Mataf

EUR/USD - Euro Dollar
1,3527. EUR USD is in an downtrend directed by 4H exponential moving averages. EUR USD is in a consolidation after the last bearish movement. The volatility is high. ForexTrend 4H, daily (Mataf Trend Indicator) is in a bearish configuration. 1H ForexSto (Modified Stochastic) indicate a bullish pressure on EUR USD. The consolidation should continue. The price should continue to move in 1,3350 / 1,3660 range. We won't take a position. The risk/reward ratio is too high to take a position..
Resistances
1,3620 - 1,3660
Supports
1,3445 - 1,3300

GBP/USD - British Pound Dollar
1,7025. GBP USD is in an downtrend directed by 1H exponential moving averages. GBP USD is in a consolidation after the last bearish movement. The volatility decreases. Bollinger bands are flat. ForexTrend 4H, daily (Mataf Trend Indicator) is in a bearish configuration. The consolidation should continue. The price should continue to move in 1,6800 / 1,7150 range. If the support is broken then the target will be 1,6600 (425 pips).
We are waiting for a break of the support to take a short position.
Resistances
1,7150 - 1,7240
Supports
1,6890 - 1,6800

USD/CAD - US Dollar Canadian Dollar
1,1757. USD CAD is in an uptrend supported by 1H exponential moving averages. USD CAD is in a consolidation after the last bullish movement. The volatility is high. Bollinger bands are parallel and form the trend. ForexTrend 4H, daily (Mataf Trend Indicator) is in a bullish configuration. 1H ForexSto (Modified Stochastic) indicate a bearish pressure on USD CAD. The consolidation should continue. The price should continue to move in 1,1500 / 1,2000 range. We won't take a position. The risk/reward ratio is too high to take a position..
Resistances
1,1800 - 1,2000
Supports
1,1670 - 1,1500

USD/CHF - Dollar Swiss Franc
1,1356. USD CHF broke 1,1320 resistance. USD CHF moves without trend and swings around exponential moving averages (EMA 50 and 100). The volatility rises. Bollinger bands are deviated. 1H, 4H ForexSto (Modified Stochastic) indicate a bullish pressure on USD CHF. The price should continue to move in 1,1130 / 1,1480 range. We won't take a position.
Resistances
1,1415 - 1,1485
Supports
1,1300 - 1,1230

USD/JPY - Dollar Yen
100,02. USD JPY is in a consolidation after the last bearish movement. USD JPY is in a range between 98,70 and 101,35. The volatility is high. Oscillators are neutral. The price should continue to move in Bollinger bands. We won't take a position.
Resistances
100,85 - 101,35
Supports
99,30 - 98,70

Mataf

EUR/USD - Euro Dollar
1,4484. EUR USD is in a consolidation after the last bullish movement. The volatility is high. Bollinger bands are parallel and form the trend. ForexTrend 1H (Mataf Trend Indicator) is in a bullish configuration. 4H ForexSto (Modified Stochastic) indicate a bullish pressure on EUR USD. The price should consolidate. The price should continue to move in 1,4250 / 1,4600 range. We won't take a position. The risk/reward ratio is too high to take a position..

Resistances
1,4550 - 1,4600
Supports
1,4380 - 1,4250

GBP/USD - British Pound Dollar
1,8286. GBP USD is in a consolidation after the last bullish movement. The volatility is high. ForexTrend 1H (Mataf Trend Indicator) is in a bullish configuration. 4H ForexSto (Modified Stochastic) indicate a bullish pressure on GBP USD. The price should find a support above 1,8100. The uptrend should continue to gather momentum. We won't take a position. The risk/reward ratio is too high to take a position..

Resistances
1,8380 - 1,8500
Supports
1,8110 - 1,7920

USD/CAD - US Dollar Canadian Dollar
1,0488. USD CAD broke 1,0580 support. USD CAD is in a consolidation after the last bearish movement. The volatility is high. Bollinger bands are parallel and form the trend. ForexTrend 1H (Mataf Trend Indicator) is in a bearish configuration. 1H, 4H ForexSto (Modified Stochastic) indicate a bearish pressure on USD CAD. The price should find a support above 1,0425. The consolidation should continue. If the support is broken then the target will be 1,0300.
We are waiting for a break of support to take a short position.

Resistances
1,0580 - 1,0670
Supports
1,0440 - 1,0380

USD/CHF - Dollar Swiss Franc
1,1017. USD CHF is in a range between 1,0900 and 1,1250. USD CHF moves without trend and swings around exponential moving averages (EMA 50 and 100). The volatility is high. Oscillators are neutral. The price should continue to move in 1,0900 / 1,1250 range. We won't take a position. The risk/reward ratio is too high to take a position..

Resistances
1,1110 - 1,1250
Supports
1,0980 - 1,0900

USD/JPY - Dollar Yen
106,60. USD JPY is in a consolidation after the last bullish movement. USD JPY moves without trend and swings around exponential moving averages (EMA 50 and 100). The volatility is low. Bollinger bands are flat. Oscillators are neutral. The price should continue to move in 105,00 / 108,00 range. We won't take a position. The risk/reward ratio is too high to take a position..

Resistances
107,20 - 108,00
Supports
106,35 - 105,00

Mizuho Corporate Bank

EUR
Comment: A massive ‘spike low’ and ‘doji’ on the weekly chart, gapping higher today, as we recover from the sharpest ever sell-off. We ought to see follow-through to this move this week allowing the Euro to recover towards 1.4900.
Strategy: Buy at 1.4395, adding to 1.4255; stop below 1.4140. Short term target 1.4700, then 1.4900.

