AUD / USD over the day: supported by a rising trend line.

Change Point (devaluation level): 0895
We prefer: long positions over 0895 with expanded course objectives at 0.9045 & 0907.
Alternative scenario: below 0895, we expect further downside with 0.8925 & 0.8905 as targets in the future.
Technical comment: although a continuation of the consolidation can not be excluded, should be limited in its extent.

GBP / USD during the day: Read the channel support.

Change Point (devaluation level): 1558
We prefer: BUY positions in 1559, with price targets on 1566 & 1573.
Alternative scenario: below 1558 we expect further downside with 1.5545 & 1.5505 as targets in the future.
Technical Comment: the RSI is bullish and calls for a further upward movement.

EUR / JPY during the day: under pressure.

Change Point (devaluation level): 113.5
We prefer: short positions at 113.5 with enhanced price targets on 112.3 & 111.75.
Alternative scenario: over 113.5, we expect more upward movements with 114.15 & 114.75 as price targets.
Technical comment: the fracture under 113.5 is a negative signal, which opened a path to 112.3.

EUR / CHF expected throughout the day: reversal.

Change Point (devaluation level): 1.355
We prefer: long positions over 1355 with expanded course objectives at 1.3635 and 1.3675.
Alternative scenario: below 1355, we expect further downside with 1.3475 & 1351 as price targets.
Technical Comment: the RSI bullish divergence posted a (not yet confirmed).

Stronger Yen, Slowing U.S. Economic Recovery

In currency trading the Asian session today (29-07), seen through the strengthening of the Yen against the U.S. Dollar. Pair EUR / JPY is currently engaged in the range of 87.20.

Previously, this morning has been released retail sales data y / y for the period June 2010 Japan recorded an increase of 3.2%, preferably from 2.9% the previous period. But the strengthening yen is estimated that more caused by the slowing U.S. economic recovery is reflected in the results come back bad U.S. economic data this week.