ValdisTF

"Fort Financial Services"- fundamental and technical analysis 29.08.2014 Fundamental analysis The main American currency competitors could return some lost ground. The EUR/USD gained 0.2% against the partial profit taking on the short positions. No important macroeconomic statistics have been published, and after the price drop to the level of 1.3160 traders started to close the "shorts", which allowed the euro to correct to the 32nd figure. Nevertheless the pair decreased. The GBP/USD is trying to test 1.6535-1.6600 short-term trading range upper bound, but the bears fought off the attack which indicates the pessimism presence about the British currency prospects. Amid the empty macroeconomic calendar we again observed a side trend. The Japan and the United States stock market quotations decrease cheered the bears to short opening. However, we have not seen the American currency strong sales - the bulls are still buying the rollbacks and we observe the consolidation within the range of 103.70 -104.15. Technical analysis Euro (EUR) The euro was not able to reverse the situation and did not strengthen against the dollar. The Eurozone economic statistics has not issued anything supportive for the single currency. The buyers failed to break above the resistance level of 1.3230 and the downtrend channel of 1.3200 upper boundary. The two levels breakthrough occurred at the high volumes this week. The price is finding the support at 1.3170, the next one is at 1.3130. The price is finding the first resistance at 1.3230, the next one is at 1.3290. 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 indicator is in a negative territory. The price is consolidating. Trading recommendations The potential growth targets are the resistance levels: 1.3230 and 1.3290. Pound (GBP) The British pound did grow against the American dollar. The important economic and political news weren’t published nor in the Britain, nor in the United States. The level of 1.6640 breakthrough occurred at lower volumes, the price for the fourth time will be able to test the 1.6640 downward trend line strength (the downtrend channel upper bound). The price is finding the first support at 1.6570, the next one is at 1.6500. The price is finding the first resistance at 1.6640, the next one is at 1.6700. 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 fixing. Trading recommendations After the trend line 1.6570 breakthrough down the way to the support 1.6500 will be opened. Yen (JPY) The yen did not continue to rise against the dollar. There is the optimism fall in the Japan stock market where the Nikkei was dropped by 0.5%. The second approach to the resistance level of 104.20 was fallowed by the price bounce down. Against the background of the low volumes the American dollar corrected down against the Japanese yen. The price is finding the first support at 103.70, the next one is at 103.30. The price is finding the first resistance at 104.00, the next one is at 104.35. 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 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 correcting. Trading recommendations The potential rebound target are the support levels of 104.00 and 104.35. Franc (CHF) The dollar was under the pressure from its major opponents. Amid the lack of the economic news the strong support and resistance levels led to the correction, resulting the dollar fell against all the majors. The price is finding the first support at 0.9130, the next one is at 0.9090. The price is finding the first resistance at 0.9170, the next one is at 0.9210. 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 indicator is in a positive territory. The price is growing. Trading recommendations We advise to long with the first target - 0.9170. When the pair consolidates above the first target, we can open deals to the level of 0.9210.

USA National Holiday – Labor day ​Because of USA national holiday – Labor Day on from the 29th of *August to the 1st of September 2014 there are some changes in the schedule of trading of contracts for difference (CFD): August 29 Treasury futures and currency futures products -Early close September 1 -Trading will be closed for US Share CFDs, ETF CFDs and Commodity Futures CFDs (#S, #C, #W). -Trading will close at 20:00 EET for Index Futures CFDs (#ES, #NQ, #NX), Precious Metals Futures CFDs (#GC, #SI) and Spot Metals. -Trading will close at 20:30 EET for Oil Futures CFDs (#EN, #BRN). *For more information, please visit the relevant exchange website. Fort Financial Services - Citadel of Trading

"Fort Financial Services"- fundamental and technical analysis 28.08.2014 Fundamental analysis The dollar continued to strengthen against its major competitors - the dollar index basket (USDX) finished the trading day at around 82.67. The EUR/USD remained under the pressure on the background of the United States positive macroeconomic data. The July durable goods orders release showed 22.6% increase which provides a strong private consumption solid foundation in the current quarter. The consumer confidence index from the Conference Board also has pleased the market participants and a good report on this background pushed the euro/dollar to the level of 1.3165. The pair was returned above this level. The GBP/USD amid the lack of interesting reports publication consolidated in a narrow range. However, as soon as the market participants got a pleasant surprise from the United States on the durable goods orders and the consumer confidence index - the sellers began actively selling the GBP/USD, based on the continued United States economy strong growth in this year 3rd quarter. The stock index S & P500 storms all new maximums, followed by the Japanese stock market stretching and it all ends with the positive macroeconomic statistics from the United States on the durable goods orders. Against this background, we saw the bullish sentiment on the USD/JPY. The traders are still positive about the American dollar prospects and redeem any USD/JPY quotations decrease. Technical analysis Euro (EUR) General overview The single European currency is still the pressure. The euro selling has been resumed that can be caused by the sufficiently strong United States economy data. However, it seems not the only the euro weakening factor, it is possible that the investors are beginning to prepare for the euro zone inflation release which will be published later this week and the forecasts predict the further consumer price index reduction. The sellers did not manage to break below the support level of 1.3170. The level breakthrough was followed by the relatively weak price reduction continuation amid the lower volumes. The price is finding the support at 1.3170, the next one is at 1.3130 The price is finding the first resistance at 1.3230, the next one is at 1.3290. 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 indicator is in a negative territory. The price is correcting. Trading recommendations The trend is directed downwards. We expect the level of 1.3170 touching soon. Pound (GBP) General overview The British pound also fell against the dollar, but new minimums were not tested. Like the euro, the pound has increased pressure during the American session following the U.S. economy published data. However, the UK news had a bleak character. The four day price consolidation above the resistance level of 1.6570 was followed by the price bounce downward. The bouncing was followed by the background of the increased volume and fell to the minimum - 1.6545. The price is finding the first support at 1.6570, the next one is at 1.6500. The price is finding the first resistance at 1.6640, the next one is at 1.6700. 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 After the trend line 1.6570 breakthrough down the way to the support 1.6500 will be opened. Yen (JPY) General overview The dollar/yen spent the yesterday trading in the differently directed movement. The investors bought the yen amid the falling Japan stock market and then it was sold under the United States economy good data influence. The Japanese currency was traded against the dollar within a narrow range. The historical resistance level of 104.00 was tested. Because the fact that the testing occurred at the lower volumes, the buyers did not manage to consolidate above the level of 104.00. The price is finding the first support at 103.70, the next one is at 103.30. The price is finding the first resistance at 104.00, the next one is at 104.35. 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 The potential growth targets are the resistance levels: 104.00, 104.35. Franc (CHF) General overview The Eurozone economy recovery has been stopped forces the SNB to maintain measures to curb the national currency growth against the euro. Today, the debt crisis problem has been receded, but the economic recovery stop by the end of the second quarter and the ECB promise to keep rates low for a long time do not allow the SNB to abandon the restrictions on the foreign exchange market. The dollar was stable against other major currencies after the United States consumer confidence upbeat data release and the controversial durable goods orders report. The price is finding the first support at 0.9130, the next one is at 0.9090. The price is finding the first resistance at 0.9170, the next one is at 0.9210. 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 - 0.9170. When the pair consolidates above the first target, we can start a deal to the level of 0.9210.