EUR/JPY
Comment: Yen crosses are taking a breather as we let other currencies catch up. We continue to expect consolidation today, and maybe all week, as we prepare for another massive slide later this month.
Strategy: Sell at 152.30; stop well above 153.60. Short term target 150.85, then 149.75 again.

GBP
Comment: Bouncing strongly from very oversold levels. Expect more follow-through today as we rally towards retracement resistance and the 26-day moving average at 1.8350.
Strategy: Buy at 1.8110, adding to 1.7935; stop below 1.7750. Short term target 1.8300, then 1.8600.

JPY
Comment: Gapping lower in holiday-thin markets as we break below the Ichimoku ‘cloud’. This is very thick and should cap prices this week, bearing down over the coming month, as financial markets unravel quickly. Think, evaluate carefully, move tactically, and remember, cash is king.
Strategy: Sell at 105.85, adding to 106.70; stop well above 107.25. Short term target 105.50/105.25, then 104.00 and the 103.25

Forex Ltd

CHF
The pre-planned buyers’ positions from the key supports were realized with attainment of minimal presumed target. OsMA trend indicator, having marked the signs of bearish incompletion with a preservation of buying advantages in longer period gives reasons for presuppositions about further rate fall to channel support “1” being limited by 1.1200/20, where it is recommended to evaluate the activity development of both parties according to the charts of shorter time interval. For short-term buying positions on condition of formation of topping signals the targets will be 1.1260/80 and/or further breakout variant up to 1.1320/40, 1.1370/90. An alternative for sells will be below 1.1160 with targets 1.1100/20, 1.1040/60, 1.1000/20.

GBP
The pre-planned short positions from the key resistance range were realized with attainment of minimal presumed target. OsMA trend indicator, having marked the activity fall of both parties does not provide definiteness in choice of planning priorities for today, but considering a preservation of minimal short-term bullish advantage as well as trend direction of rate movement inside the descending trade channel we assume a possibility of levels test by the limited Kijun-Sen signal of Ichimoku indicator at 1.7720/40, where it is recommended to evaluate the activity development of both parties according to the charts of shorter time interval. For short-term sells on condition of formation of topping signals the targets will be 1.7640/60, 1.7560/80 and/or further breakout variant up to 1.7480/1.7500, 1.7400/20, 1.7340/60, 1.7280/1.7300. An alternative for buyers will be above 1.7820 with targets 1.7860/80, 1.7940/60.

JPY
The pre-planned breakout variant for sells was realized but with a loss of several points in attainment of minimal presumed target. OsMA trend indicator, having marked the low activity level of both parties gives reasons to presume a possibility of range movement of the rate without definiteness in choice of planning priorities for today. Hence considering the factor of ascending direction of indicator chart with a preservation of minimal bullish activity, we presume a possibility of pair return to resistance range 108.00/20, where it is recommended to evaluate the activity development of both parties according to the charts of shorter time interval. For short-term sells on condition of formation of topping signals the targets will be 107.40/60, 106.60/80 and/or further breakout variant up to 106.00/20, 105.60/80. An alternative for buyers will be above 108.40 with targets 108.80/109.00

EUR
The pre-planned short positions from the key resistance ranges were realized with attainment of minimal presumed target. OsMA trend indicator, having marked the activity fall of both parties does not provide definiteness in choice of planning priorities for today, but considering a preservation of some minimal advantage in bullish activity as well as general trend direction in favor of bearish party we presume a possibility of channel signal “1” attainment at 1.4240/60, where it is recommended to evaluate the activity development of both parties according to the charts of shorter time interval. For short-term sells on condition of formation of topping signals the targets will be 1.4180/1.4200, 1.4120/40, 1.4040/60 and/or further breakout variant up to 1.3980/1.4000, 1.3900/20, 1.3840/60. An alternative for buyers will be above 1.4350 with targets 1.4390/1.4410, 1.4440/60.

Mizuho Corporate Bank

EUR
Comment: Hanging in mid-air just above the recent low at 1.4046. The Euro is still terribly oversold and stock markets still look very shaky. Knee-jerk reactions and frantic scurrying for cover will probably be the order of the day.
Strategy: Possibly attempt tiny longs at 1.4150; stop below 1.4000. Short term target 1.4200/1.4225, then 1.4425.

EUR/JPY
Comment: Thrashing around above pivotal support at 150.60 Friday and Monday, but well within minimum retracement levels. It now appears to be settling down and getting used to current levels, bringing forward the possibility of a massive move lower. If this were the case one-month at-the-money implied volatility could soar from the current 16.30% to 19.00%.
Strategy: Sell at 151.55, adding to 152.50; stop well above 153.75. Short term target 150.60, then 150.00, then 149.25 and then we really get going.

GBP
Comment: A highly unusual chart pattern above the recent low at 1.7471: a possible ‘spinning top’. Once again expect it to try and base today. Be very careful.
Strategy: Attempt small longs at 1.7620; stop below 1.7400. Short term target 1.8000, then 1.8300.

JPY
Comment: Re-testing the Ichimoku ‘cloud’ which while thin at the moment, broadens significantly by mid-month. Price moves are fairly contained at the moment but were we to break lower allow for a sudden slide to the 104.00 area.
Strategy: Sell at 107.35, adding to 108.00; stop well above 108.25. Short term target 106.75, then 105.75/105.50.

Mizuho Corporate Bank

EUR
Comment: Dipping to another recent low at 1.4046 today and one-month at-the-money implied volatility soars to 13.00%. The Euro is still terribly oversold and stock markets still look very shaky.
Strategy: Possibly attempt tiny longs at 1.4080; stop below 1.4000. Short term target 1.4200, then 1.4425.

