BUSINESS ERA

EUR/USD

The EUR/USD pair plummeted yesterday to as low as the 1.3927 level. According to the chart's 4-hour Stochastic Slow, the pair seems to be oversold, and an upward movement today seems to be imminent However, the chart's daily Stochastic Slow and 4-hour MACD support the downward trend to continue today. Going short with tight stops could be the opportunity to make big profits today.

GBP/USD

The pair has recorded much bearish behavior in the past several days. However, the technical data indicates that this trend may reverse anytime soon. For example, the daily chart's Stochastic Slow signals that a bullish reversal is imminent. An upward trend today is also supported by the hourly chart's MACD. Going long with tight stops may turn out to pay off today.

USD/JPY

The USD/JPY has gone increasingly bearish in the past 2 days, and currently stands at the 95.86 level. The daily chart's oscillators seem to be misleading when it comes to this pair. If we look further, the weekly chart's RSI supports this currency cross to fall further today. However, the chart's 4-hour Stochastic Slow signals that a bullish reversal will take place today. Entering the pair when the signs are clearer seems to be the wise choice today.

USD/CHF

This pair has been range trading for the past 3 days between the 1.0700 and the 1.0910 levels. The chart's hourly MACD indicates that USD/CHF seems to be running out of steam, and that today's trading will witness a bearish reversal. This is also supported by the chart's 4-hour Stochastic Slow. Going short with tight stops may turn out to be the wise strategy, as today's trading day gets under way.

Wild Card

Silver

Silver has seen a dismal week, dropping more than 50 pips, as the commodity now stands at the 13.45 level. However, the daily chart's oscillators support an impending bullish reversal today. This is also supported by the chart's 4-hour and weekly Stochastic Slow. Going long with tight stops may turn out to be a good strategy today, as forex traders seek to make some end-of-week profits.

Market Trend

	EUR/USD	GBP/USD	USD/JPY	USD/CHF	AUD/USD	EUR/GBP
Daily Trend
Weekly Trend
Resistance	1.4130	1.6530	97.30	1.0960	0.8050	0.8600
	1.4090	1.6490	96.90	1.0920	0.8030	0.8580
	1.4050	1.6450	96.50	1.0880	0.8010	0.8560
Support	1.3970	1.6370	95.70	1.0800	0.7970	0.8520
	1.3930	1.6330	95.30	1.0760	0.7950	0.8500
	1.3890	1.6290	94.90	1.0720	0.7930	0.8480

Indicators

Date	Time GMT	$€£¥	Event	Period	Prev.	Forecast	Imp
2009-07-03		USD	Bank Holiday		*	*
		Bank Holiday US banks will be closed due to a bank holiday.
2009-07-03	07:15	CHF	CPI	m/m	0.2%	0.1%
		CPI The Consumer Price Index (CPI) is a measure of the change in the price of goods and services purchased by consumers. It is a gauge for inflation.
2009-07-03	08:00	EUR	Final Services PMI		44.5	44.5
		Final Services PMI The Euro-Zone Final Services PMI indicator is a survey that measures the activity of purchasing managers.
2009-07-03	08:30	GBP		51.7	51.8
		Services PMI The Services Purchasing Manager's Index (PMI) surveys the dealings of purchasing managers in the services sector, with a reading above 50 indicating growth. An increasing indicator can boost a nation's currency. To compile the index, purchasing managers are surveyed on a number of subjects including employment, production, new orders, supplier deliveries, and inventories. Forex traders follow this survey closely because purchasing managers may have insight to periods of economic expansion or contraction.
2009-07-03	08:30	GBP	Housing Equity Withdrawal	q/q	-8.0B	-8.9B
		Housing Equity Withdrawal Measures the value of new loans secured on housing that is not used for house purchases or home improvements. A rising trend has a positive effect on the nation's currency because historically consumer borrowing and spending have a high degree of correlation.
2009-07-03	09:00	EUR	Retail Sales	m/m	0.2%	-0.1%
		Retail Sales This report is a measure of the change in the total value of retail sales. Positive figures indicate economic growth.