"Fort Financial Services"- fundamental and technical analysis 27.08.2014 Fundamental analysis The single European currency has collapsed on Monday to the next local minimum against the dollar. The political and the Eurozone economy news did not give the "bulls" any chance for the euro recovery. The reason that caused another euro fall against the dollar could be the M. Draghi’s statements reporting about the possible monetary policy easing next phase beginning. In addition, the Ifo Institute Germany business sentiment report led to the market disappointments where the indicators had recorded the results lower and weaker than expected. The British pound also opened the week lower against the dollar, but then it was able to return to the previous week levels. Obviously, this fact - the first lost sterling positions return occurred because of the GBP/USD strong technical supports and the absence of disappointing news where the last statistic wasn’t published due to the non-working day. The yen continues to strengthen against the dollar on the optimism fall in the Japan stock market which may continue if the data on the State's economy do not offer the arguments to buy the pair. Technical analysis Euro (EUR) General overview The market opening occurred with a gap (the price break). At the time the gap has not been worked out. The short-term price consolidation above the support level of 1.3170 will lead to the price bounce upwards, followed by the price gap overlap. The gap closing will allow the buyers to correct the price to the downtrend channel upper bound 1.3230. The downward channel upper bound retest is more likely to be followed by the price bounce downward. The price is finding the support at 1.3170, the next one is at 1.3130. The price is finding the first resistance at 1.3230, the next one is at 1.3290. 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 fixing. Trading recommendations After the trend line 1.3170 breakthrough down the way to the support 1.3130 will be opened. Pound (GBP) General overview The pound cannot break above the resistance level of 1.6570 for the fourth day. The consolidation below is followed by the sales volumes decrease which suggests the possible price bounce downward. The price is finding the first support at 1.6570, the next one is at 1.6500. The price is finding the first resistance at 1.6640, the next one is at 1.6700. 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 one. 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 potential growth targets are the resistance levels: 1.6640, 1.6700. The approach to these lines may lead to a price rebound down. The potential rebound target is the level of support 1.6500. Yen (JPY) General overview The two weeks American dollar growth has been stopped at the resistance level of 104.35. The level formed the correctional wave, enabling the sellers to break below the support level of 103.70. The level of 104.00 testing comes amid the low volumes. The pullback has no any special support from the sellers. And, apparently, the dollar decline against the Japanese yen will be stopped at the next support level of 103.70. The price is finding the first support at 103.70, the next one is at 103.30. The price is finding the first resistance at 104.00, the next one is at 104.35. 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 indicator is in a positive territory. The price is fixing. Trading recommendations The downward trend line 103.70 retest is more likely to lead to the strong price support level 104.35 growth. Frank (CHF) General overview The dollar could not continue to grow. It was traded at level of 0.9160 which is below the Asian max, while the down side fluctuations were limited by the support level of 0.9130. While the pair is trading above the broken resistance level of 0.9090, the further growth and the 92nd figure testing possibility remain high. The 91st figure loss will weaken the "bullish" impulse and may lead to the fall to 0.9000. The price is finding the first support at 0.9130, the next one is at 0.9090. The price is finding the first resistance at 0.9170, the next one is at 0.9210. 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 We advise to long with the first target - 0.9170. When the pair consolidates above the first target, we can start a deal to the level of 0.9210.

"Fort Financial Services"- fundamental and technical analysis 26.08.2014 Fundamental analysis The American currency continued to strengthen against its major competitors on Friday - the dollar index (USDX) finished the last week at 82.32. The EUR/USD lost 0.3% amid the USA Fed Chairman comments in Jackson Hole. Janet Yellen said that the continued faster-than-expected employment growth may lead to an earlier federal funds rate increase. It was enough for the bears to push the EUR/USD rate to 1.3320, where traders began to fix the profits. The pair EUR/USD continued to fall on Monday trading. The GBP/USD was traded in a narrow range of 1.6560 -1.6600. The market participants took a break to evaluate the pound downward trend prospects which we have seen the last 7 trading weeks. Even the Federal Reserve Chief’s speech on economic symposium in Jackson Hole could not push traders to an active trading. The USD/JPY continued to grow to new maximums after a small technical correction. The bulls have responded positively to the Janet Yellen’s statement about the monetary policy possible earlier than expected tightening. The American dollar was in demand and the price reached the level of 104.20, then investors decided to take some profits on long positions. The pair slightly fell on Monday. Technical analysis Euro (EUR) General overview The European Central Bank head supported the idea of the euro further weakening his statements. Draghi’s speech was "dovish". He said that the ECB June easing measures should spur the demand, a weaker euro would support the economy and the European regulator was ready to the policy further softening if necessary. The price three-week consolidation above the strong support level of 1.3360 was followed by a confirmed breakthrough. The sellers managed not only to break below 1.3360, but also to consolidate under the resistance level of 1.3290. The price updated the current month minimums on the increased volume during the President Draghi’s speech. The price is finding the support at 1.3170. The price is finding the first resistance at 1.3230, the next one is at 1.3290. 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 fixing. Trading recommendations The downward movement will be continued. The pair may go to 1.3170 soon. Pound(GBP) General overview The British pound was steady against the dollar and closed the session almost at opening prices. There were not any thing interesting from the newsflow, the pound was under the external information influence and the most important driver for the market could be the technical factors presented by the strong support. The British pound trading has been continuing in the narrow downward channel direction for the second month. The dollar confirmed strengthening against the GBP has been stopped at the support level of 1.6570, which came at a reduced price volumes. The price is finding the first support at 1.6570, the next one is at 1.6500. The price is finding the first resistance at 1.6640, the next one is at 1.6700. 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 histogram is in a negative territory. The price is consolidating. Trading recommendations We expect a bounce upwards. The upward bounce potential target is 1.6640. Yen (JPY) General Overview After the central bankers symposium, the dollar/yen has taken another upward jump, but has been stopped by the strong resistance levels, which resulted in a relatively small increase in the dollar against the yen on the Friday trading basis. This was the bulls’ week final point where the main driver was the Fed’s minutes publication, showing the growth in the policy tightening sentiments in the USA Central Bank leadership. The resistance level of 102.60 has been an obstacle for buyers during six months, despite the fact that it has made its way up twice. The third level breakthrough, apparently, was the signal for the medium-term uptrend continuation. The level of 102.65 breakthrough up comes amid low volumes, this allowed the bulls to raise the price to the historical resistance level of 103.90 - 104.00 formed from 2014.04.03. The price is finding the first support at 103.70, the next one is at 103.30. The price is finding the first resistance at 104.00, the next one is at 104.35. 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 believe the growth will be continued now. The first target is the level 104.00. Having overcome the first target the price might go upwards to 104.35. Frank (CHF) General overview Today the debt crisis problem has receded, but the economic recovery stop in the eurozone by the end of the second quarter and the ECB promise to keep rates low for a long time do not allow the SNB to abandon the restrictions on the foreign exchange market. In Zuercher Kantonalbank believe that the Switzerland's central bank is limited in decision-making till the ECB will not start raising rates. The franc also fell against the background of the dollar comprehensive strengthening. The dollar strengthened significantly after The Fed Chairman Janet Yellen said that the United States economy was recovering, and added that the situation in the labor market had been also improved. The price is finding the first support at 0.9130, the next one is at 0.9090. The price is finding the first resistance at 0.9170, the next one is at 0.9210. 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 advise to long with the first target - 0.9170. When the pair consolidates above the first target, we can open deals to the level of 0.9210.