EUR/JPY
Comment: Re-testing pivotal support and Friday’s low at 150.60 even more quickly than we had thought. Note that CHF/JPY is currently trading below that equivalent level. If not today then some time this month this cross should trade an awful lot lower. This cross is more oversold than anything since January 1999, but then bearish momentum is at a record. Expect much thrashing around today and remember that when we break below 150.00 moves of 7 Yen per week can be expected.
Strategy: Sell at 151.50, adding to 153.50; stop above 157.05. Short term target 150.60, then 150.00, then 149.25 and then we really get going.

GBP
Comment: Yesterday’s attempt at a rally was capped by first Fibonacci retracement and the 10-day moving average, and Cable dipped to another recent low at 1.7471. Once again expect it to try and base today and it is more oversold than anything since 1982. No wonder one-month at-the-money implied volatility has exploded to 12.88%, higher than anything since 1998. Be very careful.
Strategy: Attempt small longs at 1.7550; stop below 1.7400. Short term target 1.8000, then 1.8300.

JPY
Comment: The Yen continues to gain against all major currencies as the ‘carry trade’ unwinds. We are re-testing the Ichimoku ‘cloud’ which while thin at the moment, broadens significantly by mid-month. Prices should try and cling above 107.00 this morning, yet all rallies are seen as selling opportunities for an eventual move lower later this month.
Strategy: Sell on a bounce to 108.00, adding to 108.50; stop above 109.25. Short term target 107.25/107.00, then 105.75/105.50.

Mizuho Corporate Bank

EUR
Comment: A small ‘spike low’ against trendline and Fibonacci retracement; note also that the Euro held above here in Q4 2007 and Q1 2008. Let’s see if it can build on Fridays tiny rally, keeping in mind that it is still terribly oversold.

Strategy: Possibly attempt tiny longs at 1.4350; stop below 1.4175. Short term target 1.4430, then 1.4540.

EUR/JPY
Comment: The more you stretch the elastic band, the sharper the snap back. We did not get our close below 154.00 Friday, therefore we should hold above 150.00 this week and maybe next. This does not alter the fact that we are forming a massive long tern topping formation, therefore all rallies are seen as selling opportunities for am serious move lower later this year.

Strategy: Sell at 155.80, adding to 158.40; stop above 159.35. Short term target 154.000, then 153.00.

GBP
Comment: A tiny ‘gap’ this morning as we bounce from terribly oversold levels. Will we be able to build on this today and this week? Yes, probably but slowly.

Strategy: Possibly attempt tiny longs at 1.7850; stop below 1.7500. Short term target 1.8000, maybe 1.8300.

JPY
Comment: A massive bounce from the bottom of the Ichimoku ‘cloud’ and the US dollar is not in the least bit oversold any more. This massive move suggests prices will consolidate between 107.00 and 110.00 this week and maybe next, yet also suggests instability at current levels and it will eventually break lower. There is a gap between 107.74 and 108.01 at the Tokyo opening this morning, suggesting the first move will be lower to fill it.

Strategy: Sell at 108.50; stop well above 109.25. Short term target 107.75, then 107.00.

Windsor Brokers Ltd

EURUSD
Hesitated at a 2-year rising trendline before resolving lower to extend decline from 1.6020/40, 22 Apr/15 July major double-top. Subsequent loss of 1.4317 key higher low, 22 Dec 07, now adds to risk of extension towards 1.4015, 09 Oct 07 low and 1.4000 next, possibly 1.3840, 18 Sep 07 low, near 50% retracement of 1.1640/1.6040 rise, thereafter. 1.4375/85 resistance area, caps for now.

Res: 1.4330, 1.4365, 1.4385, 1.4410
Sup: 1.4261, 1.4212, 1.4171, 1.4126

GBPUSD
Continues to decline from 1.8792, 21/22 Aug tweezers top, where fresh 2-year lows were made daily since 22 Aug breakdown of 1.8510, 15 Aug former yearly low, support. Descending 5-day MA, now at 1.7777, has capped intraday upswing and sustained gyration below which would risk 1.7505/26, while different 1.618/2.618 projections intersect at 1.7445/46, to hint of a base.

Res: 1.7605, 1.7627, 1.7667, 1.7680
Sup: 1.7537, 1.7526, 1.7505, 1.7484

USDJPY
Accelerating decline following yesterday's loss of a 5-month bull trendline support, while further retracing prior upleg from 103.77, 16 July low. Further downside below 100/200-day MA, near 106.50/60, risks 105.40, 76.4% retracement of 103.77/110.67 upleg and 104.76 region. Resistance zone at 107.85/108.00 should cap for now.

Res: 107.40, 107.62, 107.85, 108.11
Sup: 106.45, 105.91, 105.67, 105.40

USDCHF
Maintains short-term bullish footing as yesterday's lower rejection of a 2- month rising channel drawn off 1.0011, 15 July low, pivots current rise to approach 1.1192/1.1202 minor lower tops. Further rise now hinges on yesterday’s 1.1008 low and over 1.1200/05 hinting near-term 1.1458, 50% retracement of 1.3286/0.9630 fall. Loss of 1.1008, however, warns of reversal to key 1.0842/25 support zone.

