ValdisTF

"Fort Financial Services"- fundamental and technical analysis 31.07.2015 Fundamental analysis Yesterday the US dollar was able to strengthen its position against its main competitors - the dollar index basket (USDX) closed the trading day at the mark of 97.10. On Wednesday late in the evening there were announced the US Federal Reserve meeting results. Monetary authorities have once again confirmed the labor market progress and they also noted the real estate market growth. It was also pointed out that inflation expectations have not changed compared to the last assessment and it is necessary to wait for more positive macroeconomic data to start the monetary policy tightening phase. At first it upset the market, but ultimately the US currency was set to buy again and the US dollar has strengthened relative to all of its main competitors. The FOMC also pointed out that the federal funds rate first increase can happen in September. Against this background, the pair EUR / USD had decreased by 0.51% by the end of the day, the pair GBP / USD had declined by 0.03% and the pair USD / JPY had increased by 0.30%. Technical analysis Euro (EUR) General overview The dollar strengthened against the euro after the US Federal Reserve meeting results publication. The jobless claims have unexpectedly grown to the seasonally adjusted 9,000 in Germany in July, it was reported a decline by 1000 in June, economists expected the unemployment decline by 5000 in July, and however, the labor market remains one of the strongest in the euro area. There was the second quarter US GDP report published. Investors focused their attention to the data that indicate the US jobless claims number. The price is finding the first support at 1.0925, the next one is 1.0790. The price is finding the first resistance at 1.1050, the next one is at 1.1150. There is a weak sell signal. The price is below the Cloud and it is below the Chinkou Span. The Tenkan-sen and the Kijun-sen show a downward movement. If the price get below the Cloud we may get a sell signal. The MACD indicator is in a negative territory. The MACD is declining. Trading recommendations We believe in pair’s decrease. The first target 1.0925 is reached. The next one is 1.0790. Pound (GBP) General overview Commodity market reacted with the quotations decrease on the US Federal Reserve monetary policy meeting results which is a negative factor for the British currency. Investors focused their attention on the US GDP publication for the second quarter. The industrial production index which best determines this year business cycle dynamics in the second quarter showed a moderate growth. Investors' attention is directed to the initial jobless claims weekly report. The resistance level of 1.5670 false breakthrough was followed by the prices active drop. The price is finding the first support at 1.5550, the next one is 1.5460. The price is finding the first resistance at 1.5670, the next one is 1.5775. The price is in the Cloud and it is above the Chinkou Span. The Tenkan-sen shows an upward movement and the Kijun-sen shows a horizontal movement and form a “Dead Cross”. The MACD histogram is in a positive territory. The indicator is decreasing. Trading recommendations If the price remains below 1.5670 the downward movement will be continued. The targets are 1.5550 and 1.5460. Yen (JPY) The US Federal Reserve meeting results supported the dollar as a result it has strengthened against the yen. There was published the June industrial production data, we expected a weak report which would put pressure on the Japanese yen. However, the data came out better than expected 0.8% against 0.3% earlier it was-2.1%. Traders focused their attention on the second quarter US GDP release. The US initial jobless claims report is also considered by investors. The strong resistance level of 123.50 breakthrough opened the way for another resistance level of 124.30 testing. The price is finding the first support at 123.50, the next one is at 122.40. The price is finding the first resistance at 124.30, the next one is at 125.50. The price is above the Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen are directed upwards. The MACD indicator is in a positive territory. The MACD is growing. Trading recommendations We support the growth plan. The growth targets are 124.30 and 124.70. Franc (CHF) The dollar consolidated its position after the FOMC minutes publication where it was noted that the rate would be increased after the labor market continued growth. Following the meeting, the interest rate has remained within the 0.0% -0.25%. Credit Suisse says that the Swiss National Bank losses could reach 50 billion francs in the first half of the year because of the exchange rate, gold and government bonds changes. According to the data publication, the Swiss KOF leading economic indicators rose up to 99.8 this month from 89.8 in June whose indicator was revised up from 89.7. Analysts had expected the index growth by 90.3 in July. Buyers managed to strengthen the strong resistance level of 0.9650. The price is finding the first support at 0.9650, the next one is at 0.9540. The price is finding the first resistance at 0.9760, the next one is at 0.9850. The price is in the Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen show an upward movement. The MACD indicator is in a positive territory. The MACD is growing. Trading recommendations We expect the growth. The pair may rebound downwards to the level of 0.9650. After that the growth to 0.9850 will be continued. *Analytical review is presented by the leading analyst of the broker Fort Financial Services, Alexander Kofman.

"Fort Financial Services"- fundamental and technical analysis 30.07.2015 Fundamental analysis By the end of the day the pair EUR / USD had increased amid the long positions profit taking before ECB meeting. After another Chinese stock market collapse traders spread the rumors that the American central bank would not still raise interest rates. After the meeting results it was expected to hear something about new external risks to the US economy which would lead to the immediate dollar sales and the pair EUR / USD growth. As a result the last ECB meeting confirmed its plans to change the rates this year that supported the dollar. The pair GBP / USD had increased as well after the UK second quarter GDP publication. The final index is above the level of 0.7%. During the day the pair USD / JPY was growing. On the one hand, "bulls" were supported by the “risky assets" demand. On the other hand, the Conference Board consumer confidence weak data put pressure on the US currency. Technical analysis Euro (EUR) General overview There was the debt and commodity markets stabilization after a high volatility. In this regard, it was expected that the pair euro / dollar would be trading a flat up to the FOMC meeting outcome announcement. It was expected that the US Wednesday Federal Reserve meeting results would be a little different from the D. Yellen two week ago rhetoric. Then the FED chairman announced the monetary authorities intention to tighten monetary policy at any meeting this year. The yesterday’s ECB meeting supported the dollar as the committee confirmed its intentions to change the rates this year. Having broken through the level of 1.1050 downwards the price. The price is finding the first support at 1.0925, the next one is 1.0790. The price is finding the first resistance at 1.1050, the next one is at 1.1150. There is a confirmed and a strong buy signal. The price is above the Cloud and it is above the Chinkou Span. The Tenkan-sen shows a horizontal movement and the Kijun-sen shows an upward movement. The upward movement will be until the price is above the Cloud. The MACD indicator is in a positive territory. The MACD is declining. Trading recommendations We believe in pair’s decrease. The first target is the level of 1.0925. The next one is 1.0790. Pound (GBP) General overview The GBP / USD fundamental background is still mixed. Investors 'attention is directed to the June UK mortgage lending publication which was positive, exceeding analysts' forecasts. Above all, the market was waiting for the US Federal Reserve meeting results. It was expected to hear the same benchmarks that were announced by D. Yellen in Congress two weeks ago. The trade is below the key resistance level of 1.5670. The price consolidation below the mark can lead to the short-term decline. The price is finding the first support at 1.5550, the next one is 1.5460. The price is finding the first resistance at 1.5670, the next one is 1.5775. The price is in the Cloud and it is above the Chinkou Span. The Tenkan-sen shows an upward movement and the Kijun-sen shows a horizontal movement and form a “Dead Cross”. The MACD histogram is in a positive territory. The indicator is growing. Trading recommendations If the price remains below 1.5670 the downward movement will be continued. The targets are 1.5550 and 1.5460. Shall the price break the level upwards and we will see the growth continuation. Yen (JPY) General overview Japan has published the June retail trade release. The wage level is the most important indicator for determining the retail sector demand dynamics. It was expected the data within the forecasted medians, but the results exceeded forecasts by 0.9% instead of the projected 0.5% after the previous indicator by 3.0%. The market was waiting for the US Federal Reserve monetary policy meeting results. Changes in rhetoric were not expected. The lack of buyers’ support can lead to the strong price rebound from the resistance level of 123.50. The price is finding the first support at 123.50, the next one is at 122.40. The price is finding the first resistance at 124.30, the next one is at 125.50. The price is in the Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement. The MACD indicator is in a negative territory. The MACD is growing. Trading recommendations We expect the growth. The growth targets are 124.30 and 124.70. *Analytical review is presented by the leading analyst of the broker Fort Financial Services, Alexander Kofman.

"Fort Financial Services"- fundamental and technical analysis 29.07.2015 Fundamental analysis By the end of the day the pair EUR / USD had increased amid the German 10-year bond yields relative to its US and the UK counterparts. The Germany data served as a powerful driver for the euro. The IFO Institute business sentiment index registered growth up to 108 points in July, exceeding expectations at the level of 107.5 and the June index around the level of 107.4. It was enough for the pair EUR/USD to get a powerful impulse and to start recovery from the recent lows. By the end of the day the pair GBP / USD had strengthened despite the US durable goods orders positive macroeconomic statistics for June. During the day the pair USD / JPY some growth amid the world stock markets sales which caused the carry trade transactions closure. In June the US durable goods orders rose up by 3.4%, the index excluding transportation also rose up - by 0.8%. However, the main source of concern was the latest stock market crash in China where the Shanghai Composite has lost more than 8%. Traders believe that the China stock markets volatility can delay the US Federal Reserve possible rate hike as the situation is an additional threat to stability. Technical analysis Euro (EUR) General overview The main pair dynamics is determined by three factors: the bond market sentiments, the commodity market trend and the pair EUR / GBP dynamics. There was the German 10-year bond yields growth on the debt market in relation to its US and UK competitors which supports some demand for the euro. The Federal Reserve interest rate decision may affect the pair dynamics which will be published on Wednesday evening. The upward correction within the pair euro / dollar consolidated its positions, breaking through on its way resistance at the level of 1.1050. The price is finding the first support at 1.1050, the next one is 1.0925. The price is finding the first resistance at 1.1150, the next one is at 1.1260. There is a confirmed and a strong buy signal. The price is above the Cloud and it is above the Chinkou Span. The Tenkan-sen shows a horizontal movement and the Kijun-sen shows an upward movement. The upward movement will be until the price is above the Cloud. The MACD indicator is in a positive territory. The price is growing. Trading recommendations The growth targets are 1.1150, 1.1260. Pound (GBP) General overview Yesterday the main event was the second quarter UK GDP publication. The Bank of England pointed to an economic growth by 0.7% in its monetary policy last minutes. These data came out at the forecast level of 0.7% q / q and 2.6% y / y The Federal Reserve interest rate decision can affect the pair dynamics which will be published on Wednesday evening. The resistance level of 1.5550 could not stop buyers. The level breakthrough was on the low volumes and opened the way to the level of 1.5460 and 1.5390 testing. The price is finding the first support at 1.5550, the next one is 1.5460. The price is finding the first resistance at 1.5670, the next one is 1.5775. The price is in the Cloud and it is above the Chinkou Span. The Tenkan-sen shows an upward movement and the Kijun-sen shows a horizontal movement and form a “Dead Cross”. The MACD histogram is in a negative territory. The price is correcting. Trading recommendations We expect a rebound. The levels of 1.5460, 1.5390 are the rebound targets. Yen (JPY) General overview There was the investors' risk avoidance in financial markets (the world leading stock markets sales) which is a "bearish" factor for this pair. Investors closed the carry trade transactions which contributed to the Japanese yen demand as a funding currency. The Federal Reserve interest rate decision may affect the pair’s dynamics which will be published on Wednesday evening. Before reaching the support level of 122.80, the downward trend reversed in the short-term correction. The resulting correction is on the low volumes and is aimed at the resistance level of 123.50. The price is finding the first support at 122.40, the next one is at 121.60. The price is finding the first resistance at 123.50, the next one is at 124.30. The price is in the Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement. The MACD indicator is in a negative territory. The price is decreasing. Trading recommendations After testing 123.50 we expect a consolidation. Then the price may go down. The downward targets are 122.40, 121.60. *Analytical review is presented by the leading analyst of the broker Fort Financial Services, Alexander Kofman.

