Thursday December 23, 2004 - 00:09:23 GMT
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FX-Strategy - www.fx-strategy.com
Forex: General Market Conditions 23rd December 2004
Apart from the British Pound the market appears to have dried up and would be happy to close up shop until after the Xmas weekend. While we feel there is a chance of seeing a small break outside this week's range, we don't think this will be by much and should keep the same subdued range trading through to next week.
Overall our underlying view remains cautiously bearish for the Dollar and what happens today could confirm this view with any drift up to 1.3430 Euro and down to 1.1435 Swissie indicating more corrective structures which should ultimately cause the Dollar's downtrend to resume. It should be quiet today though and thus we'll continue to observe the structures as they develop.
The British Pound was the bigger surprise yesterday with quite a large drop. We still feel this is a corrective structure and we have a choice of two. However, for today we feel the decline is complete and today should see a recovery to 1.9250 at least and possibly 1.9300 once again. Following this we expect a pullback into the 1.9100-1.9300 range.
Please note that this will be the last update until December 28th following which daily updates will continue with a break only on January 3rd. During this time the weekly updates will be dated in order to display when significant changes in view are made.
We would like to wish all readers a wonderful long Xmas weekend.
(c) FX-Strategy Inc 2004
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