Res: 1.1145, 1.1180, 1.1192, 1.1202
Sup: 1.1080, 1.1039, 1.1008, 1.0965

Mizuho Corporate Bank

EUR
Comment: When all are losing their heads, the baby tends to get thrown out with the bathwater. Time for caution and to think strategically. The Euro has seen the biggest quarterly ever (and we still have another 3 weeks to live through), and we have dropped seven consecutive weeks in eight. Oversold is an understatement and at-the-money implied volatility should creep higher still. Unsustainable but too dangerous to buy into yet. Wait and watch for a dramatic ‘spike low’.

Strategy: For those who really have to: attempt tiny longs at 1.4300; stop below 1.4200. Short term target 1.4400, then 1.4540.

EUR/JPY
Comment: Having been ridiculed all too often for clinging stubbornly to our long term view, things have moved swiftly in our favour this week. There is more to come and traders are advised to look back to 1997 and 1998 to see what might happen next. All Yen crosses are similar, with GBP/JPY and NZD/JPY leading the way. For this morning, and maybe all day, expect this cross to hold above today’s low at 150.60 so that we think carefully of the wider implications of where and how the ‘carry trade’ will unwind. Next week we should collapse again if we close below 154.00 today.

Strategy: Sell at 152.50, adding to 153.50; stop above 155.00. Short term target 150.60, then 147.00.

GBP
Comment: This is a joke! It is obviously unsustainable but who only knows where this chaos will end up. Stand aside if possible and wait until you see the whites in their eyes, probably somewhere between 1.7700 and 1.7500.

Strategy: Only if you have to: possibly attempt tiny longs at 1.7595; stop below 1.7500. Short term target 1.7800, then 1.8000.

JPY
Comment: Dropping like a stone as we hold below the ‘neckline’ of a small ‘head-and-shoulders’ top. Over the last five days alone the Yen has gained 5.75% versus the Australian dollar and 3.65% versus the Euro. There is a lot more to come as we complete very major long term topping patterns in the charts. For this morning expect the Yen to hold above the bottom of the Ichimoku ‘cloud’ and the Tokyo low at 105.67. Assuming we hold below 107.65, bearish pressure increases for another massive clear-out next week and over the coming month. One-month at-the-money implied volatility is expected to soar to 16.00%.

Strategy: Sell at 106.60 but only if prepared to add to 107.35; stop well above 108.25. Short term target 105.65/105.50, then 104.00.

Mizuho Corporate Bank

EUR
Comment: Working within a downward-sloping ‘wedge’ formation with a small ‘hammer’ candle yesterday. We continue to watch warily for signs of basing this week, the deeper we drop initially the sharper the reversal later on. The Euro is still very oversold and at-the-money implied volatility remains well bid.
Strategy: Attempt longs at 1.4500/1.4470; stop below 1.4365. Short term target 1.4550, then 1.4650.

EUR/JPY
Comment: One of many Yen crosses testing of dropping towards key very long term support. As and when these levels give way, we remind that we take no prisoners and moves are likely to be faster than anything seen since 1997 and 1998. One-month at-the-money implied volatility should move higher, probably sharply so on a break below 154.00. For this morning expect cautious consolidation above 157.00 with rallies to 160.00 seen as selling opportunities for further big declines this month.
Strategy: Sell at 157.00, adding to 158.00; stop above 159.0. Short term target 156.00, then 154.00.

GBP
Comment: In a mere six weeks the British authorities have managed to oversee the biggest collapse in Cable since 1992, giving back almost 50% of the rally that started in 2001, dropping a whopping 35 cents from last year’s peak. This is obviously unsustainable but who only knows where this chaos will end up. Stand aside if possible and wait until you see the whites in their eyes, probably somewhere between 1.7700 and 1.7500.
Strategy: Possibly attempt the tiny longs at 1.7795; stop below 1.7665. Short term target 1.7900, then 1.8100.

JPY
Comment: Over the last month the Japanese Yen has gained against every major currency, bar none. Quite a feat considering the sudden new fashion for holding US dollars. Two consecutive days where candles have formed small ‘spike highs’ against 9 and 26-day moving averages at 108.97. This might add to current bearish momentum for a re-test of the 107.50 area, with a break below 107.25 adding quite a bit more downside pressure.
Strategy: Attempt shorts at 108.15, adding to 108.45; stop well above 109.25. Short term target 107.55/107..25 then 106.40.

Mataf

EUR/USD - Euro Dollar
1,4484. EUR USD is in an downtrend directed by 1H exponential moving averages. The volatility is high. Bollinger bands are parallel and form the trend. ForexTrend 1H, 4H, daily (Mataf Trend Indicator) is in a bearish configuration. 1H, 4H ForexSto (Modified Stochastic) indicate a bearish pressure on EUR USD. The downtrend should continue on 1,4380 (110 pips) support.
=> We could take a short position at 1,4500. We will put the stop loss above 1,4550 (-50 pips). The targets are 1,4450 (+50 pips) 1,4330 (+120 pips). Each trade is dangerous, take care and put your stop loss. Trade configuration (1 Speculative -> 4 Trend following): 3.
Resistances
1,4525 - 1,4560
Supports
1,4460 - 1,4380

GBP/USD - British Pound Dollar
1,7796. GBP USD is in an downtrend directed by 1H exponential moving averages. The volatility is high. Bollinger bands are parallel and form the trend. ForexTrend 1H, 4H, daily (Mataf Trend Indicator) is in a bearish configuration. 1H, 4H ForexSto (Modified Stochastic) indicate a bearish pressure on GBP USD. The downtrend should continue on 1,7500 (300 pips) support.
=> We could take a short position at 1,7800. We will put the stop loss above 1,7870 (-70 pips). The targets are 1,7790 (+110 pips) 1,7500 (+300 pips). Each trade is dangerous, take care and put your stop loss. Trade configuration (1 Speculative -> 4 Trend following): 4.
Resistances
1,7970 - 1,8080
Supports
1,7785 - 1,7700

