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VarengoldbankFX Daily FX Report 100222 by smd10556

 – Intelligent Investments

                                                                    Monday, February 22, 2010

Good morning and welcome to our first Daily FX Report of this week. From an economic point of
view it seems that the week may start quietly with only a few economic data. However, we wish
you a good start and successful trades.

Market review

The JPY started weaker into the new week and fell versus all of its major counterparts as gains
in Asian stocks damped demand for the JPY as a refuge. The EUR/JPY touched a two-week
high on concern a report may show this week the German business confidence rose to the
highest level since July 2008. Also the USD declined against higher-yielding currencies on
prospects the lack of U.S. job growth will keep Federal Reserve Chairman Ben S. Bernanke
from raising the key interest rate.

The AUD traded near an almost 25-year high versus the GBP on speculation that the Reserve
Bank of Australia will raise borrowing costs in March again which increase the spread to the U.S.
and Europe interest rates. The NZD rose against the USD as crude oil prices rose near to a five-
week high. Crude oil prices also pushed the CAD to a two-year high against the EUR. During the
Asia session the EUR/CAD fell to 1.4136 from 1.4225 at its opening.

After the currency pair fell continuously since
the beginning of 2010 it seems that the USD
stopped its downward trend at 0.6808 on
February 5th. Afterwards the NZD/USD climbed
near to the 0.7050 level and tried to cross the
50% Fibonacci retracement line. Now it seems
that the USD will make another attempt assisted
by rising momentum indicator as well as an
increasing MA Oscillator. – Intelligent Investments

The USD/CHF has been trading in a mid-term
bullish trend-channel since the middle of
January. Having the USD lost its pivot point
support for several times during the last weeks
it is the first time a new week began below the
pivot point. In considering of a tumbling MACD
we have to allow for further bearish movement.
Especially if the lower trend-channel line may
break it could boost the bears.

Pivot Points - Daily FX Support and Resistance Levels
 Currency             Support 2      Support 1    Pivotpoint Resistance 1    Resistance 2

 EUR/USD                    1.3384       1.3499      1.3558         1.3673         1.3732

 USD/JPY                     91.06        91.29       91.72          91.95          92.38

 GBP/USD                    1.5272       1.5373      1.5457         1.5558         1.5642

 USD/CHF                    1.0653       1.0705      1.0802         1.0854         1.0951

 AUD/USD                    0.8843       0.8915      0.8953         0.9025         0.9063

 CAD/USD                    1.0294       1.0343      1.0436         1.0485         1.0578

 NZD/USD                    0.6909       0.6952      0.6974         0.7017         0.7039

 EUR/AUD                    1.5056       1.5099      1.5136         1.5179         1.5216

 EUR/CAD                    1.4030       1.4088      1.4158         1.4216         1.4286

 EUR/CHF                    1.4618       1.4632      1.4653         1.4667         1.4688

 EUR/GBP                    0.8668       0.8733      0.8768         0.8833         0.8869

 EUR/JPY                    123.05       123.82      124.30         125.07         125.55

 GBP/CHF                    1.6499       1.6570      1.6706         1.6777         1.6913

 GBP/JPY                    139.97       140.79      141.74         142.56         143.51 – Intelligent Investments

Daily Calendar & Key FX Events

  Date                                             Time (GMT)                           Economic Indicator                                                           Last

  22.02.2010                                       13:30                                US Chicago Fed Nat. Activity Index                                           -0.61

  22.02.2010                                       15:30                                US Dallas Fed Manf. Activity                                                 8.3

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