The Advisor Weblog

Posted: 25 Jul 2011 05:02 AM PDT

Well, maybe not, but market players seem to be thinking so. The EU summit offer further facilities to Greece to overcome current situation and avoid default: more money, more years, less interest rates. The ECB has no choice now, but to keep feeding the beast to recover all the time, effort and cash already invested in this crisis. Anyway, now dollar has result to be unattractive again, and is strongly down across the board, while gold reaches fresh record highs near $ 1624/oz. Swiss Franc reached fresh all time highs against the greenback, USD/JPY trades barely above 78.00, and EUR and GBP, are trading in limited ranges this Monday, lacking direction and definition.

The EUR/USD is inside a triangle, bullish continuation pattern yet needs to overcome 1.4440 to confirm the upward continuation towards 1.4510 area. The bias remains bullish unless clear break below 1.4310: in that case, the pair may fall near 1.4250 in corrective mode before finding some support.

The GBP/USD has been trading in an horizontal channel since past Thursday, in between 1.6270 and 1.6340, with the upside still favored in the cross, towards 1.6430 area.

USD/CHF has set a fresh record low, and is still looking for fresh ones; here is the technical outlook for the pair:

http://www.fxstreet.com/technical/forex-strategy/the-best-pair-to-trade-now/2011/07/25/02/

Here is the link for today's calendar:

http://www.fxstreet.com/fundamental/economic-calendar/

Have a great trading day!