"Fort Financial Services"- fundamental and technical analysis 28.07.2015 Fundamental analysis The US dollar was not able to strengthen its position against its main competitors - the dollar index basket (USDX) closed the trading day at the mark of 96.56. The pair EUR/USD had decreased despite the France and Germany PMI manufacturing and production sector negative macroeconomic statistics. Nevertheless the pair grew by the end of the day. The pair GBP/USD was trading within the flat amid the UK bond yields decrease in relation to their US and Germany counterparts as well as the US new home sales weak data. However the pair increased on the yesterday’s trades. The pair USD/JPY was trading in a flat amid the lack of demand for the "risky assets" as well as the US negative macroeconomic statistics. Nevertheless, the pair increased yesterday. The US new housing market sales publication did not meet our forecasts: the transactions number amounted to only 482 thousand in June against the expected 546 million and 517 million in May. It has played the role of counterweight within the pair EUR/USD that put pressure not on the euro, but on the US dollar as well. Technical analysis Euro (EUR) General overview The last week euro zone and the United States economic data showed a clear divergence: the Eurozone consumer confidence index and the composite PMI weak releases amid the US real estate positive data and jobless claims reduction. Thus, there will be a steady demand for the US dollar in the short term. The euro is recovering its positions against the US dollar. Its corrective growth is on the low volumes and has a target to test the resistance level of 1.1150. The price is finding the first support at 1.1050, the next one is 1.0925. The price is finding the first resistance at 1.1150, the next one is at 1.1260. There is a confirmed and a strong buy signal. The price is above the Cloud and it is above the Chinkou Span. The Tenkan-sen shows a horizontal movement and the Kijun-sen shows an upward movement. The upward movement will be until the price is above the Cloud. The MACD indicator is in a positive territory. The price is growing. Trading recommendations The approach to the level of 1.1150 may lead to a price rebound down. The potential rebound targets are the support levels of 1.1050, 1.0925, 1.0790. Pound (GBP) General overview The downtrend changed to the upward movement. There are still active sales on the commodity market which is a positive factor for the US currency as the raw material assets cost is denominated in dollars. It should also be noted that the British currency traditionally negatively reacts to the oil bearish trend. Last week the Brent crude finished at the mark of $ 55 / barrel and the next stop will, possibly, be near the 53rd figure. There was the resistance level of 1.5550 breakthrough upwards and trades closed at the level of 1.5572. The price is finding the first support at 1.5550, the next one is 1.5460. The price is finding the first resistance at 1.5670, the next one is 1.5775. The price is in the Cloud and it is above the Chinkou Span. The Tenkan-sen shows an upward movement and the Kijun-sen shows a horizontal movement and form a “Dead Cross”. The MACD histogram is in a negative territory. The price is correcting. Trading recommendations After the trend line 101.85 breakthrough down the way to the support 101.50 will be opened. The resistance level of 1.5670 test is more likely to lead to the rebound downwards. Yen (JPY) General overview We noted the "bearish" sentiments prevalence. The lack of demand for the "risky assets" contributed to the carry trade transactions closure that will cause demand for the Japanese yen. The negative trend is confirmed by the debt market: the US and Japan 10-year bond yields are reducing which is clearly at the "bears" hands. There was the support level of 123.50 breakthrough which was followed by the very low volumes. The price is finding the first support at 122.40, the next one is at 121.60. The price is finding the first resistance at 123.50, the next one is at 124.30. The price is in the Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement. The MACD indicator is in a negative territory. The price is decreasing. Trading recommendations We may expect the growth towards 123.50 further on we expect a fall to 122.40. *Analytical review is presented by the leading analyst of the broker Fort Financial Services, Alexander Kofman.

"Fort Financial Services"- fundamental and technical analysis 28.07.2015 Fundamental analysis The US dollar was not able to strengthen its position against its main competitors - the dollar index basket (USDX) closed the trading day at the mark of 96.56. The pair EUR/USD had decreased despite the France and Germany PMI manufacturing and production sector negative macroeconomic statistics. Nevertheless the pair grew by the end of the day. The pair GBP/USD was trading within the flat amid the UK bond yields decrease in relation to their US and Germany counterparts as well as the US new home sales weak data. However the pair increased on the yesterday’s trades. The pair USD/JPY was trading in a flat amid the lack of demand for the "risky assets" as well as the US negative macroeconomic statistics. Nevertheless, the pair increased yesterday. The US new housing market sales publication did not meet our forecasts: the transactions number amounted to only 482 thousand in June against the expected 546 million and 517 million in May. It has played the role of counterweight within the pair EUR/USD that put pressure not on the euro, but on the US dollar as well. Technical analysis Euro (EUR) General overview The last week euro zone and the United States economic data showed a clear divergence: the Eurozone consumer confidence index and the composite PMI weak releases amid the US real estate positive data and jobless claims reduction. Thus, there will be a steady demand for the US dollar in the short term. The euro is recovering its positions against the US dollar. Its corrective growth is on the low volumes and has a target to test the resistance level of 1.1150. The price is finding the first support at 1.1050, the next one is 1.0925. The price is finding the first resistance at 1.1150, the next one is at 1.1260. There is a confirmed and a strong buy signal. The price is above the Cloud and it is above the Chinkou Span. The Tenkan-sen shows a horizontal movement and the Kijun-sen shows an upward movement. The upward movement will be until the price is above the Cloud. The MACD indicator is in a positive territory. The price is growing. Trading recommendations The approach to the level of 1.1150 may lead to a price rebound down. The potential rebound targets are the support levels of 1.1050, 1.0925, 1.0790. Pound (GBP) General overview The downtrend changed to the upward movement. There are still active sales on the commodity market which is a positive factor for the US currency as the raw material assets cost is denominated in dollars. It should also be noted that the British currency traditionally negatively reacts to the oil bearish trend. Last week the Brent crude finished at the mark of $ 55 / barrel and the next stop will, possibly, be near the 53rd figure. There was the resistance level of 1.5550 breakthrough upwards and trades closed at the level of 1.5572. The price is finding the first support at 1.5550, the next one is 1.5460. The price is finding the first resistance at 1.5670, the next one is 1.5775. The price is in the Cloud and it is above the Chinkou Span. The Tenkan-sen shows an upward movement and the Kijun-sen shows a horizontal movement and form a “Dead Cross”. The MACD histogram is in a negative territory. The price is correcting. Trading recommendations After the trend line 101.85 breakthrough down the way to the support 101.50 will be opened. The resistance level of 1.5670 test is more likely to lead to the rebound downwards. Yen (JPY) General overview We noted the "bearish" sentiments prevalence. The lack of demand for the "risky assets" contributed to the carry trade transactions closure that will cause demand for the Japanese yen. The negative trend is confirmed by the debt market: the US and Japan 10-year bond yields are reducing which is clearly at the "bears" hands. There was the support level of 123.50 breakthrough which was followed by the very low volumes. The price is finding the first support at 122.40, the next one is at 121.60. The price is finding the first resistance at 123.50, the next one is at 124.30. The price is in the Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement. The MACD indicator is in a negative territory. The price is decreasing. Trading recommendations We may expect the growth towards 123.50 further on we expect a fall to 122.40. *Analytical review is presented by the leading analyst of the broker Fort Financial Services, Alexander Kofman.

"Fort Financial Services"- fundamental and technical analysis 27.07.2015 Fundamental analysis At the end of the last week the pair EUR/USD increased amid the pair EUR/GBP growth and amid the UK weak macroeconomic statistics. Then the pair consolidated. By the end of the day the pair GBP / USD had decreased after the June UK retail sales publication - the index decreased by 0.2%. The pound fell after the retail sales weak data output. The data were disappointing. They negated the British retailers' consortium and the British Industry Confederation earlier studies. In general the news is not good, but the consumer spending trend is still growing. In fact, the retail sales showed an increase by 4% y/y while consumer confidence is at the 15-year high, real wages rose up by almost 3% y/y while the employment continues to rise. So consumer spending is not in danger. On the contrary, the United States pleased traders with the positive jobless claims. However the pair pound/dollar slightly corrected. During the day the pair USD/JPY was trading in a flat amid the world leading stock markets sales which hindered the US dollar's growth. Nevertheless the pair decreased by the end of the day. After the US jobless claims publication we observed the commodity market sales which is also a positive factor for the US currency as the raw materials cost is denominated in dollars. Technical analysis Euro (EUR) General overview Markit Economics has presented the France and the Germany manufacturing sectors business climate data. The France industrial sector business climate will amount 49.6 in July, the Germany industrial sector business climate will amount 51.5. There is the production orders growth in both economies amid the euro devaluation which increases the products competiveness abroad. The euro is still correcting relative to the US dollar, breaking through the resistance level of 1.0925 upwards. The pair is consolidating above this level. The price is finding the first support at 1.0925, the next one is 1.0790. The price is finding the first resistance at 1.1050, the next one is at 1.1150. The price is in the Cloud and it is under the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement and form a “Golden Cross”. The MACD indicator is in a positive territory. The price is consolidating. Trading recommendations We believe the growth will be continued now. The first target is the level 1.1050. The next targets are the levels of 1.1150, 1.1260. Pound (GBP) General overview The UK retail sales release indicates that the British prefer to save more than spend. Despite the strong population revenue growth – the June sales decreased by 0.2%. The consumer demand reduction is a negative factor for the state economic growth. The resistance level of 1.5670 testing was followed by the active prices decrease by 160 points. The support level of 1.5550 was broken through which now acts as a resistance. The price is finding the first support at 1.5460, the next one is 1.5390. The price is finding the first resistance at 1.5550, the next one is 1.5670. The price is in the Cloud and it is above the Chinkou Span. The Tenkan-sen shows a downward movement and the Kijun-sen shows a horizontal movement and form a “Dead Cross”. The MACD histogram is in a negative territory. The price is correcting. Trading recommendations If the price fixates below the resistance 1.5550, it may continue the downward trend in the short term. The potential targets are 1.5460 and 1.5390. Yen (JPY) General overview Last week Japan disappointed investors with the June trade balance weak data while the United States is pleased with the secondary market housing sales positive report as well as the jobless claims reduction. The downward correction which began from the resistance level of 124.30 stopped at the support level of 123.50. The price came up to the level amid the low volumes and went into the prolonged consolidation and a slight decrease. The price is finding the first support at 123.50, the next one is at 122.40. The price is finding the first resistance at 124.30, the next one is at 125.50. The price is in the Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement and form a “Dead Cross”. The MACD indicator is in a neutral territory. The price is decreasing. Trading recommendations The sellers need to break below 123.50 for a steady downward trend. The way to the mark 122.40 will be opened after this breakthrough. Franc (CHF) General overview Last week US jobless claims release was quite encouraging. The primary and the secondary jobless claims reduction points out to the labor market positive trends in particular and in the economy in general. Against this background, the Forex market will re-live expectations about the federal funds rate growth in September which will support the US dollar. The price is finding the first support at 0.9540, the next one is at 0.9370. The price is finding the first resistance at 0.9750, the next one is at 0.9850. There is a confirmed and a strong buy signal. The price is above the Cloud and it is above the Chinkou Span. The Tenkan-sen shows a horizontal movement and the Kijun-sen shows an upward movement and form a “Dead Cross”. The upward movement will be until the price is above the Cloud. The MACD indicator is in a positive territory. The price is increasing. Trading recommendations We recommend going long with the first target - 0.9750. When the price consolidates above the first target it may go to the level 0.9850. *Analytical review is presented by the leading analyst of the broker Fort Financial Services, Alexander Kofman.