"Fort Financial Services"- fundamental and technical analysis 22.08.2014 Fundamental analysis The American currency accelerated its growth - the dollar basket index (USDX) finished trading day at around 82.24. The Federal Reserve "Minute" cheered bears to open short positions - the majority of management FOMC members believe that the downside inflation risks have been reduced and the global investment community would wait for the interest rates growth after the QE-3 is over. The Bank of England has confused its tracks - these are the monetary control last meeting minutes. Mark Carney pointed to possible monetary policy negative effects rapid tightening last week, as well as to the "strong pound" negative role for the export. Two monetary policy committee representatives - Martin Weale and Ian McCafferty, voted for a rate growth to 0.25% on 20 August. However, the traders quite sluggish reacted to this event - in the moment GBP/USD reached the level of 1.6677, after which we saw again the British currency sale. The investors still look with skepticism on the pound and therefore the quotations short-term growth is used to increase short positions. The USD/JPY is growing having gained 0.73%. The negative Japan July trade balance showed a growth that caused the greatest concern on the investors’ part. The Federal Reserve last meeting and its moderately positive minutes also supported the demand for the greenback. Technical analysis Euro (EUR) General overview After the FOMC meeting minutes publication the American dollar strengthened against the major currency pairs. The single currency has fallen by 65 points down. Then it tried to recover the losses. The trading volumes remain in the increase area with small divergence signs. The pair is being traded in the direction of a narrow descending channel, to the upper bound of which at 1.3290 a corrective rates growth is observed. The price is finding the support at 1.3230. The price is finding the first resistance at 1.3290, the next one is at 1.3360. There is a confirmed and a strong sell signal. The price is under 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 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 price is likely to go to the downward trend line 1.3230. Pound (GBP) General overview The British pound continues to lose positions against the dollar. And, despite the fact that the volume is gradually reduced down, the downward trend is still in force. There was a short-term growth to the resistance level of 1.6640. The level retest was followed by a price rebound down. At the same time, the sellers managed to come close the downtrend channel 1.6570 lower bound. The price is finding the first support at 1.6570, the next one is at 1.6500. The price is finding the first resistance at 1.6640, the next one is at 1.6700. 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 fixing. Trading recommendations We believe the downward movement will be continued now. The first target is the level 1.6500. Yen (JPY) General overview The American dollar strengthened significantly against the Japanese yen. The growth rates came to the historical resistance level of 104.00, from which there the rates have been rebounded down by 300 points four months. The price went up at lower volumes to the resistance level of 104.00. Apparently, the price consolidation will be continued. The retest is expected in a short term. The price is finding the first support at 103.70, the next one is at 103.30. The price is finding the resistance at 104.00. 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 horisontal movement. The upward movement will be until the price is above the Cloud. The MACD indicator is in a positive territory. The histogram is growing. Trading recommendations The potential growth target is the resistance level of 104.00. We expect a consolidation now. Frank (CHF) General overview The Swiss franc fell against the dollar general strengthening after the FOMC last meeting minutes publication. The FOMC minutes showed that the Fed still has no plans to raise the interest rates in the near future. The Fed will use the excess reserves as a tool for a change in the interest rate. There is an increasing division between the FOMC members how rapidly the situation on the labor market will be improved. The price could not fix above the level of 0.9130. The price is finding the first support at 0.9090, the next one is at 0.9060. The price is finding the first resistance at 0.9130, the next one is at 0.9170. 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 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 advise to long with the first target - 0.9130. When the pair consolidates above the first target, we can open deals to the level of 0.9170.

"Fort Financial Services"- fundamental and technical analysis 21.08.2014 Fundamental analysis The American dollar has significantly strengthened its position against majors - the dollar basket index (USDX) updated the current year maximum values and ended the trading day at around 81.87. The positive macroeconomic data from the United States on the construction sector and inflation cheered the bears to open the short positions in the EUR/USD. The released building permits and new foundations showed a significant increase in July which is a positive factor for the American economy. The inflation release came out at a forecasts median, at around 2% y/y, which also fits to the strong economic growth scenario. The GBP/USD came under a sales wave again, on the background of the negative inflation report. The CPI came in at 1.6% y/y in July. The inflation has been below the target level of 2% for 7 consecutive months which may postpone the rate increase. Immediately after the inflation release publication the pound/dollar has fallen by 78 p. setting a fresh minimum for the 4 last months. The USD/JPY bullish trend is gaining strength. The global demand on the stock market, combined with the positive macroeconomic statistics from the United States supported the American currency against the Japanese yen. Technical analysis Euro (EUR) General overview The single European currency fell against the dollar at yesterday's trading. The pair broke the strong support level that restrained the price from a falling more than a week, and sat a new local minimum. The reason for the break down was the strong economic data from the United States, reported the housing sector improvement. It is worth noting that the initial pressure on the euro gave the data on its own economy. The price is finding the first support at 1.3290, the next one is at 1.3230. The price is finding the first resistance at 1.3360, the next one is at 1.3420. There is a confirmed and a strong sell signal. The price is under 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 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 downward movement target is the support level of 1.3230. Pound (GBP) General overview The British currency resumed its decline and has fallen off against the dollar by more than 100 points. The inflation data have the initial pressure on the British sterling, and messages from the United States about the improvements in the housing market supported its sales. The UK inflation fell more than expected in July, which could seriously shake the market participants’ confidence who are awaiting the rate growth. On the background of the "fundamental data" the intermediate support level 1.6675 breakthrough was held with the high volume formation. The downward trend is still in force, the current price decline came to the descending channel 1.6600 lower bound. The price is finding the first support at 1.6570, the next one is at 1.6500. The price is finding the first resistance at 1.6640, the next one is at 1.6700. 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 going down. Trading recommendations The potential growth target is the resistance level of 1.6700. Yen (JPY) General overview The Japanese yen also was among the dollar’s "victims". The USD/JPY quotations rose up on the United States economic data, and then their growth was sustained by the States stock market optimism. The economic data from Japan have shown large trade deficit in July, but noted an increase in exports which may be some encouraging factor. The strong resistance level of 102.90 upward break only strengthens the buyer's intention to continue to trade upwards. However, it is worth noting the fact that such a strong growth was not supported by the trading volumes. The price is finding the first support at 103.30, the next one is at 102.90. The price is finding the first resistance at 103.70, the next one is at 104.00. There is a confirmed and a strong sell signal. The price is above the Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen show 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 We believe the growth will be continued now. The target is the level of 104.00. Frank (CHF) General overview The dollar continues to grow. It rose to 11-month high against the basket of the major currencies after the optimistic data on the United States housing sector have shown that the economic recovery is gaining momentum. The price is finding the first support at 0.9090, the next one is at 0.9060. The price is finding the first resistance at 0.9130, the next one is at 0.9170. 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 “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 growing. Trading recommendations We advise to long with the first target - 0.9130. When the pair consolidates above the first target, we can open deals to the level of 0.9170.

"Fort Financial Services"- fundamental and technical analysis 19.08.2014 Fundamental analysis The main competitors of the dollar could regain some lost ground last week. The EUR/USD used the moderately negative macroeconomic statistics from the United States and finished the day up 0.25%. The Michigan Institute consumer confidence came out worse than the forecasted median, at 79.2, showing the minimum value over the past 8 months. It should be noted that the final index fell below 12-month moving average which may signal a slowdown in the American economy. The July retail sales release also confirms this factor. Nevertheless, the current situation in Europe is much more negative and think about the downtrend change is too early. The GBP/USD is within a narrow range and even the weak consumer confidence release from the United States could not cheer the bulls to open long positions. Bears reliably keep the current level and this factor indicates a set of short positions by institutional investors, and in the near future is expected to be continued downward. Investors take profits on long positions in the world's leading stock market which put pressure on the USD/JPY. The USA consumer confidence came out worse than market expectations that together with the yields fall on 10-year Treasuries have caused the dollar demand for. Technical analysis Euro (EUR) General Overview Euro fell against the dollar a bit the last trading day. Probably the traders’ sentiment that was formed after the euro area disappointing GDP data for has already been taken into consideration and short-term investors have used data from the United States to take profit. In addition, technical factors presented by a strong support could stimulate the closing of euro short positions. Eight day consolidation on the historical support level 1.3360 which was formed 2013.11.07, was followed by the price rebound upwards. The support is at 1.3360. The resistance is at 1.3420. There is a confirmed and weak sell signal. The price is in the Cloud and it is above the Chinkou Span. The Tenkan-sen is directed downwards 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 histogram is growing. Trading recommendations The resistance level of 1.3485 retest is more likely to lead to a short-term consolidation. Pound (GBP) General Overview The British pound has been "trodden" in one place and closed against the dollar on the opening prices. Investors have not been impressed by the fact that the second GDP estimate for the 2nd quarter was revised upwards to 3.2% y/y from 3.1% y/y. The price broke the level of 1.6710 at high volumes. After the support level break down the price shows a weak volatility. The price is finding the first support at 1.6700, the next one is at 1.6640. The price is finding the first resistance at 1.6770, the next one is at 1.6840. There is a confirmed and strong sell signal. The price is under the Cloud and it is under the Chinkou Span. The Tenkan-sen and the Kijun-sen are horizontal. The downward movement will be until the price is under the Cloud. The MACD histogram is in a negative territory. The indicator is growing. Trading recommendations We expect the resistance level of 1.6770 retest. After that the price will bounce down to continue the further bearish trend to 1.6640. Yen (JPY) General Overview The dollar/yen is slowly growing up having finished the day with positive results. The reason for the buying was weak USA economy releases which caused the US government bonds growth which consequently reduced their profitability. The buyers tested for strength the strong resistance level of 102.65 second time over the past three weeks. This mark is an insurmountable barrier which has been bounced buyers down for six months. The price is finding the first support at 102.23, the next one is at 101.70. The price is finding the first resistance at 102.60, the next one is at 102.90. There is a confirmed and weak buy signal. The price is above the Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen are horizontal. The Cloud is neutral. The MACD indicator is in a positive territory. The indicator is descending. Trading recommendations To continue the uptrend the bulls need to update the maximum of the previous month - 103.08. In this case, the price is expected to go to 103.90 - 104.00 Frank (CHF) General Overview Index assessment of the economic situation over the last year has grown to seven compared to the first quarter (5). The consumers' opinion about a successful time for large purchases has been improved, that is proved by the corresponding index increase from 1 in the previous quarter to 8. Nevertheless, the Swiss noted the deterioration of its financial position for the last time during the second quarter which resulted as the reduction of the corresponding index to -7 from the previous value -5. The price is finding the first support at 0.9030, the next one is at 0.9000. The price is finding the first resistance at 0.9060, the next one is at 0.9090. There is a confirmed and strong sell signal. The price is below the Cloud and it is below the Chinkou Span. The Tenkan-sen and the Kijun-sen directed downwards. The Cloud is descending. The MACD indicator is in a negative territory. The price is correcting downwards. Trading recommendations We still recommend going short. The mark 0 9030 is the first goal. After overcoming the first target the price can go to 0.9000.

