher-yielding currencies as the Bank of Japan started a two- day meeting today at which policy makers may reaffirm their willingness to take more credit-easing measures. U.K. factory production grew at a record pace in the third quarter on surging export demand, that pushed also pound higher against dollar and other currencies. Following the drop in stocks, dollar probably will be gaining some strength making new highs later on this year. Euro Currency against US Dollar came very close to it's average level since it's creation at 1.1850 several months ago, some price consolidation is expected above that level, before moving any further. Currencies Futures suggested support/resistance levels for next week: September Euro Currency Futures – trading range is: buy at 1.2600 and sell at 1.3000 Resistances: 1.3000, 1.3350, 1.3500, 1.3650, 1.3850, 1.4050, 1.4170, 1.4450, 1.4600, 1.4750, 1.5100, 1.5350, 1.5580, 1.5720, 1.5950, 1.6200 - historic projected high. Supports: 1.2800, 1.2600, 1.2350, 1.2200, 1.1850 - major middle trend, 1.1500, 1.1250 September British Pound Futures – trading range is: buy at 1.5150 and sell at 1.5650 Resistances: 1.5650, 1.5800, 1.6000, 1.6250, 1.6600, 1.6800, 1.7050, 1.7350, 1.7570, 1.7850, 1.8200, 1.8620, 1.8800, 1.9100, 1.9580, 1.9850, 2.0000, 2.0170, 2.08 Supports: 1.5350, 1.5150, 1.5000, 1.4800, 1.4500, 1.4250, 1.4000, 1.3800, 1.3550, 1.3400 1.3250 September Canadian Dollar Futures – trading range is: buy at 0.9400 and sell at 0.9700 Resistances: 0.9700, 0.9850, 1.0000, 1.0220, 1.0400, 1.0750. Supports: 0.9550, 0.9400, 0.9200, 0.9000, 0.8850, 0.87, 0.8580, 0.8400, 0.8280, 0.8080, 0.7900, 0.7700, 0.7580. Click here to return to the Weekly Newsletter & Commentary

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