"Fort Financial Services"- fundamental and technical analysis 27.07.2015 Fundamental analysis At the end of the last week the pair EUR/USD increased amid the pair EUR/GBP growth and amid the UK weak macroeconomic statistics. Then the pair consolidated. By the end of the day the pair GBP / USD had decreased after the June UK retail sales publication - the index decreased by 0.2%. The pound fell after the retail sales weak data output. The data were disappointing. They negated the British retailers' consortium and the British Industry Confederation earlier studies. In general the news is not good, but the consumer spending trend is still growing. In fact, the retail sales showed an increase by 4% y/y while consumer confidence is at the 15-year high, real wages rose up by almost 3% y/y while the employment continues to rise. So consumer spending is not in danger. On the contrary, the United States pleased traders with the positive jobless claims. However the pair pound/dollar slightly corrected. During the day the pair USD/JPY was trading in a flat amid the world leading stock markets sales which hindered the US dollar's growth. Nevertheless the pair decreased by the end of the day. After the US jobless claims publication we observed the commodity market sales which is also a positive factor for the US currency as the raw materials cost is denominated in dollars. Technical analysis Euro (EUR) General overview Markit Economics has presented the France and the Germany manufacturing sectors business climate data. The France industrial sector business climate will amount 49.6 in July, the Germany industrial sector business climate will amount 51.5. There is the production orders growth in both economies amid the euro devaluation which increases the products competiveness abroad. The euro is still correcting relative to the US dollar, breaking through the resistance level of 1.0925 upwards. The pair is consolidating above this level. The price is finding the first support at 1.0925, the next one is 1.0790. The price is finding the first resistance at 1.1050, the next one is at 1.1150. The price is in the Cloud and it is under the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement and form a “Golden Cross”. The MACD indicator is in a positive territory. The price is consolidating. Trading recommendations We believe the growth will be continued now. The first target is the level 1.1050. The next targets are the levels of 1.1150, 1.1260. Pound (GBP) General overview The UK retail sales release indicates that the British prefer to save more than spend. Despite the strong population revenue growth – the June sales decreased by 0.2%. The consumer demand reduction is a negative factor for the state economic growth. The resistance level of 1.5670 testing was followed by the active prices decrease by 160 points. The support level of 1.5550 was broken through which now acts as a resistance. The price is finding the first support at 1.5460, the next one is 1.5390. The price is finding the first resistance at 1.5550, the next one is 1.5670. The price is in the Cloud and it is above the Chinkou Span. The Tenkan-sen shows a downward movement and the Kijun-sen shows a horizontal movement and form a “Dead Cross”. The MACD histogram is in a negative territory. The price is correcting. Trading recommendations If the price fixates below the resistance 1.5550, it may continue the downward trend in the short term. The potential targets are 1.5460 and 1.5390. Yen (JPY) General overview Last week Japan disappointed investors with the June trade balance weak data while the United States is pleased with the secondary market housing sales positive report as well as the jobless claims reduction. The downward correction which began from the resistance level of 124.30 stopped at the support level of 123.50. The price came up to the level amid the low volumes and went into the prolonged consolidation and a slight decrease. The price is finding the first support at 123.50, the next one is at 122.40. The price is finding the first resistance at 124.30, the next one is at 125.50. The price is in the Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement and form a “Dead Cross”. The MACD indicator is in a neutral territory. The price is decreasing. Trading recommendations The sellers need to break below 123.50 for a steady downward trend. The way to the mark 122.40 will be opened after this breakthrough. Franc (CHF) General overview Last week US jobless claims release was quite encouraging. The primary and the secondary jobless claims reduction points out to the labor market positive trends in particular and in the economy in general. Against this background, the Forex market will re-live expectations about the federal funds rate growth in September which will support the US dollar. The price is finding the first support at 0.9540, the next one is at 0.9370. The price is finding the first resistance at 0.9750, the next one is at 0.9850. There is a confirmed and a strong buy signal. The price is above the Cloud and it is above the Chinkou Span. The Tenkan-sen shows a horizontal movement and the Kijun-sen shows an upward movement and form a “Dead Cross”. The upward movement will be until the price is above the Cloud. The MACD indicator is in a positive territory. The price is increasing. Trading recommendations We recommend going long with the first target - 0.9750. When the price consolidates above the first target it may go to the level 0.9850. *Analytical review is presented by the leading analyst of the broker Fort Financial Services, Alexander Kofman.

"Fort Financial Services"- fundamental and technical analysis 24.07.2015 Fundamental analysis The dollar index basket (USDX) had increased. The pair EUR/USD had decreased amid the oil market "bearish" trend. Nevertheless, the pair increased by the end of the day. On the contrary, the pair GBP/USD had grown amid the Bank of England moderately positive minutes where the GDP second and the third quarter growth estimates were increased. The US Energy Department reported the crude oil inventories increase which would contribute to the quotations and will have a negative impact on the British pound as the UK is an exporter of hydrocarbons to the European Union. It should also be noted that there is a negative trend throughout the commodity market that will support the US currency. The pair fell by the end of the trades. The day the pair USD/JPY had increased amid the June US secondary market housing sales positive release. The sales rose up by 3.2% in June compared to the previous month and it occurred despite the mortgage interest rates growth. American consumers feel confident enough, just willing to buy housing in spite of the credit growth. Then the pair consolidated. According to the US Labor Department the initial jobless claims number became less than 26 thousand having fallen to 255 thousand. It is the minimum since 1973. Technical analysis Euro (EUR) General overview We should pay attention to the commodity and bond market dynamics amid the important macroeconomic statistics lack. The US Energy Department release pointed out to the crude oil reserves growth which puts pressure on the "black gold" quotations. Against this background we expect the Brent quotations decrease which will have a positive impact on the US currency as the oil price is denominated in dollars. The euro two-day growth against the US dollar was stopped at the resistance level of 1.0925. The level testing was amid the low volumes and was followed by the breakthrough upwards. The price is finding the first support at 1.0925, the next one is 1.0790. The price is finding the first resistance at 1.1050, the next one is at 1.1150. The price is in the Cloud and it is under the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement and form a “Golden Cross”. The MACD indicator is in a positive territory. The price is increasing. Trading recommendations The pair is going upwards. The bulls’ targets are the levels of 1.1050 and 1.1150. Pound (GBP) General overview The MPC last meeting minutes publication confirmed the fundamental mixed background. On the one hand, the wage growth is a positive factor for the medium-term inflation expectations. On the other hand, it was noted that the pound growth can negatively affect the British economy. The National Statistics Office published the UK retail sales report for June. The retail sales were 0.2% m / m + 4.0% y / y. Buyers were unable to reach the resistance level of 1.5670. the pair decreased and broke through the support level of 1.5550. The price is finding the first support at 1.5460, the next one is 1.5390. The price is finding the first resistance at 1.5550, the next one is 1.5670. The price is in the Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen show a downward movement and form a “Dead Cross”. The MACD histogram is in a neutral territory. The price is decreasing. Trading recommendations The sellers need to break below 1.5460 for a steady decrease. The way to the mark 1.5390 will be opened after this breakthrough. Yen (JPY) General overview Japan has published the June trade balance report. At its last monetary policy meeting the Bank of Japan pointed out to the weak economic growth in the second quarter as a whole and the exports decline in particular. The same trend confirms the Central Bank of Japan foreign exchange reserves reduction which has traditionally been strong in periods of the trade deficit increase. Having rebounded from the resistance level of 124.30, the price fell and is consolidating. The price is finding the first support at 123.50, the next one is at 122.40. The price is finding the first resistance at 124.30, the next one is at 125.50. There is a confirmed and a weak buy signal. The price is on the Cloud and it is above the Chinkou Span. The Tenkan-sen shows a horizontal movement and the Kijun-sen shows an upward movement and form a “Dead Cross”. The upward movement will be until the price is above the Cloud. The MACD indicator is in a neutral territory. The price is consolidating. Trading recommendations After the support level of 123.50 breakthrough down the way to the support 122.40 will be opened. Franc (CHF) General overview The Swiss franc strengthened slightly against the US currency amid the dollar decline. The absence of important macroeconomic statistics has highlighted speculations on the interest rate differentials. The price is finding the first support at 0.9540, the next one is at 0.9370. The price is finding the first resistance at 0.9750, the next one is at 0.9850. There is a confirmed and a strong buy signal. The price is above the Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement and form a “Dead Cross”. The upward movement will be until the price is above the Cloud. The MACD indicator is in a positive territory. The price is decreasing. Trading recommendations We recommend going short with the first target - 0.9540. When the price consolidates below the first target it may go to the level 0.9370. *Analytical review is presented by the leading analyst of the broker Fort Financial Services, Alexander Kofman.

"Fort Financial Services"- fundamental and technical analysis 23.07.2015 Fundamental analysis There were two unexpected events in the currency market. Firstly, the pair euro/dollar suddenly showed its intent to recover from the lows and almost immediately gained 100 points. Secondly, the pair dollar/yen steady increase came to an end and quotes also rose up by nearly 100 points - but downwards. The reason is simple: the dollar bulls have decided to take profit, the last week its size was substantial as the US dollar took completely its advantage, expecting the Fed rate hike. It is important to note that it happened amid the practically empty macroeconomic calendar. The pair EUR/USD had increased amid the short positions profit taking as well as the oil quotations moderate growth. However by the end of the day the pair fell again. During the day the pair GBP/USD was trading at the levels of 1.5550 - 1.5670 amid the pair EUR/GBP quotations growth which are holding back the British pound. The pair USD/JPY had increased amid the carry trade transactions closure which contributed to the Japanese yen demand as a funding currency. Nevertheless, the pair increased by the end of the day. Technical analysis Euro (EUR) General overview The euro sentiments were determined by the debt market dynamics which is now clearly on the "bears" side. There were the US secondary market housing sales published. The sales increased to 5,49 millions. The short-term price consolidation at the support level of 1.0790 was followed by the upward rebound. The rebound was at the low volumes, but it allowed buyers to breakthrough and consolidate above the resistance level of 1.0925. The level of 1.0925 breakthrough was short-term and the pair fell below this level. The price is finding the first support at 1.0790, the next one is 1.0670. The price is finding the first resistance at 1.0925, the next one is at 1.1050. There is a confirmed and a strong sell signal. The price is under the Cloud and it is under the Chinkou Span. The Tenkan-sen shows an upward movement and the Kijun-sen shows a horizontal movement and form a “Golden Cross”. The downward movement will be until the price is under the Cloud. The MACD indicator is in a negative territory. The price is decreasing. Trading recommendations We may expect towards the growth to 1.0925 and 1.1050 further on we expect a fall. Pound (GBP) General overview There was the Bank of England monetary policy last meeting minutes published which traditionally causes the volatility spike. The monetary regulator meeting took place on Thursday, 9 July and this time we received quite contradictory macroeconomic statistics. It is noted the average wage increase in the United Kingdom which is a positive factor for the inflation. The payments balance release for the first quarter points out to the strong negative effect of the British pound revaluation. The downward rebound, formed after the support level of 1.5550 testing looks quite weak. Volumes are in reduced zone and the pair did not exit the range formed between the levels of 1.5550 and 1.5670. The price is finding the first support at 1.5550, the next one is 1.5460. The price is finding the first resistance at 1.5670, the next one is 1.5775. There is a confirmed and a weak buy signal. The price is above the Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement and form a “Dead Cross”. The upward movement will be until the price is above the Cloud. The MACD histogram is in a neutral territory. The price is consolidating. Trading recommendations We expect the 1.5670 line break that will open the way for the buyers to 1.5775. Yen (JPY) General overview The quotations decrease which we have seen is a correctional movement – traders partly took profits on the long positions after the long upward trend. It should also be noted that this correction does not look like the US dollar massive sales. The correction was also observed in the US stock market. By the end of the day the pair increased. The price is finding the first support at 123.50, the next one is at 122.40. The price is finding the first resistance at 124.30, the next one is at 125.50. There is a confirmed and a strong buy signal. The price is above the Cloud and it is above the Chinkou Span. The Tenkan-sen shows a downward movement and the Kijun-sen shows a horizontal movement and form a “Dead Cross”. The upward movement will be until the price is above the Cloud. The MACD indicator is in a positive territory. The price is growing. Trading recommendations If the price fixates above the resistance level of 124.30, it may continue the upward trend in the short term. The potential target is 125.50. *Analytical review is presented by the leading analyst of the broker Fort Financial Services, Alexander Kofman.