"Fort Financial Services"- fundamental and technical analysis 18.08.2014 Fundamental analysis The EUR/USD could not set a fresh low despite the negative France, Germany and the Eurozone GDP. Economic growth in Germany fell on the background of geopolitics which intervened in the German economy. However, market participants have ignored the weak releases, the euro/dollar managed to strengthen to 1.3407 against the Initial Jobless Claims growth in the United States. However, the bulls growth mostly was not strong enough in the second half of the American trading session, and the euro returned to the previous range. After the "bear rally" the GBP/USD was within a narrow range. In the absence of important macroeconomic releases from the UK and the USA - sellers have decided to take a pause to evaluate the British currency medium-term downtrend prospects. Moderate demand for risky assets gave little support the USD/JPY pair. However, the decline of the American dollar against its major counterparts along the entire market (USDX) cooled bulls. The machinery and equipment orders release which came out worse than the median forecast, having shown an increase to the level of 8.8%, instead of the expected 15.5%. This report is a leading industrial production indicator and as we see it is difficult to count on the strong growth of the Japanese industry. Technical analysis Euro (EUR) General Overview The euro/dollar behavior was unexpected enough last week. The Eurozone newsflow did not have anything interesting and has not made any impression on the market, at the same time the weak United States employment release caused a sharp euro growth. The instrument was trading without any changes. Despite the fact that the main trend is bearish, sellers can not break below 1.3340 strong support level for a long time. The support is at 1.3360. The resistance is at 1.3420. There is a confirmed and weak sell signal. The price is in the Cloud and it is above the Chinkou Span. The Tenkan-sen is directed downwards 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 histogram is growing. Trading recommendations It is possible that sellers will try again today to test the mark of 1.3340 strength. And if they break it, we expect a confident continuation of the bearish trend. The decrease potential is the mark 1.3280 Still we should not exclude and growth possibility. The pair looks like going to correct to 1.3450. Pound (GBP) General Overview The British pound continued falling against the dollar. Obviously, the inflation report and M.Karni’s performance were the main drivers for the pair. After these events the market concluded that the key rate would remain low much longer than expected. To return some loss the pound could after the weak State's economy data release and due to technical levels which showed a strong support. The second part of the previous week the pair spent in a consolidation at the support level 1.6675. The bounce upwards from this level was not supported by volumes. The current trend remains bearish. The price is finding the first support at 1.6640, the next one is at 1.6570. The price is finding the first resistance at 1.6700, the next one is at 1.6770. There is a confirmed and strong sell signal. The price is under the Cloud and it is under the Chinkou Span. The Tenkan-sen and the Kijun-sen are directed downwards. The downward movement will be until the price is under the Cloud. The MACD histogram is in a negative territory. Trading recommendations The level 1.6675 break will allow sellers to reach the support level located at the level of 1.6570. Yen (JPY) General Overview The dollar/yen trading was marked by multi-directional maneuvers session and fell by the end of trading. The yen can get the support from optimism in the Japan stock market. We do not expect important news from Japan and the yen will remain under the influence of risk appetite and, as usual, the USA economy news. The third week volumes have been shown a correctional growth rates weakening from the support level 101.75. The price is finding the first support at 102.23, the next one is at 101.70. The price is finding the first resistance at 102.60, the next one is at 102.90. There is a confirmed and weak sell signal. The price is above the Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen are turning down. The MACD indicator is in a positive territory. The indicator is descending. Trading recommendations The price bounced down. The correction has been preparing for several weeks it will be continued to 102.23 and 102. Frank (CHF) General Overview The dollar weakened after the United States Labor Department reported that the number of initial jobless claims increased by 21,000 to 311,000 from a revised 290,000 the previous week. The price is finding the first support at 0.9000, the next one is at 0.8970. The price is finding the first resistance at 0.9030, the next one is at 0.9060. There is a confirmed and strong sell signal. The price is below the Cloud and it is below the Chinkou Span. The Tenkan-sen and the Kijun-sen directed downwards. The Cloud is descending. The MACD indicator is in a negative territory. The price is correcting downwards. Trading recommendations We recommend short position with the first target - 0.9000. After reaching the first target we believe the price to go deeper to 0.8985.

"Fort Financial Services"- fundamental and technical analysis 15.08.2014 Fundamental analysis After several days of silence the Forex market showed a burst of volatility on major pairs. The EUR/USD bears still cannot take the support level of 1.3332 despite the negative macroeconomic statistics from the Eurozone. The main currency pair is still trading in the mid-range and market participants are saving effort to further the market down. The GBP/USD fell after the USA macroeconomic publications. The UK unemployment dropped to 6.4%. The Bank of England inflation minutes began on a positive note - the monetary regulator increased its estimate of economic growth in 2014 and 2015. Mark Carney said that the Central Bank expected the wages reduction to 1.25% from 2.5%. It was also noticed that the strong pound limits export growth. The Japan's GDP for the second quarter showed a decrease of 6.8%, which coincided with the expectations of market participants. The non-state sector consumption in Japan has decreased by 5%. The Bank of Japan noted in its last minutes that they expect the tax burden increasing negative effect weakening. This factor, combined with a growth in the world's leading stock markets supported the demand for pair. Technical analysis Euro (EUR) General Overview The single European currency showed a multidirectional movement against the dollar and finished the day with small losses. The latest statistics pressed the euro, the only thing that supported the pair was the news from the United States that showed a weak sales in the retail trade. The second week in a row a strong support level of 1.3340 does not let sellers to come. The support is at 1.3360. The resistance is at 1.3420. There is a confirmed and strong sell signal. The price is under the Cloud and it is above the Chinkou Span. The Tenkan-sen is directed downwards 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 histogram is decreasing. Trading recommendations We expect a rebound, the potential target is the downtrend channel upper boundary 1.3390. The maximum growth target is a strong resistance level of 1.3430 Pound (GBP) General Overview The British pound was the main loser among all majors at yesterday's session. Sterling fell against the dollar, having lost more than 120 points. The cable fell because of the weak reports: the employment grew, but at the same time, salary growth leaves much to be desired - the average wage in the UK in April-June increased by only 0.6% instead of the expected 0.75%. BoE’s statements poured "fuel to the fire", they say that the interest rates growth will largely depend on the acceleration of wage growth. Sellers managed to break below the key support level 1.6710 - 1.6700. The downward trend is expected to be continued, but before that we are likely to see a short-term pullback to the resistance level 1.6700 - 1.6710. The price is finding the first support at 1.6640, the next one is at 1.6570. The price is finding the first resistance at 1.6700, the next one is at 1.6770. There is a confirmed and strong sell signal. The price is under the Cloud and it is under the Chinkou Span. The Tenkan-sen and the Kijun-sen are directed downwards. The downward movement will be until the price is under the Cloud. The MACD histogram is in a negative territory. Trading recommendations The pair tends to decrease. The potential target is 1.6640. Yen (JPY) General Overview The Japanese yen fell against the dollar. The economic data showed a sharp drop in GDP in the second quarter, still the risk appetite growth on the stock markets in Japan and the United pressured the Japanese currency more. When the weak retail sales in the United States yen rose sharply, but could not keep the trend and very soon came back under pressure. Negative GDP Japanese yen directly affected the dollar strengthening. Due to the growth of the dollar buyers were able to get out of the descending channel, breaking up the upper bound of 102.30. The price is finding the first support at 102.23, the next one is at 101.60. The price is finding the first resistance at 102.60, the next one is at 102.60. There is a confirmed and weak sell signal. The price is in the Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen are neutral. The downward movement will be until the price is below the Cloud. The MACD indicator is in a negative territory. Trading recommendations We expect a rebound down. The potential target rebound is a strong support level of 101.60. If the pair continues growing it will reach the marks 102.70, 103.00 in a short term. Frank (CHF) General Overview Swiss Franc returned most of the ground it had lost the other day. The unexpectedly weak the USA retail sales pressured the dollar. In July, the main figure was 0.0% vs. 0.2% and 0.2% in June. The retail sales excluding autos rose 0.1% against 0.4%. The price is finding the first support at 0.9060, the next one is at 0.9030. The price is finding the resistance at 0.9090, the next one is at 0.9130. There is a confirmed and weak sell signal. 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 correcting downwards. Trading recommendations We recommend short positions with the first target - 0.9030. The second target is the level 0.9000.

