Thursday, January 11, 2007

Forex view...

Hello Traders,

BOE - SURPRISE Rate hike 5,25%
ECB - No rate hike ( waiting for Trichet comments )
JPY - strong sell-off again...

EUR-USD - yesterday i wrote that new short could be build near breaking points at 1,2980, if You are short close here at 1,2980. We could see rally twds 1,3030 or even 1,3050-60 after Trichet. Majors vs. USD could go higher after GBP rate hike and ahead tommorows US data. Risky counter-trand position could give us profit today, so small longs here with tight sl ( fast exit if we fall below 1,2960-65 after Trichet ) with first target 1,3030 even 1,3050-60.

GBP-USD - strong rise after BOE rate hike to 5,25%. Resistance at 1,9450 was taken out quickly, now GBP holds well above 1,95. We could see another rally twds 1,9550 during us session. Buy on small dip ( 1,9460-75) for 1,9530-50.

EUR-JPY - as i wrote yesterday i took small short but my position was stopped out very quickly. Another JPY sell-off, surprise for me after last week reversal. Watch market at this moment, stand aside.

Good Luck
Piotr

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