"Fort Financial Services"- fundamental and technical analysis 22.07.2015 Fundamental analysis The fact that Greece paid some of its debts had no effect on the market as it was fairly predictable. If we look at the picture from a broader perspective, it is clear that the words "the need to restructure" or even "the debt cancellation" have been recently heard too often. It is unclear where the new negotiations round on the financial assistance program will lead us. However, we can say with some confidence that it will be no worse period for the euro. The main negative factor is already found in the price and under favorable circumstances we can see the euro bears' enthusiasm growth. The dollar’s index decreased against the majors by the end of the day. The pair EUR/USD was traded in the flat amid the US and Eurozone important macroeconomic statistics publication lack. The pair closed the trades with the euro growth. The pair GBP/USD was traded in a flat. Earlier the pound had decreased amid the UK and the US negative bond yields increase. The pair USD/JPY had increased amid the "risky assets" demand. However, the pair sharply decreased by the end of the day. Technical analysis Euro (EUR) General overview The euro zone and the United States did not publish any important macroeconomic releases and in this regard the debt dynamics and the commodity market were in the center of our attention. It should be noted that the German 10-year bond yields continue to decline relative to their US and the UK counterparts that is a "bearish" factor for the single European currency. However, the euro bulls were able to seize the initiative. Now there is a short-term consolidation above the support level of 1.0790. Then the pair rebounded upwards and the resistance level of 1.1150 was broken through. The price is finding the first support at 1.0925, the next one is 1.0790. The price is finding the first resistance at 1.1050, the next one is at 1.1150. There is a confirmed and a strong sell signal. The price is under the Cloud and it is under the Chinkou Span. The Tenkan-sen shows an upward movement and the Kijun-sen shows a downward movement. The downward movement will be until the price is under the Cloud. The MACD indicator is in a negative territory. The price is correcting Trading recommendations The potential decrease target is the support level of 1.0790. Pound (GBP) General overview The British currency is in a flat of 1.5537 -1.5674 and in the short term we expect this range breakthrough. Fundamental factors indicate that we will see the downward trend development. Last week we received the UK and the US inflation data and its dynamics indicates the presence of demand for the US dollar besides it slightly weakened. Buyers have not been able to break through below the support level of 1.5550 for a long time. All attempts were followed by the consolidation formation with the further rebound. The price is finding the first support at 1.5550, the next one is 1.5460. The price is finding the first resistance at 1.5670, the next one is 1.5775. There is a confirmed and a strong buy signal. The price is above the Cloud and it is above the Chinkou Span. The Tenkan-sen shows a downward movement and the Kijun-sen shows a horizontal movement and form a “Dead Cross”. The upward movement will be until the price is above the Cloud. The MACD histogram is in a neutral territory. The price is consolidating. Trading recommendations The approach to the level of 1.5550 may lead to a price rebound down. The potential rebound targets are the support levels of 1.5460, 1.5390. Yen (JPY) General overview After a long weekend Japanese banks began their work and in this regard, there was a slight volatility surge. It should be noted that the upward trend was stopped. On Monday there were significant gold sales which positively affected the world leading stock exchanges. When the gold fell there was a demand for markets' assets as investors saw the "risk appetite" growth. After the level of 124.30 short-term break through the pair rebounded downwards. The price is finding the first support at 123.50, the next one is at 122.40. The price is finding the first resistance at 124.30, the next one is at 125.50. There is a confirmed and a strong buy signal. The price is above the Cloud and it is above the Chinkou Span. The Tenkan-sen shows a horizontal movement and the Kijun-sen shows an upward movement. The upward movement will be until the price is above the Cloud. The MACD indicator is in a positive territory. The price is correcting. Trading recommendations We expect the 124.30 line break that will open the way for the buyers to 125.50. *Analytical review is presented by the leading analyst of the broker Fort Financial Services, Alexander Kofman.

"Fort Financial Services"- fundamental and technical analysis 21.07.2015 Fundamental analysis The June USA inflation indicators were published last Friday. The main CPI index growth rate slowed to 0.3% m/m and accelerated to 0.1% y/y vs. 0.4% m/m and 0.0% y/y in May. This basic inflation level registered dynamics exactly in line with expectations (+ 0.2% m/m and 1.8% y/y). Obviously, the US price pressure is not clearly growing at the rate that would require the interest rates sharp increase, so the macro statistics has remained virtually unnoticed by the bulls within the dollar. Yesterday the pair EUR/USD slightly corrected. Earlier the pair decreased. Traders sold the euro after the US inflation moderately positive data. During the day the pair GBP/USD was trading in a flat. The pair EUR/GBP sales saved the British pound from the bears' "onslaught". However, the pair slightly fell. After a slight growth during the day the pair USD/JPY was trading in a narrow flat amid the long positions profit taking in the world leading stock markets which restrains the US dollar quotations growth. Technical analysis Euro (EUR) General overview There was not published any important macroeconomic statistics. The single European currency has been under pressure for the last three trading days and we expect some short positions profit taking. However, we cannot count on the euro significant growth. Last week the ECB President Mario Draghi said that inflation would remain low in the short term and we may expect a moderate growth only at the end of the year. Low inflation is traditionally a negative factor for the currency. Having broken the strong support level of 1.0925, sellers lowered the price by only 100 points. The low volatility indicates towards the imminent upward correction. An additional signal for the upward correction formation is in favor of divergence volumes. The price is finding the first support at 1.0790, the next one is 1.0670. The price is finding the first resistance at 1.0925, the next one is at 1.1050. There is a confirmed and a strong sell signal. The price is under the Cloud and it is under the Chinkou Span. The Tenkan-sen and the Kijun-sen show a downward movement. The downward movement will be until the price is under the Cloud. The MACD indicator is in a negative territory. The price is consolidating. Trading recommendations The price is likely to go to the resistance level of 1.0925. Pound (GBP) General overview After a slight decrease there was a flat amid the UK and the US important macroeconomic statistics. On the one hand, the British pound could get support from the bond market as well as the pair EUR / GBP. The UK 10-year government securities are growing against the US Treasuries and the German bond yields which contribute to the British pound demand. The British pound is consolidating towards the side levels of 1.5670 - 1.5550. There was the level of 1.5550 testing. The price is finding the first support at 1.5550, the next one is 1.5460. The price is finding the first resistance at 1.5670, the next one is 1.5775. There is a confirmed and a strong buy signal. The price is above the Cloud and it is above the Chinkou Span. The Tenkan-sen shows a downward movement and the Kijun-sen shows an upward movement. The upward movement will be until the price is above the Cloud. The MACD histogram is in a positive territory. The price is consolidating. Trading recommendations The pair can grow to the resistance level of 1.5670. After breaking 1.5670 the buyers may go to 1.5775. Yen (JPY) General overview Yesterday all Japan banks were closed for a public holiday and in this regard there was a sluggish trade. Given the fact that on Friday the world leading stock markets were closed in the negative area - there was a slight correction within the pair dollar / yen amid the profit taking on the carry trade transactions. Having reaching the resistance level of 124.30, the price has formed a short-term consolidation. There is the volumes divergence amid the downward correction formation. The price is finding the first support at 123.50, the next one is at 122.40. The price is finding the first resistance at 124.30, the next one is at 125.50. There is a confirmed and a strong buy signal. The price is above the Cloud and it is above the Chinkou Span. The Tenkan-sen shows a horizontal movement and the Kijun-sen shows an upward movement. The upward movement will be until the price is above the Cloud. The MACD indicator is in a positive territory. The price is consolidating. Trading recommendations The buyers need to break above 125.50 for a steady growth. The way to the mark 127.00 will be opened after this breakthrough. *Analytical review is presented by the leading analyst of the broker Fort Financial Services, Alexander Kofman.

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"Fort Financial Services"- fundamental and technical analysis 20.07.2015 Fundamental analysis The pair EUR/USD decreased at the end of the last week amid the commodity market sales and the pair EUR/GBP quotations decrease. The pair GBP/USD was traded in a narrow range. Earlier the pair decreased amid the US jobless claims moderately positive statistics as well as the US and the UK bond yields increase. The pair USD/JPY has finished the trading day in the "green zone". Demand for the "risky assets" still supports bulls. The US dollar is also going through hard times. Last week the Fed chairman Janet Yellen hinted that the rate hike would be this year. However, the specifics in terms of the rate hike possible timing traders still have not received. As a result, the statement impact on the dollar was minimal. Technical analysis Euro (EUR) General overview If any factor leads to the undesirable monetary policy tightening, the price stability will substantially worsen. "The European Central Bank Governing Council will use all available tools", - says the ECB president Mario Draghi. "Economic conditions" will likely justify the rate hike at some point this year," - said D. Yelllen, speaking in Congress. Comparing the ECB and the Fed comments, we can come to the conclusion that the market still will have bullish sentiments towards the US dollar. Bears brought the price closer to the first obstacle on the way downwards that is the level of 1.0925. The decrease continued started after breaking the mark of 1.0925. The price is finding the first support at 1.0790, the next one is 1.0670. The price is finding the first resistance at 1.0925, the next one is at 1.1050. There is a confirmed and a strong sell signal. The price is under the Cloud and it is under the Chinkou Span. The Tenkan-sen and the Kijun-sen show a downward movement. The downward movement will be until the price is under the Cloud. The MACD indicator is in a negative territory. The price is decreasing. Trading recommendations The potential decrease targets are two levels of support: 1.0790 and 1.0670. Pound (GBP) General overview Despite the UK inflation and the labor market negative macroeconomic statistics which we received last week - the British pound avoided sales and stabilized around the 56th figure. There are two key factors that support demand for the pound. Firstly, the pair EUR/GBP quotations reduction amid the single European currency weakness. Secondly, the debt market positive dynamics. The mark 1.5670 continues to demonstrate its strength in the resistance status. The bulls' attempt to break through this barrier was not successful. The price is finding the first support at 1.5550, the next one is 1.5460. The price is finding the first resistance at 1.5670, the next one is 1.5775. There is a confirmed and a strong buy signal. The price is above the Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement. The upward movement will be until the price is above the Cloud. The MACD histogram is in a positive territory. The price is consolidating. Trading recommendations We believe the growth will be continued now. The first target is the level 1.5670, the next one is the level of 1.5775. Yen (JPY) General overview There was the bullish sentiments predominance within the pair. Traders continue to act out the Bank of Japan negative inflation forecast (Inflation indicator №1 for the currency market) and in this regard the Japanese yen is under pressure. Demand for the "risky assets" is still quite high which contributes to the carry trade transactions increase through the Japanese yen as a funding currency. The resistance at the level of 123.50 was broken through and now the price is close to the new resistance level of 124.30. The price is finding the first support at 123.50, the next one is at 122.40. The price is finding the first resistance at 124.30, the next one is at 125.50. There is a confirmed and a strong buy signal. The price is above the Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement. The upward movement will be until the price is above the Cloud. The MACD indicator is in a positive territory. The price is consolidating. Trading recommendations We suppose the pair will go to 124.30 first. Having overcome the first target the price might go upwards to 125.50. Franc (CHF) General overview The dollar rose against other major currencies. Last week the dollar index reached the seven week high after the labor market solid data have led to the expectations increase about the Fed raising interest rates before the end of 2015. The price is finding the first support at 0.9540, the next one is at 0.9370. The price is finding the resistance at 0.9750. There is a confirmed and a strong buy signal. The price is above the Cloud and it is above the Chinkou Span. The Tenkan-sen shows an upwards movement and the Kijun-sen shows a horizontal movement. The upward movement will be until the price is above the Cloud. The MACD indicator is in a positive territory. The price is growing. Trading recommendations We advise to long with the first target - 0.9750. When the pair consolidates above the first target, we can open deals to the level of 0.9750. *Analytical review is presented by the leading analyst of the broker Fort Financial Services, Alexander Kofman.

