FOREX COMMENTARY 23.08.2004

23.08.2004 (3:08am US Time)

Today`s data:

08:30 CAD ? Retail Sales m/m (Jun) prev. 0.5% for. 0.1%

08:30 CAD ? Retail Sales Less Autos m/m (Jun) prev. 1.4% for. 0.3%

CAD ? BoC Dep Gov Longworth speaks on Monetary Policy

USD/JPY (CURRENT LEVEL 109.27) ? SUPPORT AT 108.80 HOLD. TODAY WE EXPECT BOUNCE TO 109.70/110.00 REGION. ONLY BREAK 110.70 REGION WILL CHNGE IMAGE ON THIS MARKET ON POSITIVE FOR USD.

EUR/USD (CURRENT LEVEL 1.2294) ? IN LAST WEEK BULLS DIDN`T BREAK VERY STRONG RESISTANCE AT 1.2395 REGION. AT FRIDAY EUR WEAKED TO 1.2280 REGION. AT THIS REGION SUPPORT HOLDS WHAT COULD SUGGEST POSIBILITY TO TEST ABOVE-MENTIONED RESISTANCE. IF WE BREAK 1.2280 WE COULD SEE FALL TO 1.2250 AND EVEN 1.2200 REGION

USD/CHF (CURRENT LEVEL 1.2525) ? RESISTANCES: 1.2575 AND 1.2650. SUPPORT 1.2480 AND 1.2400.

GBP/USD (CURRENT LEVEL 1.8165) ? SUPPORTS: 1.8120 AND 1.8080. RESISTANCES: 1.8250 AND 1.8350.

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