USD/CAD - US Dollar Canadian Dollar
1,0721. USD CAD is in an uptrend supported by 1H exponential moving averages. USD CAD is in a consolidation after the last bullish movement. The price is just bellow 1,0750 resistance. The volatility is low. Bollinger bands are flat. ForexTrend 4H, daily (Mataf Trend Indicator) is in a bullish configuration. 4H ForexSto (Modified Stochastic) indicate a bullish pressure on USD CAD. If the resistance is broken then the target will be 1,1000 (280 pips).
We are waiting for a break of resistance to take a long position.
Resistances
1,0750 - 1,0800
Supports
1,0660 - 1,0560

USD/CHF - Dollar Swiss Franc
1,1118. USD CHF broke 1,1040 resistance. USD CHF is in an uptrend supported by 1H exponential moving averages. USD CHF is in a consolidation after the last bullish movement. The volatility is high. Bollinger bands are parallel and form the trend. ForexTrend 1H, 4H, daily (Mataf Trend Indicator) is in a bullish configuration. 1H, 4H ForexSto (Modified Stochastic) indicate a bullish pressure on USD CHF. The uptrend should continue on 1,1300 (180 pips) resistance.
=> We could take a long position at 1,1100. We will put the stop loss below 1,1060 (-40 pips). The targets are 1,1200 (+100 pips) 1,1300 (+200 pips). Each trade is dangerous, take care and put your stop loss. Trade configuration (1 Speculative -> 4 Trend following): 3.
Resistances
1,1130 - 1,1200
Supports
1,1060 - 1,1040

USD/JPY - Dollar Yen
108,99. USD JPY moves without trend and swings around exponential moving averages (EMA 50 and 100). The volatility is high. Bollinger bands are deviated. 1H, 4H ForexSto (Modified Stochastic) indicate a bullish pressure on USD JPY. The price should continue to move in 107,60 / 110,00 range. We won't take a position. The risk/reward ratio is too high to take a position..
Resistances
109,20 - 110,00
Supports
108,60 - 107,60

Mizuho Corporate Bank

EUR
Comment: Dipping to a new recent low at 1.4556, just below retracement support, working in an unstable downward-sloping ‘wedge’ formation. One-month at-the-money implied volatility is on its way up again and the Euro is very oversold. We continue to watch warily for signs of basing this week, the deeper we drop initially the sharper the reversal later on.
Strategy: Possibly attempt tiny longs at 1.4570; stop below 1.4525. Short term target 1.4700, then 1.4800.

EUR/JPY
Comment: Dropping like a stone towards March’s low. The Euro is very oversold and bearish momentum very strong. Yen crosses should push each other lower and lower, like dominoes. One-month at-the-money implied volatility should move higher, probably sharply so on a break below 154.00. For this morning expect cautious consolidation above 157.00 with rallies to 160.00 seen as selling opportunities for further big declines this month.
Strategy: Sell at 157.50, adding to 159.00; stop above 160.25. Short term target 157.00, then 156.00.

GBP
Comment: Tumbling in the biggest monthly collapse since 1992 and the UK government helps it trade lower. Cable is more oversold than it has been since 1992 and on the Bank of England’s Trade Weighted basis weaker than it has been since November 1996. This is obviously unsustainable but with the complete lack of support from the authorities who only knows where this chaos will end up. Stand aside if possible and don’t believe everything you hear.
Strategy: Possibly attempt the tiniest of longs at 1.7890; stop below 1.7800. Short term target 1.8000, then 1.8200.

JPY
Comment: Hovering on retracement support and yesterday’s close at 108.07 is probably just enough to complete a small ‘head-and-shoulders’ top. Over the coming week we expect a drop to 106.50 with Yen crosses moving steadily lower too.
Strategy: Sell at 108.00, adding to 108.55; stop well above 108.75. Short term target 107.25, then 106.50.

Mataf

EUR/USD - Euro Dollar
1,4621. EUR USD is in a range between 1,4570 and 1,4810. EUR USD moves without trend and swings around exponential moving averages (EMA 50 and 100). The volatility is low. ForexTrend 1H, 4H, daily (Mataf Trend Indicator) is in a bearish configuration. 1H, 4H ForexSto (Modified Stochastic) indicate a bearish pressure on EUR USD. The price should find a support above 1,4570. The downtrend should continue on 1,4380 (240 pips) support.
We are waiting for a break of support to take a short position.
Resistances
1,4700 - 1,4810
Supports
1,4615 - 1,4575

GBP/USD - British Pound Dollar
1,8018. GBP USD is in an downtrend directed by 1H exponential moving averages. The volatility is high. Bollinger bands are parallel and form the trend. ForexTrend 1H, 4H, daily (Mataf Trend Indicator) is in a bearish configuration. 1H, 4H ForexSto (Modified Stochastic) indicate a bearish pressure on GBP USD. The downtrend should continue to gather momentum. The target is expected at 1,7500.
=> We could take a short position at 1,8020. We will put the stop loss above 1,8100 (-80 pips). The targets are 1,7900 (+120 pips) 1,7900 (+220 pips). Each trade is dangerous, take care and put your stop loss. Trade configuration (1 Speculative -> 4 Trend following): 4.
Resistances
1,8100 - 1,8230
Supports
1,8000 - 1,7900