"Fort Financial Services"- fundamental and technical analysis 17.07.2015 Fundamental analysis The political and the US economy statistics news supported the dollar. The US currency rose against the euro, the yen, and against the British pound. The greenback purchases were started after J.Yellen's speech in the Congress USA. She confirmed that the regulator is approaching to the monetary policy tightening and the key interest rates growth in the current year. According to the US Labor Department the initial jobless claims number became less than 15 thousand having fallen to 218 thousand. On the yesterday’s trades, the EUR/USD lost some points amid the US Federal Reserve head stated that the regulator is set to raise the rates this year. The GBP/USD fell after the negative labor market release. The unemployment rate rose to 0.1%, prompting long positions profit-taking. The pair USD/JPY increased amid the "risky assets" demand, as well as BoJ the negative inflation outlook. Technical analysis Euro (EUR) General overview The traders' attention was focused on the Greece debt problems in the beginning of the week. Now, the investors' attention is directed to the Mario Draghi's speech and the ECB meeting results. There was the Fed's head press conference on Thursday. The ECB kept the interest rates unchanged at 0.05%. Sellers broke the support level of 1.0925 that opened the way to the support level of 1.0790. The price is consolidating above the support level 1.0790 now. The price is finding the first support at 1.0790, the next one is 1.0670. The price is finding the first resistance at 1.0925, the next one is at 1.1050. There is a confirmed and a strong sell signal. The price is under the Cloud and it is under the Chinkou Span. The Tenkan-sen and the Kijun-sen show a downward movement. The downward movement will be until the price is under the Cloud. The MACD indicator is in a negative territory. The price is decreasing. Trading recommendations We expect the 1.0790 line break that will open the way for the sellers to 1.0670, further then towards 1.0550. Pound (GBP) General overview The unemployment rate in Britain increased by 0.1% at the end of May. The core inflation is at 0.8%, the unemployment rate is at 5.6%. We can forget about the rate increase for a while with such statistics. The Bank of England Governor Mark Carney's made his speech yesterday still there was no reaction at the market after his speech. The short-term resistance level of 1.5670 stopped the upward pound trend. The level test has led to the downward correction formation that is aimed to support level of 1.5550. The price is finding the first support at 1.5550, the next one is 1.5460. The price is finding the first resistance at 1.5670, the next one is 1.5775. There is a confirmed and a strong buy signal. The price is above the Cloud and it is above the Chinkou Span. The Tenkan-sen shows a downward movement and the Kijun-sen shows a horizontal movement. The upward movement will be until the price is above the Cloud. The MACD histogram is in a positive territory. The price is correcting. Trading recommendations The potential rebound targets are the resistance levels of 1.5670, 1.5775. Yen (JPY) General overview We do not believe in strong yen sales now. The Bank of Japan lowered its inflation forecast for the financial years 2015-2017 and in this regard the Japanese yen looks rather vulnerable now. Buyers have failed to break through and gain stay above the strong resistance level of 123.50 for the third time. The level breakthrough comes amid low volumes. Currently, the price is consolidating above 123.50 which already plays a strong supporting role. The price is finding the first support at 123.50, the next one is at 122.40. The price is finding the first resistance at 124.30, the next one is at 125.50. There is a confirmed and a strong buy signal. The price is above the Cloud and it is above the Chinkou Span. The Tenkan-sen shows a horizontal movement and the Kijun-sen shows an upward movement. The upward movement will be until the price is above the Cloud. The MACD indicator is in a positive territory. The price is consolidating. Trading recommendations The potential growth targets are the resistance levels: 124.30, 125.50. Franc (CHF) General overview The Swiss franc lost the position Swiss currency fell to nearly 3-month low of 0.9553 against the US dollar. The retail trade turnover fell in May in Switzerland, showing the preliminary results of the Federal Statistical Office report. The turnover in real terms fell by 1.8% in May compared to the preceding year, for the fifth month in a row, and after a reduction of 0.1% in April. The USD/CHF broke through the resistance at 0.9540. The price is finding the first support at 123.50, the next one is at 122.40. The price is finding the first resistance at 124.30, the next one is at 125.50. There is a confirmed and a strong buy signal. The price is above the Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement. The upward movement will be until the price is above the Cloud. The MACD indicator is in a positive territory. The price is growing. Trading recommendations We advise to long with the first target - 0.9750. *Analytical review is presented by the leading analyst of the broker Fort Financial Services, Alexander Kofman.

"Fort Financial Services"- fundamental and technical analysis 16.07.2015 Fundamental analysis The main positive related with Greece has been already played out. Now, traders gradually become aware of what is the price of the agreement. The country is faced with the necessity of hard and painful reforms which are unlikely to please the public. There are reports about the civil servants strikes in the country. Now everything will depend on the government's ability to convey the entire population of the need for the reform. The important news became the Yellen's speech where she said that the rate increase could be expected this year. The EUR/USD was traded in a flat amid the mixed news background. The euro zone and the US alternately disappointed the market with weak macroeconomic statistics. After the J. Yellen’s speech the dollar strengthened and the pair fell. Mark Carney has rightly become the main week beginning newsmaker. The rising interest rates moment is getting closer - stated the head of the Bank of England, which caused the rapid growth of the British currency. At the end of the day the pair GBP/USD increased. The pair USD/JPY spent in the positive sentiment last trading day. Earlier traders partly fixed long positions profits considering current levels less attractive to long, based on the continuation of the uptrend. However the news supported the dollar and the pair increased. Technical analysis Euro (EUR) General overview The published euro zone macroeconomic data did not clearly add optimism to "bulls". The ZEW business conditions indicator has been showing a negative trend for the third month in a row, falling in July to its lowest level in seven months. The industrial production index also went into the negative territory for the end of May. The euro/dollar decreased amid J. Yellen’s speech. There was the previous minimum update. The level of 1.0925 testing came amid low volume. The price is finding the first support at 1.0925, the next one is 1.0790. The price is finding the first resistance at 1.1050, the next one is at 1.1150. There is a confirmed and a strong sell signal. The price is under the Cloud and it is under the Chinkou Span. The Tenkan-sen and the Kijun-sen show a downward movement and form a “Dead Cross”. The downward movement will be until the price is under the Cloud. The MACD indicator is in a negative territory. The price is decreasing. Trading recommendations We suppose the pair will go to 1.0925 first. Having overcome the first target the price might go downwards to 1.0790. Pound (GBP) General overview National Office of Statistics has published the May UK labor market release. The Consumer Confidence Gfk indicator signaled that we should not expect strong data. This fact was confirmed by the CPI measure which remained unchanged by the end of June. The head of the Bank of England Governor Mark Carney said that "the moment of rising interest rates is getting closer." The pound slightly decreased on the yesterday trades. The second time buyers touched the resistance 1.5550. The pair tested the level of 1.5670 and rebounded downwards. The price is finding the first support at 1.5550, the next one is 1.5460. The price is finding the first resistance at 1.5670, the next one is 1.5775. There is a confirmed and a strong buy signal. The price is above the Cloud and it is above the Chinkou Span. The Tenkan-sen shows an upward movement and the Kijun-sen shows a horizontal movement. The upward movement will be until the price is above the Cloud. The MACD histogram is in a positive territory. The price is growing. Trading recommendations The buyers need to break above 1.5670 for a steady growth. The way to the mark 1.5775 will be opened after this breakthrough. Yen (JPY) General overview The Bank of Japan announced its meeting results regarding the monetary policy and, in this regard. Bank of Japan noted the positive trend in foreign trade, as well as the households expenditure. However, there is a negative trend in the manufacturing sector. Four daily US dollar growth against the Japanese yen faced the resistance at 123.50. The pair broke this level on the yesterday’s trades. The price is finding the first support at 123.50, the next one is at 122.40. The price is finding the first resistance at 124.30, the next one is at 125.50. There is a confirmed and a strong buy signal. The price is above the Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement. The upward movement will be until the price is above the Cloud. The MACD indicator is in a positive territory. The price is growing. Trading recommendations The pair is going upwards. The bulls’ target is the level 124.30. *Analytical review is presented by the leading analyst of the broker Fort Financial Services, Alexander Kofman.

"Fort Financial Services"- fundamental and technical analysis 15.07.2015 Fundamental analysis The multi-week negotiations between the Greek government and international lenders have been finally ended with a consensus. The country remains in the euro zone and will receive a long-awaited financial assistance. Athens will be allocated more than 80 billion euros over three years. In exchange, the Tsipras' government will reform the pension system and labor markets. There was increased volatility in the Forex market. The EUR/USD fell after long positions profit taking when it became known that the Greece crisis is solved. The GBP/USD showed growth then as traders took profits amid the oil market bearish sentiment. The positive decision of the "Greek problem" promoted the demand for risky assets in the world, that supported the USD/JPY. Nevertheless, the pair fell by the end of the day. Technical analysis Euro (EUR) General overview The index ZEW release has been published that has been showing a negative trend for the two months. There is an instability around Greece the last 1.5 months and this fact does not support the growth optimism in the German business community. The index came out with the data 29,7 that is less then 31,5 last month. Bears fully control "black gold" market. Brent oil confidently entrenched below the psychological level of $ 60 per barrel. The support levels of 1.1150 and 1.1050 break held against the backdrop of high volume - that is a good signal for the medium-term bearish trend continuation. The price is finding the first support at 1.0925, the next one is 1.0790. The price is finding the first resistance at 1.1050, the next one is at 1.1150. The price is in the Cloud and it is under the Chinkou Span. The Tenkan-sen shows a downward movement and the Kijun-sen shows a horizontal movement and form a “Dead Cross”. The MACD indicator is in a negative territory. The price is decreasing. Trading recommendations The pair is close to the strong support. If the pair breaks it we expect the decrease to 0.0790. Pound (GBP) General overview The sterling strengthened amid the BoE chief Mark Carney’s statements is more likely to raise the rates The June UK CPI was published. The income has been increased that indicates an increase in consumer spending and ultimately inflation. The gasoline prices have been growing throughout the second quarter which also indicates an increase in CPI. The index came out on the level of 0,0%. The support level of 1.5460 short-term test was accompanied by an active pound growth against the US dollar. The resistance level of 1.5550 was broken upwards. The price is finding the first support at 1.5550, the next one is 1.5460. The price is finding the first resistance at 1.5670, the next one is 1.5775. There is a non-confirmed and a strong buy signal. The price is above the Cloud and it is under the Chinkou Span. The Tenkan-sen shows an upward movement and the Kijun-sen shows a horizontal movement. The upward movement will be until the price is above the Cloud. The MACD histogram is in a positive territory. The price is growing. Trading recommendations We recommend going long with the first target – 1.5670. When the price consolidates above the first target it may go to the level 1.5775. Yen (JPY) General overview In the lack of important macroeconomic statistics the pair's trading was determined by the stock and debt markets dynamics. We are seeing demand for "risky assets" amid the Greece and creditors agreement that will help to increase the carry trade operations with the Japanese yen as a funding currency. The price is finding the first support at 122.40, the next one is at 121.60. The price is finding the first resistance at 123.50, the next one is at 124.30. There is a confirmed and a strong buy signal. The price is above the Cloud and it is above the Chinkou Span. The Tenkan-sen shows an upward movement and the Kijun-sen shows a horizontal movement. The upward movement will be until the price is above the Cloud. The MACD indicator is in a positive territory. The price is correcting. Trading recommendations The potential growth targets are the resistance levels: 123.50, 124.30. *Analytical review is presented by the leading analyst of the broker Fort Financial Services, Alexander Kofman.