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"Fort Financial Services"- fundamental and technical analysis 12.08.2014 Fundamental analysis The EUR/USD closed the trading day with the quotations growth on short positions profit taking. The macroeconomic statistics showed a mixed background - the German trade balance indicator came out worse than the forecasted medians while the France industrial production release gave the market a pleasant surprise, showing an increase to the level of 1.3%. The market was full of the euro short positions as traders fully played this technical oversold in the last days. The UK trade balance negative report cheered the bears for opening the GBP/USD "shorts". The June deficit has increased which is directly related to the British pound strong rate against the dollar and the euro. Against this backdrop, investors dumped the pound. The BoJ, at its next meeting, signaled to market participants about the Japanese manufacturer's hard times. This negative process impacts on the export process and directly affects the economic growth rate. However, the monetary regulator refused the possibility of short term stimulus volume increasing again. Against this background, we observed sales in the Japanese stock market and the USD/JPY in the first half of the day. Technical analysis Euro (EUR) General overview The euro grew slightly against the dollar. Probably after the marks test near the level of 1.3300/20 which the pair visited last time 9 months ago and therefore became the strong psychological support, some investors decided to close the euro short positions and take profit in a geopolitical situation tense. The euro area economy data which could impact the euro were not published besides the Germany trade surplus report that slightly disappointed the market as its result wasn’t good. There is a confirmed and weak sell signal. The price is under the Cloud and it is above 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 histogram is growing. Trading recommendations The 1.3460 and 1.3485 marks are important strong resistance. These marks retest is more likely to lead to the price bounce down and the bearish trend further continuation. Pound (GBP) General overview If investors see that the BoE in no hurry with the monetary option strengthening the pound will continue falling. The pound may find a support after the employment reports that are going to be published this week, the forecasts suggest the labor market improvement and the unemployment decrease. The UK GDP second estimate publication is likely to keep in force the previous results and, most likely, will not stimulate a volatility increase, unless we do not have deviations. The break of 1.6810 support was at high volume - that proves the sellers growing strength. In the future, we expect the weekly support level of 1.6710 - 1.6700 testing The price is finding the first support at 1.6770, the next one is at 1.6700. The price is finding the first resistance at 1.6840, the next one is at 1.6900. There is a confirmed and 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 weekly support level of 1.6710 - 1.6700 has kicked sellers upwards two times. This level retest is more likely to lead to a consolidation. Yen (JPY) General overview The Japanese yen is still in multidirectional movements against the dollar and closed trading at opening prices. The pair was turned up under the pressure as the BoJ meeting results has not announced any changes and the Japan stock market collapse where the Nikkei fell by almost 3%. The "bulls" support for the dollar was seen during the American session when the States stock markets showed the opposite to the Japanese one sentiment - the indices have grown, the market debt price fell. The price is finding the first support at 101.60, the next one is at 101.00. The price is finding the first resistance at 102.23, the next one is at 102.70. There is a confirmed and weak sell signal. The price is below 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 downward movement will be until the price is below the Cloud. The MACD indicator is in a negative territory. The price is consolidating. Trading recommendations We expect a short-term growth at the beginning of this week. The potential growth target is the strong resistance level of 102.60. Franc (CHF) General overview The dollar/franc will be traded in the lower range, under the pressure from deteriorating relationship to the dollar and the market demand for the Swiss currency on the pair. The reduction potential is limited by the growing Swiss currency in the EUR/CHF and the Swiss National Bank soft monetary policy The price is finding the first support at 0.9030, the next one is at 0.8990. The price is finding the resistance at 0.9060, the next one is at 0.9090. There is a confirmed and strong sell signal. The price is below the Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement. The downward movement will be until the price is below the Cloud. The MACD indicator is in a negative territory. The price is correcting downwards. Trading recommendations We recommend the short positions with the first target - 0.9030. After consolidating below the first target, the next target will be the level of 0.8990.

"Fort Financial Services"- fundamental and technical analysis 11.08.2014 Fundamental analysis The American currency continued to strengthen against its major competitors - the dollar index basket (USDX) finished the day at 81.52. The pair EUR/USD lost 0.15% at the end of last week due to negative Draghi’s comments. Mario Draghi said that inflation will remain at low levels for a long time and the lending companies rates remain weak for the economic growth recovery. The CPI decreased to the level of 0.4% in July. Bank of England showed no surprise – the monetary policy will remain the same. However, after the meeting bears rushed into the market there was a decrease in the GBP/USD quotations. Traders understand that in the current environment a strong British currency against its major "trading partners" carries risks for the economy as a whole and in particular for the inflation and endanger the earlier-than-expected first increase in the discount rate. The positive macroeconomic data from the United States just added optimism to bears. Technical analysis Euro (EUR) General Overview The European Central Bank decision was in the range of forecasts - the Eurozone regulator has not announced any changes in the parameters of monetary instruments. M. Draghi’s press conference has not brought no surprises either. The sellers failed to break below the support level of 1.3345 three times, from which the current price is corrected upward. It should be noted that last week approach to the support level of 1.3345 occurred against the background of high volume. The price is finding the support at 1.3360, the next one is at 1.3280. The price is finding the first resistance at 1.3420, the next one is at 1.3480. There is a confirmed and weak sell signal. The price is under the Cloud and it is above 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 histogram is growing. Trading recommendations The price is changing the course. We believe the price will grow. The first growth target is 1.3420, the next one 1.3480. Pound (GBP) General Overview The pound also fell against the dollar, but unlike the euro it did not show no new lows. The last week main event was the BoE’s announcement for monetary policy prospects. The meeting did not bring surprises, everything was according to the forecasts. The Bank of England left interest rates unchanged at 0.5%, and fund the purchase of bonds in the amount of 375 billion pounds. The price is finding the first support at 1.6770, the next one is at 1.6700. The price is finding the first resistance at 1.6840, the next one is at 1.6900. There is a confirmed and 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 We believe the price to continue falling. We expect it to reach 1.6700 soon where we expect a bounce upwards to 1.6840. Yen (JPY) General Overview The pair got the support from a small increase Japanese stock market indices growth, they returned to their original positions that had provoked the fall of the American government bond yields. News from Europe could not have affected the instrument. The price pullback to the resistance level of 102.25 is a good signal for the continuation of the downtrend. The bounce allowed sellers to test the strong support 101.75 The price is finding the first support at 101.60, the next one is at 101.00. The price is finding the first resistance at 102.23, the next one is at 102.70. There is a confirmed and weak sell signal. The price is below 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 downward movement will be until the price is below the Cloud. The MACD indicator is in a negative territory. The price is consolidating. Trading recommendations The price resumed the downward movement. The price will decline to 101.60 first. Frank (CHF) General Overview The frank strengthened a bit its position in the growing demand for safe assets because of the escalation of geopolitical tensions in the east of Ukraine, and also after President Barack Obama authorized the point strikes on Islamist militants in Iraq, if they threaten American interests in the country. The activity production index increased in July to 54.3 points, surpassing its long-term average value of 54.0, according to data prepared by Credit Suisse. The price is finding the first support at 0.9030, the next one is at 0.8990. The price is finding the resistance at 0.9060, the next one is at 0.9090. There is a confirmed and strong sell signal. The price is below the Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement. The downward movement will be until the price is below the Cloud. The MACD indicator is in a negative territory. The price is correcting downwards. Trading recommendation The trend has been changed. The price is heading downwards. The first target is 0.9030. Shall the price consolidate at that level it will go further down to 0.8990.