USD/CAD - US Dollar Canadian Dollar
1,0661. USD CAD is in a consolidation after the last bullish movement. The volatility decreases. Bollinger bands are flat. ForexTrend 1H, 4H (Mataf Trend Indicator) is in a bullish configuration. The uptrend should continue on 1,0740 (+80 pips) resistance. We won't take a position. The risk/reward ratio is too high to take a position..
Resistances
1,0685 - 1,0740
Supports
1,0615 - 1,0560

USD/CHF - Dollar Swiss Franc
1,0991. USD CHF is in a range between 1,0900 and 1,1090. USD CHF moves without trend and swings around exponential moving averages (EMA 50 and 100). The volatility is low. ForexTrend 4H, daily (Mataf Trend Indicator) is in a bullish configuration. The price should continue to move in Bollinger bands. We won't take a position. The risk/reward ratio is too high to take a position..
Resistances
1,1000 - 1,1040
Supports
1,0945 - 1,0900

USD/JPY - Dollar Yen
107,87. USD JPY broke 108,25 support. USD JPY is in a consolidation after the last bearish movement. The volatility is high. ForexTrend 1H (Mataf Trend Indicator) is in a bearish configuration. 1H, 4H ForexSto (Modified Stochastic) indicate a bearish pressure on USD JPY. The downtrend should continue on 107,25 (60 pips) support. We won't take a position. The risk/reward ratio is too high to take a position..
Resistances
108,20 - 108,85
Supports
107,60 - 107,25

Mizuho Corporate Bank

EUR
Comment: Just holding above the recent low at 1.4570 after the biggest monthly price drop ever. Nevertheless we remain within normal retracement parameters and the long term trend to a weaker US dollar. Bearish momentum has almost vanished completely and the Euro is very oversold. We continue to watch warily for signs of basing this week.
Strategy: Possibly attempt tiny longs at 1.4635; stop below 1.4570. Short term target 1.4800, then 1.4900.

EUR/JPY
Comment: Having given up 61% of the previous rally it is just clinging to the weekly Ichimoku ‘cloud’. The monthly close below 160.60 should add to current strong bearish momentum although the Euro is very oversold against the Yen (and other Yen crosses are similar, the KRW/JPY and NZD/JPY almost at March’s lows). For today expect cautious consolidation above 158.00 with rallies to 160.00 seen as selling opportunities for further big declines this month.
Strategy: Sell at 158.85, adding to 160.00; stop above 162.15. Short term target 157.25, then 156.00.

GBP
Comment: The biggest monthly collapse since 1992 and losing ground against all major currencies the only exception the South Korean won which has also been hammered. Cable is more oversold than it has been since September 2000 and on the Bank of England’s Trade Weighted basis weaker than it has been since November 1996. This is obviously unsustainable but with ‘helpful’ comments from UK authorities who only knows when enough is seen to be enough. Stand aside if possible and don’t believe everything you hear.
Strategy: Possibly attempt the tiniest of longs at 1.8045; stop below 1.7985. Short term target 1.8200, then 1.8400.

JPY
Comment: The ‘evening star’ candle on the monthly charts adds weight to our view that the move above 110.00 was an ‘extension’. The weekly close at 108.25, the lowest of the month, was slightly short of what we had hoped but a daily one this week should complete a small ‘head-and-shoulders’ top.
Strategy: Sell at 108.5 0, adding to 109.00; stop above 109.35. Short term target 108.25/108.00, then 107.25.

FOREX Ltd

CHF
The assumed pair return to earlier revealed key supports has been confirmed but relatively high level of bearish activity revealed by OsMA indicator did not dispose to realization of the pre-planned buyers' positions. At present taking into account general technical situation of activity parity of both parties, we assume a possibility of range movement of the rate without clearness in a choice of planning priorities for today. Hence and taking into note the bullish character of indicator chart, we assume a possibility of another top test inside the range of 1.0010/30, where it is recommended to evaluate the activity development according to the charts of shorter time interval. For short-term sells on condition of formation of topping signals the targets will be 1.0970/80, 1.0930/40 and/or further breakout variant below 1.0900 with the targets 1.0840/60, 1.0800/20. An alternative for buyers will be above 1.1060 with the targets 1.1100/20, 1.1160/80.

GBP
The pre-planned short positions from the key resistance range have been realized with overlap of minimal assumed target. OsMA trend indicator having marked the relative rise of bullish activity close to activity parity of both parties does not give grounds to choose planning priorities for today. Hence because of chosen strategy we assume a possibility of test of the nearest supports at 1.8400/20, where it is recommended to evaluate the activity development according to the charts of shorter time interval. For short-term buyers' positions on condition of formation of topping signals the targets will be 1.8480/1.8500, 1.8560/80, 1.8620/40 and/or further breakout variant up to 1.8780/1.8800, 1.8820/40. An alternative for sells will be below 1.8360 with the targets 1.8300/20, 1.8220/40, 1.8160/80.

JPY
The pre-planned short positions have been realized but with a loss of several points in attainment of assumed targets within previous trading day. OsMA trend indicator having marked the preservation of considerably high level of bearish activity also revealed the features of activity parity of both parties as a ground to presume a possibility of range movement of the rate without clearness in a choice of planning priorities for today. Hence taking into account the period of bullish activity, we assume a possibility of attainment of resistance range 110.10/30, where it is recommended to evaluate the activity development of both parties according to the charts of shorter time interval. For short-term sells on condition of formation of topping signals the targets will be 109.60/70, 109.20/30 and/or further breakout variant below 109.00 with the targets 108.40/60, 108.00/20. An alternative for buyers will be above 110.80 with the targets 111.20/40, 111.80/112.00, 112.60/80.

