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Being contained by 1.3793 key support, EURUSD rebounds from 1.3804 level. However, the rise from 1.3804 is treated as consolidation of downtrend from 1.4338. Pullback to re-test 1.3793 would more likely be seen later today. A break down below this level will signal deeper decline to 1.3600-1.3650 area. Near term resistance is at 1.4080, only rise above this level will indicate that the fall from 1.4338 has completed, and then range trading between 1.3793 and 1.4338 could be seen to follow.



Daily Forex Analysis

Written by Brad Zigler
Monday, 08 June 2009 11:38

Real-time Monetary Inflation (per annum): 8.9%

Stocks fell overnight as commodity companies declined on weaker oil and metals prices. Six hours ahead of the COMEX opening, spot gold was slumping nearly $5 an ounce at $954.60. Gold was later fixed in London at $946.50 and, by the time the New York floor session opened, spot month metal had lopped more than $13 off its Friday settlement value.

Tellingly, the London contango ballooned this morning. Twelve-month forward rates jumped 22 basis points (0.22%) from Friday's offer. The last time the contango was that strong was a month ago, when spot was scraping around the $910-$920 level.
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INTRA-DAY USD/JPY:

Last Update At 08 Jun 2009 07:53 GMT

Range Forecast
98.35 / 98.65
Resistance/Support
R: 98.90/99.22/99.80
S: 98.05/97.46/96.98

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INTRA-DAY EUR/USD:

Last Update At 08 Jun 2009 08:03 GMT

Range Forecast
+1.3855 / 1.3890+

Resistance/Support
R: 1.3925/1.3960/1.4004
S: 1.3850/1.3832/1.3791

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INTRA-DAY USD/CHF:

Last Update At 08 Jun 2009 08:11 GMT

Range Forecast
1.0940 / 1.0975

Resistance/Support
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INTRADAY TRADING SIGNAL BY ACETRADER.COM: EUR/USD

EUR/USD: +1.3895+

Last Update At 08 Jun 2009 07:40 GMT
Euro's breach of 1.3925 sup signals last week's
fall fm 1.4339 top remains in progress n weakness
to 1.3900/05 is seen but loss of nr term downward
momentum wud prevent sharp decline below 1.3850 n
reckon 1.3825/30 wud hold.

Sell on pullback with stop as indicated, only
abv 1.4004 wud suggest temp. low is formed...

Range Forecast
+1.3875 / 1.3915+

Resistance/Support
R: 1.3960/1.4004/1.4037
S: 1.3881/1.3832/1.3791

http://www.acetraderfx.com