"Fort Financial Services"- fundamental and technical analysis 07.08.2014 Fundamental analysis The pair EUR/USD is in the bears’ power on the background of the positive macroeconomic data from the United States. The ISM in the services sector came out much better than expected at around 58.7. It should be noted that the rate showed significant acceleration above the 12-month moving average in July. This release, together with the manufacturing sector data indicates a strong economic growth in the United States at the third quarter beginning. The GBP/USD has a quite weak reaction to the strong report on the UK Services PMI. The bulls stormed the resistance level of 1.6881, but the attempts were unsuccessful. As soon as the sell-off in the cross-rate EUR/GBP traders allowed to finish the day on a positive note. The battle between bulls and bears in the USD/JPY pair was won by the minimum on the background of the recent sales in the global stock markets which took down Japanese stock market. Even the positive macroeconomic statistics from the United States failed to reassure market participants to break through the 103rd figure. Technical analysis Euro (EUR) General Overview The European currency fell against the dollar, despite the fact that the economic indicators of June and July showed a positive trend compared with the previous period. The retail sales in the euro zone rose in June by 0.4% against the results of May and the data of the second month of spring have been revised upwards. The single currency against the American dollar corrective gains proved not for a long time. A short-term price consolidation below the resistance level of 1.3430 to which the buyers have come on a heavy volume resulted in the downtrend continuation. The sellers renewed the minimum of the last week at the level of 1.3385 and fixed below the current support level of 1.3360. The price is finding the first support at 1.3360, the next one is at 1.3290. The price is finding the first resistance at 1.3420, the next one is at 1.3480. There is a confirmed and a strong sell signal. The price is under 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 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 support 1.3360, it may continue the downward trend in the short term. The potential target is 1.3300. Pound (GBP) General Overview The British pound has shown a resilience trading and has grown against all its major opponents. However, his achievements with respect to the American "greenback" have been relatively modest, only 20 or so points, although the index of activity in the economy key area – the services recorded a solid growth despite the fact that no changes are expected. This fact supported the British currency. We should not expect any growth activity, as investors are waiting when the Bank of England should say about the monetary policy prospects. The price is finding the first support at 1.6770, the next one is at 1.6700. The price is finding the first resistance at 1.6860, the next one is at 1.6900. 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 histogram is in a negative territory. The price is correcting. Trading recommendations The pair is planning to go upwards. The potential growth targets are the resistance levels: 1.6900, 1.6950. Yen (JPY) General Overview The dollar/yen that was rising sales at the first part of the yesterday's session returned to its original positions by the end of the day. The market risk aversion has increased amid the tensions escalating between Russia and Ukraine which is reflected in the stock markets and prompted a return to the yen which is a safe haven. The American dollar corrective weakness against the Japanese yen was stopped at the support level of 102.23. Short-level tests were followed by the price rebound upwards. However, there was not any upward trend continuation, the buyers failed to raise the price above 102.70. The price is finding the first support at 101.60, the next one is at 101.00. The price is finding the first resistance at 102.23, the next one is at 102.70. There is a non-confirmed and a weak sell signal. The price is above the Cloud and it is above 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 neutral territory. The price is decreasing. Trading recommendations The downward trend line 102.23 retest is more likely to lead to the consolidation. After that, the trend is expected to be continued upwards. Frank (CHF) General Overview The dollar rose after the Institute for Supply Management said that its purchasing managers index in the services sector grew last month to three-year high 58.7 from 56.0 in June. Analysts had expected the index to reach 56.3 in July. The price is finding the first support at 0.9060, the next one is at 0.9035. The price is finding the first resistance at 0.9090, the next one is at 0.9130. 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 an upward movement and the Kijun-sen shows 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 growing. Trading recommendations We advise to long with the first target - 0.9130. When the pair consolidates above the first target, we can open deals to the level of 0.9170.

"Fort Financial Services"- fundamental and technical analysis 06.08.2014 Fundamental analysis Trading week beginning was a quiet enough. The EUR/USD was within a narrow range of 1.3409 - 1.3431. Then the pair fell to 1.3361. In the absence of important macroeconomic statistics the traders took a pause. Only the moderate euro/pound cross-course decrease allowed the bears to win. The UK construction sector PMI release showed the decrease compared with the previous month, but was better than the forecasted medians. It should be noted that this figure has been stable for 9 consecutive months being above $60% which proves the UK construction sector positive trend. The market participants took profits on the GBP/USD short positions amid this moderately positive backdrop. We could see the dollar/yen side tendency during the day. In the second half of the U.S. trading session there was the demand for the U.S. stock market, which supported the pair. Technical analysis Euro (EUR) General overview The European currency was within a narrow range against the dollar and then the pair fell. Obviously, this "marking time" can be explained by the expectations about the ECB mood and intentions which will be clear after the coming meeting. The market nervousness is still preserved as the further easing probability is high. The price bounce from the descending channel allowed the buyers to stop the downward trend at the support level of 1.3360. We observed the bounce up from the price level which was followed by a high volume. The price is finding the first support at 1.3360, the next one is at 1.3290. The price is finding the first resistance at 1.3420, the next one is at 1.3480. There is a confirmed and a strong sell signal. The price is under 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 downward movement will be until the price is under the Cloud. The MACD indicator is in a neutral territory. The price is decreasing. Trading recommendations The breakthrough of 1.3420 mark will open the way up to the next resistance located at around 1.3480. The mark of 1.3480 retest is more likely to lead to the short-term consolidation. Pound (GBP) General overview The British pound became the leader, after it got stronger against the dollar, but also against the euro and the yen. The sterling was supported by the construction sector activity - the PMI index for this economy sector in July fell slightly to 62.4 from 62.6 previously, but was stronger than it was forecast, waited falling to 62.1. Before the BoE's meeting the market is not likely to risk much to build positions so the pound growth, even if it happens will not be large and long. The price is finding the first support at 1.6860, the next one is at 1.6770. The price is finding the first resistance at 1.6900, the next one is at 1.6950. 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 histogram is in a negative territory. The price is correcting. Trading recommendations The 1.6900 mark retest is likely to happen during the GBP fundamental data release. If the retest is false, we expect the downward trend continuation. The nearest target is the support level of 1.6770. Yen (JPY) General overview The dollar/yen was being traded in the sideways consolidation and was closed at the starting positions yesterday. For a while, we saw the yen increase against dollar amid the continuing U.S. treasuries profitability fall, but by the session end the situation align the instrument and the result turned out to be neutral. Three false retests of 103.00 resistance level served as a signal for the downward correction formation. The breakthrough of the support level of 102.70 allowed sellers to revise the uptrend line. The U.S. dollar corrective weakness against the Japanese yen is not supported by the trade volumes. The price is finding the first support at 102.23, the next one is at 101.60. The price is finding the first resistance at 102.70, the next one is at 103.00. 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 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 The sellers cannot break below the rising trend line of 102.23, so it is likely to expect the price bounce up. The potential growth targets are the two marks: 102.70 and 103.00. Franc (CHF) General overview The dollar was steady against the major currencies basket after the Friday decrease when the data showed that the U.S. economy added fewer jobs than was expected in July. The price is finding the first support at 0.9060, the next one is at 0.9035. The price is finding the first resistance at 0.9090, the next one is at 0.9130. 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 growing. Trading recommendations We recommend short positions with the first target - 0.9035. After fixing below the first target we recommend 0.9000 as the next aim.