EUR
The presumed test of the key supports for realization of the pre-planned buyers' positions has not been confirmed but the relative strengthening of buyers' activity on expected rate rise revealed by OsMA indicator gives grounds to preserve earlier composed trading plans almost without changes. As before we assume a possibility of attainment of supports 1.4640/60, where it is recommended to evaluate the activity development of both parties according to the charts of shorter time interval. For short-term buyers' positions on condition of formation of topping signals the targets will be 1.4700/20, 1.4760/80, 1.4820/40 and/or further breakout variant up to 1.4880/1.4900, 1.4920/40. An alternative for sells will be below 1.4600 with the targets 1.4540/60, 1.4460/80, 1.4400/20.

Mizuho Corporate Bank

EUR
Comment: Very precarious indeed as we cling to retracement support and a soon to widen Ichimoku ‘cloud’. The Euro is still very oversold and momentum very bearish, withsentiment against the single currency growing daily. We continue to watch warily for small signs of basing again this week.

Strategy: Attempt small longs at 1.4690; stop below 1.4600. Short term target 1.4900 and then 1.5000.

EUR/JPY
Comment: Selling off hard yesterday from the bottom of the ‘broadening top’ formation. Still hovering around 50% retracement support but looks set to break below here this week. The monthly candle is looking increasingly top-heavy with a monthly close below 160.60 adding to current strong bearish momentum. Late this month/early September we continue to expect a drop to 158.00, and further out a slide to 152.00, at which point at-the-money implied volatility could easily move up to 14.00%.

Strategy: Sell at 161.00/161.50; stop above 163.25. Short term target 160.60/160.45, then 158.00.

GBP
Comment: Dropping to a new recent low at 1.8405 and no signs of basing yet. On a Trade Weighted basis it is weaker than February 1997. The collapse is very dramatic and sudden yet a similar size to the pullback in 2005 and still within long term retracement parameters. We shall try and live through another week where we expect Cable to try and find an interim base but this is likely to be slow nerve-wracking stuff.

Strategy: Possibly attempt the tiniest longs at 1.8440; stop well below 1.8400. Short term target 1.8600, then 1.8800.

JPY
Comment: A potential ‘triple top’ or small ‘head-and-shoulders’ as we continue to consolidate above the 26-day moving average at 108.35. Expect yet more consolidation above here this morning, downside pressure increasing if we hold below 110.00.

Strategy: Sell at 109.70; stop above 110.75. Short term target 108.35/108.00, then 107.25.

Forex Ltd

CHF
The pre-planned breakout variant for buyers has been realized with attainment of minimal assumed target. OsMA trend indicator having marked the renewal of considerably high level of bullish activity gives grounds to choose buyers’ planning priorities for today. Hence and because of descending direction of indicator chart, we assume a possibility of test of the nearest supports 1.0910/30, where it is recommended to evaluate the activity development according to the charts of shorter time interval. For short-term buyers’ positions on condition of formation of topping signals the targets will be 1.0970/90, 1.1020/40 and/or further breakout variant up to 1.1080/1.1100, 1.1120/40. An alternative for sells will be below 1.0880 with the targets 1.0820/40, 1.0780/1.0800.

GBP
The pre-planned breakout variant for sells has been realized but with a loss of several points in attainment of minimal assumed target. OsMA trend indicator having marked the approximate parity of parties’ activity gives grounds to presume a possibility of further range movement of the rate without clearness in a choice of planning priorities for today. Hence we have positive features to open short-term short positions with the targets 1.8560/80, 1.8480/1.8500 and/or further breakout variant up to 1.8420/40, 1.8340/60, 1.8300/20. An alternative for buyers will be above 1.8720 with the targets 1.8760/80, 1.8800/20.

JPY
Earlier opened long positions have a positive result for presumed targets. OsMA trend indicator having marked further events as a break of Ichimoku cloud with channel line “2” by a relative rise of bearish activity gives grounds to make a choice of planning priorities in favor of sells for today. Hence we assume a possibility of pair return to mentioned guiding lines at 109.30/50, where it is recommended to evaluate the activity development according to the charts of shorter time interval. For short-term sells on condition of formation of topping signals the targets will be 108.60/80, 108.00/20. An alternative for buyers will be above 110.10 with the targets 110.40/60, 111.00/20.

EUR
The presumed pair return to key supports has been confirmed but further events with a relative rise of bearish activity with a breakout variant for sells required the correction of trading plans according to situation change of both parties. Taking into account the existent activity parity as well as evaluating bearish tendency of rate movement, we assume a possibility of pair return to channel line “1” at 1.4800/20, where it is recommended to evaluate the activity development according to the charts of shorter time interval. For short-term sells on condition of formation of topping signals the targets will be 1.4720/40, 1.4660/80 and/or further breakout variant up to 1.4600/20, 1.4560/80. An alternative for buyers will be above 1.4900 with the targets 1.4940/60, 1.5000/20.

Mizuho Corporate Bank

EUR
Comment: Going precisely nowhere after the dramatic collapse of the previous fortnight. US dollar bulls will no doubt describe this as much-needed consolidation although privately they may be disappointed to have seen no downside follow-through. Our view, and we are one of less than a handful still holding out, is that the Euro is trying to form a slow interim base against long term retracement support. For today we ought to hold above 1.4675 again, probably with another cautious upside probe to 1.4800/1.4850.
Strategy: Attempt small longs at 1.4780, adding to 1.4685; stop below 1.4600. Short term target 1.4800 and then 1.5000.