"Fort Financial Services"- fundamental and technical analysis 14.07.2015 Fundamental analysis The uncertainty around Greece was all last week. EU summit and the Eurogroup meeting continued almost all weekend, but the specific outcome appeared only on Monday. Greece had to compromise and now the parliament must approve the reforms package in exchange for a bailout from the European Union. The EUR/USD increased amid the positive "the Greek issue" expectations last week. The Greek government has announced that it is ready to offer a new anti-crisis plan which creditors should make." After the agreement with Greek has been reached, the European currency declined sharply. The pair GBP/USD enjoyed a certain demand. The British currency was supported after the May UK trade balance release. However, the pound decreased amid the dollar’s strengthening. There was a "bullish" sentiment with the USD/JPY. This is not surprising as the global stock markets perked up after the positive news about the "Greek debt" situation. As a result we had the demand for risky assets. Technical analysis Euro (EUR) General overview Currency market wins back the creditors’ “Greek debt” decision. Despite the various differences between the parties were still able to reach a consensus, which is a positive factor for the euro. There has been a moderate price increase. The upward trend was also observed on the European stock market as the financial risks were mitigated. However, after it became known that Greece has made concessions to the creditors the pair sharply declined There was the resistance of 1.1050 breakthrough last week. The breakthrough came in the second times and allowed buyers to deploy a downward trend upward. Also they tested the strong resistance level of 1.1150. The price rebounded downwards from this level and broke down the support level of 1.1050. The price is finding the first support at 1.0925, the next one is 1.0790. The price is finding the first resistance at 1.1050, the next one is at 1.1150. There is a non-confirmed and a weak sell signal. The price is on the Cloud and it is under the Chinkou Span. The Tenkan-sen shows a horizontal movement and the Kijun-sen shows an upward movement. The downward movement will be until the price is under the Cloud. The MACD indicator is in a positive territory. The price is correcting. Trading recommendations The upward bounce potential target are 1.1050, 1.1150. Pound (GBP) General overview The last week the May UK positive trade balance release allow us to count on the economic growth acceleration in the second quarter which may support the demand for the British currency. Britain and the United States did not publish important macroeconomic statistics. In this regard, attention should be paid to the debt market dynamics. The three-day upward correction having formed from the support level of 1.5390 enabled buyers to break the level of 1.5550. There was a price rebound downwards from this level. The price is finding the first support at 1.5460, the next one is 1.5390. The price is finding the first resistance at 1.5550, the next one is 1.5670. There is a confirmed and a strong sell signal. The price is under the Cloud and it is under the Chinkou Span. The Tenkan-sen shows an upward movement and the Kijun-sen shows a downward movement. The downward movement will be until the price is under the Cloud. The MACD histogram is in a neutral territory. The price is decreasing. Trading recommendations We expect the 1.5550 line break that will open the way for the buyers to 1.5670, further then towards 1.5775. Yen (JPY) General overview The course of trading is determined by the world's leading stock exchanges mood. The positive decision of the Greek problem increased the demand for risk and in this regard the upward trend will be continued. Institutional investors continue to increase transactions on operations carry trade where the Japanese yen is a funding currency. The price has been correcting to 123.50 for the fourth time in the past six weeks, acting as a resistance. The mark of 123.50 test is occurred on the reduced volume. The price is finding the first support at 122.40, the next one is at 121.60. The price is finding the first resistance at 123.50, the next one is at 124.30. There is a confirmed and a strong buy signal. The price is above the Cloud and it is above the Chinkou Span. The Tenkan-sen shows an upward movement and the Kijun-sen shows a downward movement and form a “Golden Cross”. The upward movement will be until the price is above the Cloud. The MACD indicator is in a positive territory. The price is consolidating. Trading recommendations The pair can grow to the resistance level of 123.50. After breaking 123.50 the buyers may go to 124.30. *Analytical review is presented by the leading analyst of the broker Fort Financial Services, Alexander Kofman.

"Fort Financial Services"- fundamental and technical analysis 13.07.2015 Fundamental analysis There was the risky assets strong recovery at the end of the last week. The oil prices rebound helped the traders to distract from the uncertainty Greek pressing problems that immediately affected the pair EUR/USD dynamics: quotations recorded the growth. The pair GBP/USD has increased amid the UK bond yields increase relative to their US and Germany counterparts. By the end of the day the pair USD/JPY had increased amid the "risky assets" demand. The upward trend in the world's leading stock markets contributed to the carry trade transactions increase. After the London trades closure all investors' attention was focused on the US Federal Reserve chairman speech. On the one hand, the net exports reduction amid the US revaluation and low wage growth, on the other hand, pointed to the lack of Janet Yellen "hawkish" views. As we expected, Janet Yellen did not say anything new. She noted that the economy’s dynamic is indeterminate and the Fed will evaluate the conditions at each meeting. Technical analysis Euro (EUR) General overview There was published the Germany trade balance release that is very encouraging. The net exports are growing quite confident and there is marked their increase in the second quarter. As the trade balance has an important multiplier effect - we expect positive trends on the euro zone labor market. Buyers tried to break through above the resistance of 1.1150. The buyer failed to break this level and the price returned below it. The price is finding the first support at 1.1050, the next one is 1.0925. The price is finding the first resistance at 1.1150, the next one is at 1.1260. There is a non-confirmed and a wael buy signal. The price is above the Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement and form a “Golden Cross”. The upward movement will be until the price is above the Cloud. The MACD indicator is in a positive territory. The price is correcting. Trading recommendations We suppose the pair will go to 1.1150 first. Having overcome the first target the price might go upwards to 1.1260. Pound (GBP) General overview The UK National Statistical Office published the May trade balance report. This week the industrial production release indicates that this sector has developed immunity to the pound revaluation against the euro. Having broken through the support level of 1.5390, the downward trend line went into the prolonged consolidation. Then the thrice grew and the level of 1.5460 was broken though. After the resistance level of 1.5550 testing the pair rebounded downwards. The price is finding the first support at 1.5460, the next one is 1.5390. The price is finding the first resistance at 1.5550, the next one is 1.5670. There is a confirmed and a strong sell signal. The price is under the Cloud and it is under the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement. The downward movement will be until the price is under the Cloud. The MACD histogram is in a negative territory. The price is consolidating. Trading recommendations The pair is close to the strong support level of 1.5460. If the pair breaks it we expect the decrease to 1.5390. Yen (JPY) General overview Investors have again "risk appetite" and in the light of this we expect the bullish sentiment. The Old World stock exchanges finish the trades in the "green zone". The banking and the energy sectors were again the leaders in the US market share and in this regard, traders can continue to build carry trade positions. Buyers are correcting the price from the support level of 120.40. Its corrective growth was on the lower volumes. The level of 123.50 is a strong resistance for this pair. The price is finding the first support at 122.40, the next one is at 121.60. The price is finding the first resistance at 123.50, the next one is at 124.30. The price is in the Cloud and it is under the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement and form a “Golden Cross”. The MACD indicator is in a neutral territory. The price is correcting Trading recommendations If the price fixates above the resistance level of 123.50, it may continue the upward trend in the short term. The potential target is 124.30. Franc (CHF) General overview The dollar remains within its former range, however, it reduced the number of its achievements when the data publication said that the jobless claims number have increased by 15,000 to 297,000. According to the IMF estimates, the global economic growth in 2015 is expected at the level of 3.3% against 3.5% and the growth forecast for 2016 remained at the level of 3.8% against 3.1% in April. The reason for its decline was the "temporary weakness" forecast in the first quarter. The price is finding the first support at 0.9370, the next one is at 0.9280. The price is finding the first resistance at 0.9540, the next one is at 0.9750. The price is in the Cloud and it is under the Chinkou Span. The Tenkan-sen shows a downward movement and the Kijun-sen shows a horizontal movement and form a “Dead Cross’. The MACD indicator is in a negative territory. The price is correcting. Trading recommendations We advise to short with the first target - 0.9370. When the pair consolidates below the first target, we can open deals to the level of 0.9280. *Analytical review is presented by the leading analyst of the broker Fort Financial Services, Alexander Kofman.

"Fort Financial Services"- fundamental and technical analysis 10.07.2015 Fundamental analysis Yesterday the pair EUR/USD grew amid the Greece government statement that Athens wish to remain in the Eurozone. It was noted that Athens promised to implement measures in the field of taxes and pensions at the beginning of the next week. The Old World banking sector was among the growth leaders that indicated the financial risks "degree" decline. However the pair fell by the end of the trades. By the end of the day the pair GBP/USD had again decreased. The British pound is still under pressure amid the bearish trend in the "black gold" market. The pair USD/JPY was growing but it decreased by the end of the day amid the Chinese stock market panic sales which spilled over into the rest of the Asian equity markets. Investors went into "safe assets" which has traditionally been the Japanese yen. There was the US Department Energy release published that indicates the oil and oil products increase which will contribute to partial short positions profit taking in the "black gold" market. The unemployed number for the first time has risen from 282,000 to 297,000, the forecast was 275,000 according to the published US release. Technical analysis Euro (EUR) General overview We may pay attention to the May Germany trade balance data. The industrial production growth with the low euro exchange rate is a positive factor for the trade balance. If we pay attention to the seasonal factor, we will observe the traditional net exports growth in May. The euro was correcting against the US dollar after the support level of 1.0925 testing. The corrective price increase enabled buyers to reach the level of 1.1150. After that the price started to decline again, breaking in its path the support of 1.1050. The level of 1.1050 is already a resistance. The price is finding the first support at 1.0925, the next one is 1.0790. The price is finding the first resistance at 1.1050, the next one is at 1.1150. There is a confirmed and a strong sell signal. The price is under the Cloud and it is under the Chinkou Span. The Tenkan-sen shows an upward movement and the Kijun-sen shows a horizontal movement and form a “Golden Cross”. The downward movement will be until the price is under the Cloud. The MACD indicator is in a negative territory. The price is decreasing. Trading recommendations If the price fixates below the level of 1.1050, it may continue the downward trend in the short term. The potential targets are 1.0925 and 1.0790. Pound (GBP) General overview The Bank of England announced the monetary policy meeting results. There were not any surprises: the rate was not changed - 0.50%. The traders' mood will be still determined by the debt and commodity markets dynamics. Among the commodity market instruments we are primarily interested in the Brent oil dynamics as the energy sector accounts for about 10% of the UK GDP. Unlike most majors which gradually begin to strengthen against the US dollar, the pound is actively declining, breaking through on its way strong support levels. However the pound tried to correct but unsuccessfully. There was the support level of 1.5390 breakthrough which now plays the resistance role. This level retest was not followed by the price fixing. There is a consolidation below the level of 1.5390. The price is finding the first support at 1.5300, the next one is 1.5200. The price is finding the first resistance at 1.5390, the next one is 1.5460. There is a confirmed and a strong sell signal. The price is under the Cloud and it is under the Chinkou Span. The Tenkan-sen and the Kijun-sen show a downward movement. The downward movement will be until the price is under the Cloud. The MACD histogram is in a negative territory. The price is consolidating. Trading recommendations The approach to the level of 1.5390 may lead to a price rebound down. The potential rebound targets are the support levels of 1.5300, 1.5200. Yen (JPY) General overview There was the "bubble" burst in the Chinese stock market that yesterday caused strong sales in the Asian stock markets and contributed to demand for the Japanese yen as a funding currency. The pair USD / JPY quotations came to the level of 120.40 and rebounded to the level of 121.60 where the corrective movement development was formed. The price is finding the first support at 120.40, the next one is at 119.20. The price is finding the first resistance at 121.60, the next one is at 122.40. There is a confirmed and a strong sell signal. The price is under the Cloud and it is under the Chinkou Span. The Tenkan-sen and the Kijun-sen show a downward movement. The downward movement will be until the price is under the Cloud. The MACD indicator is in a negative territory. The price is falling. Trading recommendations The trend is a down side. We expect the level of 120.40 testing soon. Having overcome the first target the price might go downwards to 119.20. Franc General overview The Swiss franc fell against the dollar amid the US dollar recovery. Nevertheless the franc strengthened by the end of the day. The FOMC meeting minutes did not have a significant impact on the market: many members of the Committee expressed concern about the situation in Greece. Most of members would have preferred to see the labor market further progress before the rate increase. The price is finding the first support at 0.9370, the next one is at 0.9280. The price is finding the first resistance at 0.9540, the next one is at 0.9750. There is a confirmed and a strong buy signal. The price is above the Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement. The upward movement will be until the price is above the Cloud. The MACD indicator is in a positive territory. The price is correcting. Trading recommendations We advise to long with the first target - 0.9540. When the pair consolidates above the first target, we can open deals to the level of 0.9750. *Analytical review is presented by the leading analyst of the broker Fort Financial Services, Alexander Kofman.