"Fort Financial Services"- fundamental and technical analysis 05.08.2014 Fundamental analysis The EUR/USD trading was within a narrow consolidation. The traders are waiting. The employment release went worse then the median forecasts - 209 thousand new jobs were created in the United States in July, thus the unemployment increased by 0.1%. However, the Non-Farm figure has been above the key level of 200 thousand for 6 consecutive months which tells us about the strong economic growth. Also the hourly wage has not demonstrated any growth that combined with the reduction in personal spending will act as a deterrent to inflationary pressures. The sales seen in the GBP/USD pair amid the weak macroeconomic statistics, as well as the cross-rate euro/pound strengthening. The PMI manufacturing sector UK shows the reduction third month in a row that has provoked the British pound strong sales against the U.S. dollar and the single European currency. At the moment the quotation fell to 1.6815, but then the consolidation came. The bears triumph on the world's leading stock markets together with the moderately negative employment release in the United States led the bulls begin to take the profits on the long positions in the USD/JPY after 2 weeks of the growth. At the moment the quotation fell to 102.30, but in this area there was a demand for the U.S. dollar which allowed the bulls to recover some lost positions. Technical analysis Euro (EUR) General Overview The pair has been in the downward trend for three month and can change the direction in the short term. The current pullback happened when the price broke the upper boundary. We should also mention the fact that the price left the downward trend at the increased volume. The price is finding the first support at 1.3420, the next one is at 1.3360. The price is finding the first resistance at 1.3480, the next one is at 1.3520. There is a confirmed and a strong sell signal. The price is under 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 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 upward movement will be continued. The upward bounce potential target is the resistance level of 1.3480. We expect the level of 1.3480 retesting soon. Pound (GBP) General Overview The GBP/USD the long uptrend turned down. The British pound has actively been decreasing against the U.S. dollar for almost a month. The rebound from the resistance level of 1.7160 was followed by the price’s sharp falling and the two critical supports breakdown. The last week allowed the sellers to strengthen their position due to the strong support level of 1.6950 breakthroughs and the rising trendline 1.6900. The two strong supports breaks happened amid an increased volume. In the longer term, this means a continued downward trend. The price is finding the first support at 1.6825, the next one is at 1.6770. The price is finding the first resistance at 1.6860, the next one is at 1.6900. 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 correcting. Trading recommendations Currently, the price is trading above the resistance level 1.6825 which has already become the support. We recommend going short with the first target - 1.6770. When the price consolidates below the first target it may go to the level of 0.6700. Yen (JPY) General Overview The U.S. dollar strengthening against the Japanese yen has allowed the buyers to break above the downward trend line 101.60 and the strong resistance level of 102.70. The resistance level of 102.70 break was short-lived. Two day consolidation above the breakout was followed by a short-term break down. The level reverse breakthrough was followed by the increased volume, but at the same time, this breakthrough is not considered as a signal to reverse the upward trend. The price is finding the first support at 102.23, the next one is at 101.60. The price is finding the first resistance at 102.70, the next one is at 103.00. 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 Currently, the price is trading above the resistance level 102.23 which has already become the support. The potential growth target is the resistance level of 103.35. Franc (CHF) General Overview The frank slightly weakened against the dollar. Despite the latest correction that was provoked by the weaker-than-expected data on the U.S. labor market, the dollar strengthened against the major currencies at the end of the last week. As it became known, in the U.S., the Non Farms amounted to 209K in July vs. 233K and 288K in June. The unemployment rate rose to 6.2% against 6.1%. The price is finding the first support at 0.9060, the next one is at 0.9035. The price is finding the first resistance at 0.9090, the next one is at 0.9130. 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 growing. Trading recommendations We advise to short with the first target - 0.9035. When the pair consolidates below the first target, we can open deals to the level of 0.9000.

"Fort Financial Services"- fundamental and technical analysis 04.08.2014 Fundamental analysis The dollar upward trend is speeding up. However, the market participants stayed away from an active trading as major pairs spent all day within the lateral trend. The EUR/USD has ignored the weak Eurozone CPI for July. According to preliminary data, the inflation was reduced to the level of 0.4% year on year, and the deflation threat becomes stronger and stronger. The only thing that was a honey spoonful in a tar barrel is the unemployment reducing to the level of 11.5%. Nevertheless, the bond market mood are in favor of a further euro/dollar decline - the American and German bonds yield spread widening certainly will support the American currency. Nevertheless, the pair fell at the end of the last trading week. The GBP/USD came again under attack, losing on the day of 0.2%. The investors are selling the British currency as the States came to the Forex with its positive macroeconomic releases. In addition, we observed the BoE disagreements about the tightening monetary policy which clearly plays into the bears hands. The weak macroeconomic statistics from Japan did not allow the bears to compensate some lost ground on the USD/JPY. Reducing salaries combined with the rising unemployment in June became the negative factor for the personal use and will slow the GDP’s growth. Japanese stock market sales weren’t able to exert pressure on the USD/JPY - bulls are confident and keep the situation under control. However, the pair decreased. Technical analysis Euro (EUR) General Overview The short term support level of 1.3375 suspended the single currency reduction against the American dollar. Double-sellers failed to break below 1.3375 to continue the trend steadily downward. The trading volumes remain in the growing area, indicating the continued downward trend strength. However, the sellers need to break below the current support level of 1.3375 to confidently continue the downward movement. The pair closed the trading week above the level of 1.3420. The price is finding the first support at 1.3420, the next one is at 1.3360. The price is finding the first resistance at 1.3480, the next one is at 1.3520. There is a confirmed and a strong sell signal. The price is under the Cloud and it is above 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 potential downward movement targets are the support levels: 1.3360, 1.3290. Currently, the price is trading above the resistance level 1.3420 which has already become the support. The potential growth target is the resistance level of 1.3480. Pound (GBP) General Overview The British Pound continues to decline and set a new 7week low at 1.6821. The pound decrease advances dollar strengthening amid the weak UK real estate market data and BoE official's soft comments. Three-week pound downtrend gradually fizzles out. The last few days the dollar strengthening against GBP comes at the low volumes. The corrective price growth up may be expected in the short term. The price is finding the first support at 1.6825, the next one is at 1.6770. The price is finding the first resistance at 1.6860, the next one is at 1.6900. 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 The price is going down. Still we expect the growth. The potential growth targets are the resistance levels: 1.6900, 1.6950. Yen (JPY) General Overview The Forex traders were disappointed with the low volatility at the market which was started earlier this year. Obviously, there was a self-replicating cycle whereby the pulse absence prevents the new trading range formation that makes many traders to stay away from the market which weakens the impulse. The last month maximum 102.79 update led to the short-term consolidation above the strong support level of 102.70. Inverse retest level was followed with the lower volumes and in the longer term may serve as a signal for future price growth. Nevertheless, the pair decreased below the level of 102.70. The price is finding the first support at 102.23, the next one is at 101.60. The price is finding the first resistance at 102.70, the next one is at 103.00. 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 indicator is in a positive territory. The price is correcting. Trading recommendations The upward bounce potential target is 103.80-104.00. Franc (CHF) General overview The dollar strengthened its position against the franc in anticipation of the United States labor market data publication. Then the pair went down and closed the trading week below the level of 0.9060. Investors are now focused on USA initial jobless claims. The economists expect the job growth in July 230000. The price is finding the first support at 0.9035, the next one is at 0.9000. The price is finding the first resistance at 0.9060, the next one is at 0.9090. 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 correcting. Trading recommendations We advise to long with the first target - 0.9090. When the pair consolidates above the first target, we can open deals to the level of 0.9130.