EUR/JPY
Comment: Re-testing recent lows, here and in a whole series of other Yen crosses. The Euro is oversold against the Yen but this is unlikely to hold things back for long. Late this week or late this month we expect a drop to 158.00, and further out a slide to 152.00. Below here and the long term picture gets seriously interesting.
Strategy: Sell at 161.30, adding to 162.20; stop above 163.35. Short term target 161.00/160.60, then 158.00.

GBP
Comment: Holding in a surprisingly neat and narrow range. Don’t expect this to last much longer. Very good volume in the futures with low open interest suggests a lot of day-trading. Over the next fortnight we expect a messy attempt at basing followed by a bounce to 1.9000.
Strategy: Strategy remains unchanged: attempt longs at 1.8635; stop below 1.8500. Short term target 1.8700, then 1.8800.

JPY
Comment: Gathering a tiny amount of downside pressure as prices break below the lower edge of an upward-sloping ‘wedge’ formation. A daily close below 109.25 might add more bearish momentum for a sudden slide to the 108.00 area.
Strategy: Sell at 109.05, adding to 110.25; stop above 110.75. Short term target 108.55, then 108.00.

Mizuho Corporate Bank

EUR
Comment: A small ‘bullish engulfing’ candle yesterday here and something similar in a series of other currencies adds weight to our view that the Euro is trying to form a slow interim base against retracement support. For today we ought to hold above 1.4685, probably with a cautious upside probe to 1.4800/1.4850.
Strategy: Attempt longs at 1.4765, adding to 1.4665; stop below 1.4600. Short term target 1.4800 and then 1.5000.

EUR/JPY
Comment: Retracing half of the previous big rally, holding clearly under the ‘broadening top’, and likely to move sideways today. Late this week or late this month we expect a drop to 158.00, and further out a slide to 152.00. Below here and the long term picture gets seriously interesting.
Strategy: Sell at 162.25, adding to 163.65; stop above 164.00. Short term target 161.00/160.60, then 158.00.

GBP
Comment: Small signs that Cable is finding its feet with the first up-day after twelve consecutive down-days. The verdict? Could do better. Over the next fortnight we expect a messy attempt at basing followed by a bounce to 1.9000.
Strategy: Attempt longs at 1.8635; stop below 1.8500. Short term target 1.8700, then 1.8800.

JPY
Comment: Slightly unsteady as we work in a sort of upward-sloping ‘wedge’ formation. We are still looking for signs of topping at the 110.00/110.50 pivotal chart area. A daily close below 109.25 might add a little bearish pressure.
Strategy: Attempt shorts at 109.75, adding to 110.35; stop above 110.75. Short term target 109.55 then 108.55.

Forex Ltd

CHF
The assumed test of the key supports has been confirmed but the strengthening of bearish activity revealed by OsMA indicator did not dispose to immediate realization of the pre-planned buyers’ positions. At present because of chosen strategy and taking into account the tendency of rising bearish potential, we have grounds to change planning priorities in favor of sells. Hence taking into account short-term component of ascending direction of indicator chart, we assume a possibility of pair return to resistance range 1.0940/60, where it is recommended to evaluate the activity development of both parties according to the charts of shorter time interval. For short-term sells on condition of formation of topping signals the targets will be 1.0880/1.0900 and/or further breakout variant below 1.0860 with the targets 1.0800/20, 1.0760/80. An alternative for buyers will be above 1.1000 with the targets 1.1040/60, 1.1100/20.

GBP
The pre-planned breakout variant for sells has been realized with attainment of minimal assumed target. OsMA trend indicator having marked the low activity of both parties because of chosen strategy gives grounds to presume a possibility of range movement of the rate without clearness in a choice of planning priorities for today. Hence taking into account the preservation of some minimal buyers’ advantage as well as descending direction of indicator chart, we assume a possibility of pair return to supports 1.8600/20, where it is recommended to evaluate the activity development of both parties according to the charts of shorter time interval. For short-term buyers’ positions on condition of formation of topping signals the targets will be 1.8660/80, 1.8700/20 and/or further breakout variant up to 1.8760/80, 1.8820/40, 1.8880/1.8900. An alternative for sells will be below 1.8570 with the targets 1.8510/30, 1.8460/80.

JPY
The assumed test of the key supports has been confirmed with conditions for realization of the pre-planned buyers’ positions. At present taking into account the relative strengthening of bullish activity, we have grounds to preserve earlier opened long positions but generally taking into account low level of parties’ activity we assume a possibility of further rate fall for which the boundary support will be Senkou Span levels of Ichimoku indicator at 109.50/60, where it is recommended to evaluate the activity development of both parties according to the charts of shorter time interval to make a decision about strengthening of long positions or their reducing till minimum. For short-term buys on condition of formation of topping signals the targets will be 109.90/110.00, 110.20/40 and/or further breakout variant above 110.60 with the targets 111.00/20, 111.60/80, 112.40/60, 112.80/113.00. An alternative for sells will be below 109.00 with the targets 108.40/60, 108.00/20.

EUR
The assumed test of the key resistance range has been confirmed but the preservation of considerably high level of buyers’ activity does not promote to realization of the pre-planed short positions and gives grounds to choose buyers’ planning priorities for today. Hence taking into account the current descending direction of indicator chart, we assume a possibility of pair return to supports 1.4730/50, where it is recommended to evaluate the activity development according to the charts of shorter time interval. For short-term buyers’ positions on condition of formation of topping signals the targets will be 1.4790/1.4810, 1.4860/80 and/or further breakout variant above 1.4900 with the targets 1.4940/60, 1.5000/20. An alternative for sells will be below 1.4680 with the targets 1.4620/40, 1.4580/1.4600.