"Fort Financial Services"- fundamental and technical analysis 09.07.2015 Fundamental analysis It is known that the EU has set Greece five-day deadline. During this period the country should give creditors new detailed offers package. It was mentioned that otherwise" the EU is ready for Greece exit. This news triggered risk escape and investors started to look for the safe haven assets such as the yen, the dollar, Treasuries, etc. It should be noted that the dollar decreased amid FOMC minutes publication Yesterday the pair EUR/USD decreased amid the oil market sales. During the day the Brent crude oil fell to the level of 55.45 that is the lowest level over the last three months. However, the euro corrected upwards by the end of the day. By the end of the day the pair GBP/USD had decreased. Besides the commodity market negative dynamics the UK processing industry production volume weak data caused pressure on the British pound. The pair USD/JPY finished the trading day in the "red zone" amid demand on the "safe haven assets" amid the instability around Greece. Technical analysis Euro (EUR) General overview The euro zone did not please traders with the interesting macroeconomic releases. Late in the evening the United States issued the last Fed meeting report. The last FOMC meeting was followed by the quarterly economic surveys as well as the press conference by D. Yellen and in this regard investors have already got all the key landmarks and fully played them out in June. The Fed Minutes, published in the evening did not bring any surprises. The regulator believes that the economy has not achieved the conditions for monetary tightening. There were concerns as well regarding the Greek problem. Sellers updated the last week minimum of 1.0954, still they failed to consolidate below the support level of 1.0955. The level short-term breakthrough was followed by the refund. The price is finding the first support at 1.0925, the next one is 1.0790. The price is finding the first resistance at 1.1050, the next one is at 1.1150. There is a confirmed and a strong sell signal. The price is under the Cloud and it is under the Chinkou Span. The Tenkan-sen shows a horizontal movement and the Kijun-sen shows a downward movement. The downward movement will be until the price is under the Cloud. The MACD indicator is in a negative territory. The price is correcting. Trading recommendations The potential decrease targets are two levels of support: 1.0925, 1.0790. Pound (GBP) General overview As the United Kingdom has not published any important macroeconomic statistics, the market's attention was directed to the US Federal Reserve report, which, as it became known later, introduced nothing new. The Fed is still only gave promises to raise the rate. In addition, the sentiments were determined by the commodity and the bond market dynamics. It is worth noting that now both markets are against the British pound. The commodity market sales increased the dollar position, because the raw materials cost was denominated in the US dollar. The pound fell against the dollar that was caused by the GDP negative data ( the manufacturing industry production volume). The potential target for the price decline was the support level of 1.5430 where we expect a consolidation with a slight increase. The price is finding the first support at 1.5300, the next one is 1.5200. The price is finding the first resistance at 1.5390, the next one is 1.5460. There is a confirmed and a strong sell signal. The price is under the Cloud and it is under the Chinkou Span. The Tenkan-sen shows a downward movement and the Kijun-sen shows a horizontal movement. The downward movement will be until the price is under the Cloud. The MACD histogram is in a negative territory. The price is decreasing. Trading recommendations The downward movement will be continued. The pair may go to 1.5300 soon. The next target will be 1.5200. Yen (JPY) General overview There were presented the May Japan payment balance. The trade deficit increase with the Bank of Japan foreign reserves reduction indicated the negative data output which would have pressure on the Japanese yen in the short term. The payment balance trade deficit in May: -47.3 billion yen against the forecasted-283.8 billion yen. The price is finding the first support at 120.40, the next one is at 119.20. The price is finding the first resistance at 121.60, the next one is at 122.40. There is a confirmed and a strong sell signal. The price is under the Cloud and it is under the Chinkou Span. The Tenkan-sen and the Kijun-sen show a downward movement. The downward movement will be until the price is under the Cloud. The MACD indicator is in a negative territory. The price is falling. Trading recommendations We suppose the pair will go to 119.20 first. Having overcome the first target the price might go downwards to 118.30. *Analytical review is presented by the leading analyst of the broker Fort Financial Services, Alexander Kofman.

"Fort Financial Services"- fundamental and technical analysis 08.07.2015 Fundamental analysis The pair euro/dollar started the week with the price gap near the level of 1.0980 amid the negative Greek referendum results, concerning the anti-crisis plan. But after the US ISM service sector publication bulls managed to recover some of the losses. As a result, the tool closed the day with a decrease. Due to the negative US statistics, the pair pound/dollar was able to fix its growth. However the pair decreased by the end of the day and closed the trades in the “red zone”. The pair dollar/yen has finished the day with the negative sentiment. Investors escaped from the risky assets, giving preference to the "safe Japanese currency". The Greeks refused to accept the creditors offer in the referendum, concerning conditions for obtaining new loans. Thus, the Greece exit from the European Union risk has been intensified that put pressure on the European currency. According to the voting results 61% of citizens said "no" in the referendum. The EU leaders meeting took place on Tuesday in Brussels. The purpose of the meeting was to give an adequate assessment to the referendum results and consider next steps in the negotiations that were stopped after the referendum results. As we know the meeting ended inconclusively, as the Athens has not shown any proposals how to overcome the crisis. Technical analysis Euro (EUR) General overview Germany submitted the May release, concerning the industrial production. The data is expected within forecasts despite the fact that the production orders growth at the end of March and April indicates the production capacity increase, but the PMI indicator dynamics indicates the minimal growth. The data constituted 0.0%, while it was forecasted 0.1%. Still the Greek problem solution was the main event of the day. The European leaders meeting results became known during the American session. The Athens will present their proposals on June, 8. The price has been consolidating around 1.1050 for a long time. The price decreased to 1.0925 at the yesterday’s trades. This level could advance the sellers upwards. The price is finding the first support at 1.0925, the next one is 1.0790. The price is finding the first resistance at 1.1050, the next one is at 1.1150. There is a confirmed and a weak sell signal. The price is under the Cloud and it is under the Chinkou Span. The Tenkan-sen shows a horizontal movement and the Kijun-sen shows a downward movement. The downward movement will be until the price is under the Cloud. The MACD indicator is in a negative territory. The price is consoldating. Trading recommendations The downward movement will be continued. The pair may go to 1.0925 soon. After breaking 1.0925 the sellers may go to 1.0790, 1.0670. Pound (GBP) General overview The bearish sentiments are prevailing in this instrument. According to the National Statistics Office industrial production release – the May industrial production PMI index had been showing a negative trend since April till June. The pound growth against the euro negatively affected the British exports. We should also pay attention to the oil market sales- the Brent crude oil is trading below $ 60 / barrel. It is a negative signal for the pound as the energy sector accounts about 10% of the US GDP. The pound has been correcting for three weeks against the US dollar. The trading volumes are gradually forming a divergence at the lower prices, indicating the sellers fading power. The price is finding the first support at 1.5390, the next one is 1.5300. The price is finding the first resistance at 1.5460, the next one is 1.5550. There is a confirmed and a strong sell signal. The price is under the Cloud and it is under the Chinkou Span. The Tenkan-sen and the Kijun-sen show a downward movement. The downward movement will be until the price is under the Cloud. The MACD histogram is in a negative territory. The price is decreasing. Trading recommendations When the price consolidates below the level of 1.5460 it may go to the level 1.5390. Yen (JPY) General overview The market shares dynamics will set the course of the trades within the pair USD / JPY. It is connected with the Japanese currency peculiarities which is the funding currency for the carry trade transactions. The energy and the bank sectors are among the leaders on the dip. It will put pressure on the stock market. But taking in consideration the oil market sales, we cannot expect the US dollar sharp decline. Obviously, investors will open short-term longs on the dips. The price is finding the first support at 121.60, the next one is at 120.40. The price is finding the first resistance at 122.40, the next one is at 123.50. There is a confirmed and a strong sell signal. The price is under the Cloud and it is under the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement and form a “Dead Cross”. The downward movement will be until the price is under the Cloud. The MACD indicator is in a negative territory. The price is falling. Trading recommendations The trend is a down side. The potential decrease targets are two levels of support: 121.60 and 120.40. *Analytical review is presented by the leading analyst of the broker Fort Financial Services, Alexander Kofman.

"Fort Financial Services"- fundamental and technical analysis 07.07.2015 Fundamental analysis The major pairs were in the narrow ranges. Monday the pair EUR/USD opened with a gap downwards, but it had increased. However, it lost its positions by the end of the day. We have received the May euro zone sales positive data. The index rose by 0.2% that indicates the consumer spending growth and a positive factor for the economy. The euro was declining the whole day in response to the Greece referendum results which further increases the full-scale default likelihood in the country and its exit from the euro zone. Greeks convincingly voted "no" to the EU creditors' offer and with only 38.69% of the Greeks having supported the bailout offer. The pair GBP/USD had decreased amid the UK bond yields reduction because of the oil market sales. Nevertheless the pound grew by the end of the day By the end of the day the pair USD/JPY had decreased amid the bearish sentiment on the global equity markets. Investors closed their positions after the Greece referendum. Technical analysis Euro (EUR) General overview On Monday the trades were opened with a gap. We saw the increased volatility during the day. Greece was the main newsmaker yesterday. Athens and the creditors returned to the negotiating table and that event has defined the euro/dollar dynamics in the short term. Now it can be concluded that the parties will reach a compromise. The two-week downward trend encountered the resistance at the level of 1.1050. The short-term trend line testing and breakthrough was amid the low volumes and was followed by the rebound upwards. The gap (the price gap) gives an additional signal towards the prices growth. The gap as covered. The price is finding the first support at 1.1050, the next one is 1.0925. The price is finding the first resistance at 1.1150, the next one is at 1.1260. There is a confirmed and a weak sell signal. The price is under the Cloud and it is under the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement. The downward movement will be until the price is under the Cloud. The MACD indicator is in a negative territory. The price is correcting. Trading recommendations The approach to the level of 1.1050 may lead to a price rebound down. The potential rebound targets are the support levels of 1.0925, 1.0790. Pound (GBP) General overview The market was opened with a gap amid the Greece national referendum results, but the gap size was smaller than in the pair EUR/USD. The UK service sector business activity release came out positive on Friday, but if we look at the quarter dynamics, there we can see a smooth slowdown. In this regard, the Bank of England forecasts about the high economic growth in the second quarter can be called into question. The British pound has been declining against the US dollar for the second week. The pair slightly corrected by the end of the trades. The price is finding the first support at 1.5550, the next one is 1.5460. The price is finding the first resistance at 1.5670, the next one is 1.5775. There is a confirmed and a strong sell signal. The price is under the Cloud and it is under the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement. The downward movement will be until the price is under the Cloud. The MACD histogram is in a negative territory. The price is correcting. Trading recommendations The downward movement will be continued. The pair may go to 1.5550 and 1.5460 soon. Yen (JPY) General overview The course of the trades was determined by the global stock markets sentiments. In case of the "Greek debt" positive decision - the stock markets will show an upward trend and the pair dollar/yen will enjoy a steady demand amid the carry trade transactions opening. Otherwise, we expect the sales waves amid the carry trade transactions closure and demand for the Japanese yen as a funding currency. The price is finding the first support at 122.40, the next one is at 121.60. The price is finding the first resistance at 123.50, the next one is at 124.30. There is a confirmed and a strong sell signal. The price is under the Cloud and it is under the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement and form a “Dead Cross”. The downward movement will be until the price is under the Cloud. The MACD indicator is in a negative territory. The price is consolidating. Trading recommendations We suppose the pair will go to 122.40 first. Having overcome the first target the price might go downwards to 121.60. *Analytical review is presented by the leading analyst of the broker Fort Financial Services, Alexander Kofman.

