We apologize for the gap in posts as it has become our habit to post everyday.  We will do our best to make sure everyone is informed daily.  All the best from Fastbrokers research team :).

     We are at a critical position in our Euro technical speculation.  From this area there could be a shift in sentiment and could bring on further consolidation to a continuation, or a shift to Euro bears.  We are sitting back at our previous congestion and strong support area around 1.5800 after creating a lower high at 1.5945.  It should be important to understand the upside and downside risks to any trade at the moment.  For our Bears out there, your upside risks are above 1.5945 (the previous high).  For the Bulls, below 1.5700 and 1.5650 should shift your short term outlook.  These areas are merely to guide through support and resistance as your strategy can evolve around these suggested levels for targets of profit taking. 

The USD has a beautiful bounce from the previous resistance turned support at the 104.90 zone.  The bulls saw this as a cheap price for a retest of 108.56.  Now that pice has moved all the way to 107.44 we are sitting back at the bottom of our 6 month channel.  Let's also note that 107.44 is the last area of retracement from the bear move starting at the top at 108.56.  This law tells us that further consolidation has to be established in order to carry out the larger continuation of the bigger picture.  How big is that big picture though?  Until there is a serious move past 108.56 the sentiment should remain bearish from here.  What about the downside risk for bulls?  A break below 104.90 warrants a bear take over.  Good day :).

Not to much to report on the swissy for today.  Looks as though price action is staying in a channel.  The 50 day SMA looks to be a solid resistance if it can hold.  If it doesn't hold then the top of the channel should be the risk or reward (104 being strong resistance).  Let's be patient on this one right now and keep a close eye on the fundamentals and Gold.