Wednesday, August 1, 2007

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Should you need further information, please contact us:
Client Forex Trading
Tel. +41 (0)58 323.26.50

hot news

There is not too much to report on the forex front at the start of the week, apart from the publication this morning of June retail sales figures for Germany, which rose 0.7% percent from May after declining 2.5% between April and May. Today’s economic releases should give further impetus to the market.

There will be no forex bulletin published tomorrow, 1 August, because of the Swiss National Day. Our next bulletin will be published on Thursday, 2 August.

Short-term Technical Analysis

Cross Spot level Previous day move (in pips) Supp. Res. Daily target

USD/CHF 1.2041 -0.0025 1.2006 1.2050
Daily chart 1.1980 1.2100
Short-term chart 1.1960 1.2115
Comments
It proved to be a quiet start to the week for the greenback, which dipped back down to its support at 1.2006. Any point between 1.2005 and 1.2030 would offer good opportunities for selling the pair, with an upside target of 1.2100.

EUR/USD 1.3702 0.0050 1.3670 1.3730
Daily chart 1.3640 1.3755
Short-term chart 1.3630 1.3775
Comments
The single currency put in a reasonably solid showing against the greenback yesterday, testing its resistance at 1.3728, albeit without managing to breach it. This could well mean that we will see the EUR give back some of yesterday’s gains today. We recommend trying to sell at around 1.3700-1.3730, with a downside target at 1.3640.

USD/JPY 118.94 0.16 118.35 119.30
Daily chart 118.00 119.50
Short-term chart 117.60 119.70
Comments
The USD/JPY is hovering in the upper reaches of its range at 119.30. We recommend trying to sell the USD between 119.00 and 119.30 in anticipation of the pair slipping back down towards 118.00.

EUR/CHF 1.6508 0.0034 1.6455 1.6515
Daily chart 1.6415 1.6525
Short-term chart 1.6400 1.6550
Comments
In our bulletin yesterday, we mentioned the possibility of the pair rallying to around 1.6515 before a return of bearish trend. As this target has now been reached this morning, we recommend selling at current levels, with 1.6455/6415 as the target.

GBP/USD 2.0285 0.0032 2.0260 2.0335
Daily chart 2.0235 2.0350
Short-term chart 2.0220 2.0365
Comments
As expected, sterling did test its resistance at 2.0330, although it was unable to break past it.. Investor sentiment on sterling is still upbeat today. We therefore recommend trying to buy the GBP/USD at around 2.0260/35, targeting a return to 2.0365.

Crude Oil and Precious Metals

Spot Pips move
Crude Oil 76.63 0.00 Daily chart
Platinum 1288.00 11.00 Daily chart
Gold 665.30 3.10 Daily chart
Silver 12.85 0.13 Daily chart

Economic Data

GMT Time Economic data Country Period Forecast Previous
09:00 Unemployment rate EMU June 6.9% 7.0%
09:00 Sentiment Index EMU July 111.0 111.7
09:00 Consumer Confidence Index EMU July -3 -2
13:45 Chicago PMI USA July 57.0 60.2
14:00 Consumer Confidence USA July 104.9 103.9



Contact
Should you need further information, please contact us:
Client Forex Trading
Tel. +41 (0)58 323.26.50.




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U.S. Nationals and Residents, please click here only for Investment Services,
due to local Legal Restrictions applicable to your country.

Worldwide visitors: Please consult the Legal notice for (1) detailed Local Legal
Restrictions applicable to your country and (2) Weblinks to specific entities of the
Pictet Group designed in function of those restrictions.

You have reached a webpage of the pictet.com domain for the Pictet Group entities
located worldwide. Country or regulatory requirements may prevent certain
visitors from (1) being solicited, (2) offered certain services or financial products
and (3) engage in business with certain entities of the Pictet Group. This is why
you may be redirected in certain cases to specific websites of certain entities
of the Pictet Group. Furthermore, you are strongly recommended to consult the
Legal notice prepared for www.pictet.com.

Copyright 2007, Pictet & Cie, Private Bankers
Private Banking, Wealth Management, Asset Management, Geneva, Switzerland.

Daily news bulletin covering the foreign exchange market


This market comment is published by our Customer Forex Trading Desk and is not the product of our Financial Research department. As such, these recommendations are not subject to the Swiss Bankers Association's Directives on the Independence of Financial Research.