"Fort Financial Services"- fundamental and technical analysis 06.07.2015 Fundamental analysis The market was relatively quiet at the end of last week - the major pairs were traded in narrow ranges, despite the US labor market publication which traditionally caused the volatility surge. The labor market report as a whole is positive - the unemployment rate fell to the level of 5.3%, the Non-Farm figure was 223 thousand. It is slightly worse than the median forecast, still the report is above 200 thousand. The average earnings index disappointed traders with the data worse than the consensus forecast, which will restrain the inflation growth. Investors continue to monitor the situation with Greece. Greek Prime Minister Alexis Tsipras proposed a compromise to extent the financial assistance program. Meanwhile, Tsipras continued to call on the citizens to vote against the proposed measures by creditors. The EUR/USD increased and the pair GBP/USD fell at the end of the week. The pair USD/JPY fell amid the risky assets demand. Technical analysis Euro (EUR) General overview The US labor market release as a whole can be considered positive. The unemployment rate fell to the level of 5.3%, the lowest level since May 2008. In the private sector created more than 200 thousand. new jobs during the second quarter, indicating a strong economic growth. The May retail sales index in the euro zone increased by 0.2%. The forecasted growth was 0.1%. The most important euro/dollar event is new negotiations between Athens and the creditors are held on July 6, immediately after the national referendum. The support level of 1.1050 stopped the euro decrease in the short term. The price is finding the first support at 1.1050, the next one is 1.0925. The price is finding the first resistance at 1.1150, the next one is at 1.1260. There is a confirmed and a weak sell signal. The price is under the Cloud and it is under the Chinkou Span. The Tenkan-sen and the Kijun-sen show an upward movement and form a “Dead Cross”. The downward movement will be until the price is under the Cloud. The MACD indicator is in a negative territory. The price is consolidating. Trading recommendations The downward movement will be continued. The pair may go to 1.1050 soon. After this level breakthrough down the way to the supports 1.0925, 1.0790 will be opened. Pound (GBP) General overview We pay attention to the service sector business climate publication. This indicator is one of the leading ones. The index rose to 58.5 from 56.5. The bond market dynamics indicates the bearish sentiment predominance - the British bonds yields decrease relative to the US in Germany bonds. The price consolidated below the resistance level of 1.5670. The price is finding the first support at 1.5550, the next one is 1.5460. The price is finding the first resistance at 1.5670, the next one is 1.5775. There is a confirmed and a strong sell signal. The price is under the Cloud and it is under the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement and form a “Dead Cross”. The downward movement will be until the price is under the Cloud. The MACD histogram is in a negative territory. The price is decreasing. Trading recommendations We suppose the pair will go to 1.5550 first. Having overcome the first target the price might go downwards to 1.5460. Yen (JPY) General overview If traders are positive to the US dollar - we expect the demand for the dollar. However, the 2-year Treasury bonds decline after weak June average earnings indicates the expectations decrease about imminent monetary policy tightening by the Fed and this factor is negative for the dollar. The price is finding the first support at 122.40, the next one is at 121.60. The price is finding the first resistance at 123.50, the next one is at 124.30. There is a confirmed and a strong sell signal. The price is under the Cloud and it is under the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement and form a “Golden Cross”. The downward movement will be until the price is under the Cloud. The MACD indicator is in a neutral territory. The price is consolidating. Trading recommendations The potential decrease targets are two levels of support: 122.40, 121.60. Franc (CHF) General overview When the market has received a signal from the European authorities that they will continue any negotiations with Greece only after the referendum, investors have focused entirely on the fundamental news. The price is finding the first support at 0.9370, the next one is at 0.9280. The price is finding the first resistance at 0.9540, the next one is at 0.9750. There is a confirmed and a strong buy signal. The price is under the Cloud and it is under the Chinkou Span. The Tenkan-sen shows a downward movement and the Kijun-sen shows a horizontal movement. The upward movement will be until the price is under the Cloud. The MACD indicator is in a positive territory. The price is consolidating. Trading recommendations We advise to long with the first target - 0.9540. When the pair consolidates above the first target, we can open deals to the level of 0.9750. *Analytical review is presented by the leading analyst of the broker Fort Financial Services, Alexander Kofman.

"Fort Financial Services"- fundamental and technical analysis 03.07.2015 Fundamental analysis The EUR/USD fell after the US positive business climate report in the manufacturing sector. The index has risen to its highest level in the past five months, indicating to the USA economic growth acceleration. The pair slightly increased by the end of the day. The GBP/USD ends two trading days in a row at "minor note." The British currency came under a wave of sales after the negative UK manufacturing sector PMI publication. The long-term interest rates growth has a negative impact on the mortgage market. The mortgage loans approved applications number decreased in May by 3.1 thousand, while the mortgage is the main growth driver in the construction sector. The pair USD/JPY fell amid the risky assets demand. However the pair decreased amid the dollar weakness. The dollar consolidated when investor strengthened in the opinion that the Fed will raise the interest rates before the end of this year. The ADP National Employment Report showed that the June new jobs number in the US private sector was 237,000 vs. the forecast - 218,000. We got the ambiguous statistics from the USA: on the one hand the unemployment fell from 5.5 to 5.3%. The initial jobless claims number rose by 10,000, reaching 281,000. The NFP amounted 223,000, the previous index was above 250,000. Technical analysis Euro (EUR) General overview Every day we get a lot of conflicting information about the situation with the "Greek debt." Every day the market is got excited by various rumors, still Greece held a popular referendum on July 5 and parties again sit down at the negotiating table on 6 July. Until that time, we should not pay attention to the publication. Besides the Greek debt issue another worth mentioning this week event was the June USA NFP. The NFP showed 223K, with previous 250K. The unemployment fell from 5.5% to 5.3. The Initial Jobless Claims is 281000 versus previous 271000. This Friday the US markets are closed amid the Independence Day. The euro has been down against the US dollar after a sharp pulse up to 300 points аor three days. The price decrease occurs at low volumes and is aimed to break the level of 1.1050. But the price rebounded upwards. The price is finding the first support at 1.1050, the next one is 1.0925. The price is finding the first resistance at 1.1150, the next one is at 1.1260. There is a confirmed and a strong sell signal. The price is under the Cloud and it is under the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement and form a “Dead Cross”. The downward movement will be until the price is under the Cloud. The MACD indicator is in a negative territory. The price is correcting. Trading recommendations We suppose the pair will go to 1.1150 first. Further on we expect the fall towards 1.1050 and 1.0925. Pound (GBP) General overview The UK PMI manufacturing sphere fell to the lowest level since May 2014, which calls into question the high economic growth. Moreover, the spread indicators UK/US widened in favor of the latter by the end of June, indicating that a high USA economic growth will provide support to the US currency. Sellers reduced the price down amid the low volumes. There is consolidation between the support level of 1.5550 and the resistance level of 1.5670. The price is finding the first support at 1.5550, the next one is 1.5460. The price is finding the first resistance at 1.5670, the next one is 1.5775. There is a confirmed and a strong sell signal. The price is under the Cloud and it is under the Chinkou Span. The Tenkan-sen shows a downward movement and the Kijun-sen shows a horizontal movement and form a “Dead Cross”. The downward movement will be until the price is under the Cloud. The MACD histogram is in a negative territory. The price is consolidating. Trading recommendations The approach to the level of 1.5670 may lead to a price rebound down. The potential rebound targets are the support levels of 1.5550, 1.5460. Yen (JPY) General overview The Japanese yen has ignored the positive Tankan economic survey which indicates at the strong buyers presence in the market. The manufacturing sector business climate report from the ISM points to the USA economic growth acceleration that will contribute to the rumors re-emergence about the Fed rate hike in September. The price is finding the first support at 122.40, the next one is at 121.60. The price is finding the first resistance at 123.50, the next one is at 124.30. There is a confirmed and a strong sell signal. The price is under the Cloud and it is under the Chinkou Span. The Tenkan-sen shows an upward movement and the Kijun-sen shows a horizontal movement and form a “Golden Cross”. The downward movement will be until the price is under the Cloud. The MACD indicator is in a neutral territory. The price is consolidating. Trading recommendations The pair can grow to the resistance level of 123.50. After breaking 123.50 the buyers may go to 124.30. Franc (CHF) General overview The Swiss franc fell rapidly against the dollar this level. The dollar consolidated when traders believed in fact that the Fed will raise the interest rates before the end of this year. However the franc strengthened on the yesterday’s trades. The price is finding the first support at 0.9370, the next one is at 0.9280. The price is finding the first resistance at 0.9540, the next one is at 0.9750. There is a confirmed and a strong buy signal. The price is under the Cloud and it is under the Chinkou Span. The Tenkan-sen shows an upward movement and the Kijun-sen show a horizontal movement and form a “Golden Cross”. The upward movement will be until the price is under the Cloud. The MACD indicator is in a positive territory. The price is correcting. Trading recommendations We advise to long with the first target - 0.9540. When the pair consolidates above the first target, we can open deals to the level of 0.9725. *Analytical review is presented by the leading analyst of the broker Fort Financial Services, Alexander Kofman.

Celebration of Independence Day in the United States Dear Traders! Due to the celebration of Independence Day in the United States there will be the following changes in the timetable of futures exchanges*: According to Chicago time (UTC-5) Index futures: Thursday, July 2 12:15 - early closing session Friday, July 3 - trading is closed Sunday, July 5 - normal session opening Treasury futures and currency futures products: Thursday, July 2 - normal session closing Friday, July 3 - trading is closed Sunday, July 5 - trading resumes at 17:00 Energy, metals (NYMEX / COMEX): Thursday, July 2 - normal session closing Friday, July 3 - trading is closed Sunday, July 5 - trading resumes at 17:00 Agricultural futures (CBOT): Thursday, 2 July - early closing session at 12:00 Friday, July 3 - trading is closed Monday, July 6 - the opening session on Monday at 08:30 for cereals, Monday, July 6 - the opening session on Monday for Livestock Production at 09:00 ICE (softs) Thursday, July 2 - the usual closing time Friday, July 3 - trading is closed Monday, July 6 - the usual schedule of trading ICE (index futures): Thursday, 2 July - early closing at 12:15 Friday, July 3 - trading is closed Monday, July 6 normal trading schedule ICE (currency and DX): Thursday, 2 July - early closing at 12:00 Friday, 3 July - early closing at 12:00 Monday, July 6 normal trading schedule FOREX, EUREX, LIFFE, MATIF, ICE Europe - the usual schedule, trading is available. During these days all Company’s Departments operate as usually without any changes. *The schedule may change depending on the banks and contractors