Hot News

Short-term Technical Analysis

Crude Oil and Precious Metals

Economic Data

update forex

Hot News

There is not too much to report on the forex front at the start of the week, apart from the publication this morning of June retail sales figures for Germany, which rose 0.7% percent from May after declining 2.5% between April and May. Today’s economic releases should give further impetus to the market.

There will be no forex bulletin published tomorrow, 1 August, because of the Swiss National Day. Our next bulletin will be published on Thursday, 2 August.

Short-term Technical Analysis

Cross Spot level Previous day move (in pips) Supp. Res. Daily target

USD/CHF 1.2041 -0.0025 1.2006 1.2050
Daily chart 1.1980 1.2100
Short-term chart 1.1960 1.2115
Comments
It proved to be a quiet start to the week for the greenback, which dipped back down to its support at 1.2006. Any point between 1.2005 and 1.2030 would offer good opportunities for selling the pair, with an upside target of 1.2100.

EUR/USD 1.3702 0.0050 1.3670 1.3730
Daily chart 1.3640 1.3755
Short-term chart 1.3630 1.3775
Comments
The single currency put in a reasonably solid showing against the greenback yesterday, testing its resistance at 1.3728, albeit without managing to breach it. This could well mean that we will see the EUR give back some of yesterday’s gains today. We recommend trying to sell at around 1.3700-1.3730, with a downside target at 1.3640.

USD/JPY 118.94 0.16 118.35 119.30
Daily chart 118.00 119.50
Short-term chart 117.60 119.70
Comments
The USD/JPY is hovering in the upper reaches of its range at 119.30. We recommend trying to sell the USD between 119.00 and 119.30 in anticipation of the pair slipping back down towards 118.00.

EUR/CHF 1.6508 0.0034 1.6455 1.6515
Daily chart 1.6415 1.6525
Short-term chart 1.6400 1.6550
Comments
In our bulletin yesterday, we mentioned the possibility of the pair rallying to around 1.6515 before a return of bearish trend. As this target has now been reached this morning, we recommend selling at current levels, with 1.6455/6415 as the target.

GBP/USD 2.0285 0.0032 2.0260 2.0335
Daily chart 2.0235 2.0350
Short-term chart 2.0220 2.0365
Comments
As expected, sterling did test its resistance at 2.0330, although it was unable to break past it.. Investor sentiment on sterling is still upbeat today. We therefore recommend trying to buy the GBP/USD at around 2.0260/35, targeting a return to 2.0365.

Crude Oil and Precious Metals

Spot Pips move
Crude Oil 76.63 0.00 Daily chart
Platinum 1288.00 11.00 Daily chart
Gold 665.30 3.10 Daily chart
Silver 12.85 0.13 Daily chart

Economic Data

GMT Time Economic data Country Period Forecast Previous
09:00 Unemployment rate EMU June 6.9% 7.0%
09:00 Sentiment Index EMU July 111.0 111.7
09:00 Consumer Confidence Index EMU July -3 -2
13:45 Chicago PMI USA July 57.0 60.2
14:00 Consumer Confidence USA July 104.9 103.9



Contact
Should you need further information, please contact us:
Client Forex Trading
Tel. +41 (0)58 323.26.50.




Home | Private Clients | Institutional Investors | Products and Services | Publications and Indices | News and Press | About Pictet | Worldwide Presence



U.S. Nationals and Residents, please click here only for Investment Services,
due to local Legal Restrictions applicable to your country.

Worldwide visitors: Please consult the Legal notice for (1) detailed Local Legal
Restrictions applicable to your country and (2) Weblinks to specific entities of the
Pictet Group designed in function of those restrictions.

You have reached a webpage of the pictet.com domain for the Pictet Group entities
located worldwide. Country or regulatory requirements may prevent certain
visitors from (1) being solicited, (2) offered certain services or financial products
and (3) engage in business with certain entities of the Pictet Group. This is why
you may be redirected in certain cases to specific websites of certain entities
of the Pictet Group. Furthermore, you are strongly recommended to consult the
Legal notice prepared for www.pictet.com.

Copyright 2007, Pictet & Cie, Private Bankers
Private Banking, Wealth Management, Asset Management, Geneva, Switzerland.

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