"Fort Financial Services"- fundamental and technical analysis 01.08.2014 Fundamental analysis The dollar index basket (USDX) set a fresh 2014 high at 81.54 on the back of the U.S. positive macroeconomic data. The EUR/USD remained under pressure amid the positive U.S. GDP data for the 2nd quarter during the day. The index went significantly better forecasted medians of 4% qoq. We should note the significant personal consumption expenditures increase to the level of 2.5%. This releases point to the strong economic growth which created the foundation for the subsequent months. The U.S. Fed meeting outcome brought no surprises and market participants took profits on the short positions, as the result the euro was able to regain some lost ground. The GBP/USD also remained under the pressure. The pound fully copied the euro trading dynamics because the UK published any significant macroeconomic releases. The FOMC meeting went as expected - the QE-3 program was decreased by $10 billion as 9 out of 10 committee members expressed the view that the current macroeconomic situation was not balanced enough to think about the monetary policy tightening. Only Charles Plosser disagreed with this view, saying that the Fed turned a blind eye to the strong economic growth. The Japanese stock market, unlike its American and European colleagues shows an upward trend, storming the strong resistance levels. Together with the positive US GDP release for the 2nd 2014 quarter, we have witnessed the "bulls rally" on the USD/JPY. Euro (EUR) General Overview The euro fell against the dollar under the good U.S. economy data at the time when the own messages have not been able to support the EU economy. The euro support came after Fed sentiment reports to keep the monetary policy soft. This stopped the euro/dollar decline, but did not allow it to get rid of losses. The euro continues to decrease against the dollar at higher volumes. The trades still go on the descending channel direction which upper bound of 1.3380-1.3400 shows the price corrective growth. The price is finding the first support at 1.3360, the next one is at 1.3290. The price is finding the first resistance at 1.3420, the next one is at 1.3480. There is a confirmed and a strong sell signal. The price is under the Cloud and it is above 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 correcting. Trading recommendations The upward bounce potential target is 1.3420. If the price falls it will get to 1.3360. The way to the mark 1.3290 will be opened after this breakthrough. Pound (GBP) General Overview The sterling continued to be under the external information influence due to the lack of UK news and like other majors fell against the dollar the other day. It is possible that investors will continue to analyze the Fed data and resume expectations on the U.S. labor report which is likely to determine the lateral GBP/USD trading consolidation. The price went up to the trendline at lower volumes which speaks about the downward trend relief. The first 1.6900 mark retest did not bring any positive results for the bears. The price is finding the first support at 1.6860, the next one is at 1.6825. The price is finding the first resistance at 1.6900, the next one is at 1.6950. 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 If the pair does not break the level of 1.6860 down we expect the growth to 1.6950. Yen (JPY) General Overview The Japanese yen was the most vulnerable asset in the foreign exchange market and fell against all the main opponents the other day. Obviously, the U.S. news were the main influence factors in a dispute with the dollar tossed the pair up The customers managed to consolidate above two strong resistance levels of 102.23 and 102.70. The breakthrough of the last level of 102.70 upward allowed the price to get out of a six-month limit rectangle side. The price is finding the first support at 102.70, the next one is at 102.23. The price is finding the first resistance at 103.00, the next one is at 103.35. 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 consolidating. Trading recommendations We believe the growth will be continued now. The first target is the level of 103.00, the next one is 103.35. Franc (CHF) General Overview The data showed that the United States economy strongly accelerated in the second quarter, but growth is constrained by the Fed indication that the interest rates will remain on the same level. The sharp dollar rise led to the USD/CHF restoration to the new high in the last six months. The price is finding the first support at 0.9060, the next one is at 0.9035. The price is finding the first resistance at 0.9090, the next one is at 0.9130. 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 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 We advise to long with the first target - 0.9130. When the pair consolidates above the first target, we can open deals to the level of 0.9170.

"Fort Financial Services"- fundamental and technical analysis 31.07.2014 Fundamental analysis The market has already shown the directed activity and the U.S. dollar strengthened on all fronts. Apparently, investors "bought the rumor" expecting the U.S. economy good forecasts. The labor report prophecy affects the pair supporting the dollar growth interest. The data presented yesterday changed the U.S. currency optimism and noted the different trends direction. The Fed's decision announcement will become the final event which will decide the monetary policy future. The imminent tightening hints add acceleration to the dollar growth as its absence may trigger the stop and reducing correction. The IMF believes that if the UK inflation grows actively, the new BoE regulations on real estate market won't be effective to prevent the "bubble" formation and the Bank of England will have to tighten the monetary policy sooner than was predicted. The British economy analysis annual report from the IMF found the current BoE ultra soft policy acceptable, but it should be possible to correct it quickly in case of inflation acceleration. The IMF believes that the "cooling" of the housing market interest rate increase is necessary. During the Asian session, there were received much Japanese macroeconomic data which showed the unemployment rate within 3.7% compared with the predicted 3.5% and the region retail sales 0.4% compared with the expected 0.8%. This fact pressured the Japanese currency and lifted the dollar. Technical analysis Euro (EUR) General Overview The euro fell to new low against the dollar on yesterday's trading day. In the absence of any encouraging Eurozone news for the "bulls" on the euro, the euro has remained under the influence of continuing geopolitical risks, further ECB easing expectations and the rumors about the good U.S. economy results supported the dollar sentiment. The price is finding the first support at 1.3360, the next one is at 1.3290. The price is finding the first resistance at 1.3420, the next one is at 1.3480. There is a confirmed and strong sell signal. The price is under the Cloud and it is above 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 going down. Trading recommendations The price is likely to go to the downward trend line 1.3290. Pound (GBP) General Overview The British currency resumed its decrease against the dollar after two days of sideways consolidation. Perhaps the market didn’t find the BoE lending information enough encouraging which along with very good statistics showed some negative aspects. The pound was pressured by the U.S. economy strong data expectations and the political impulse related with the FOMC solutions emergence. There won't be any news on the pound so it will remain under the external information influence primarily from the United States. The price is finding the first support at 1.6900, the next one is at 1.6860. The price is finding the first resistance at 1.6950, the next one is at 1.7000. There is a confirmed and 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 We expect the level of 1.6880- 1.6900 testing soon. The potential growth target is the level of resistance 1.7000. Yen (JPY) General Overview The pressure on the yen was resumed by the dollar after a short break. The prospect of getting the good reports on the U.S. economy and the risk of hearing the Fed policy tightening imminent probability hints are more influential factors than the fears for worsening the geopolitical situation. The published consumer spending, unemployment and retail sales in June had no effect on the market. The employment and GDP good results will add support for the dollar, but it will mostly depend on the Fed’s information - the "pigeon" plan rhetoric will return the pair to the decrease. The price is finding the first support at 102.70, the next one is at 102.23. The price is finding the first resistance at 103.00, the next one is at 103.35. There is a confirmed and strong buy signal. The price is above the Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen show 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 After the trend line 101.60 breakthrough up the way to the resistance 103.35 is opened. Franc (CHF) General Overview The dollar touched its highest level for the last seven weeks against the major competitors in anticipation of the U.S. economic recovery. The employment report which is expected this Friday is expected to show the continued employment growth and the Fed's may leave the current monetary policy rhetoric. The price is finding the first support at 0.9090, the next one is at 0.9060. The price is finding the resistance at 0.9130, the next one is at 0.9170. There is a confirmed and strong buy signal. The price is above the Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen show 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 going up. Trading recommendations We advise to long with the first target - 0.9130. When the pair consolidates above the first target, we can open deals to the level of 0.9170.

"Fort Financial Services"- fundamental and technical analysis 30.07.2014 Fundamental analysis The major pairs held another session in a narrow range and ended the trading day a bit below their opening. The investors’ inactivity was understandable, due to the news absence that could push volatility to a growth; moreover, the market went into the week waiting period of important events, such as the FOMC meeting minutes, GDP data for the U.S. and the July world's largest economy labor report. This caused a weak trading between predetermined ranges. The news across the United States could not make the investors happy yesterday and their mixed results did not cause any severe reactions which could become the balancing effect result. The pending home sales release in the secondary market fell in June, with -1.1% m/m due to the expected growth of 0.5% m/m, while the Dallas Fed report issued the opposite trend - PMI in July improved to 12.7 vs. 11.4 earlier. Japan continued to demonstrate inflation growth in June which was shown by the official data. The price increase largely contributed to the increasing sales tax rates, conducted in April which should help the Japanese authorities to reduce the state budget deficit. The indicator value was at 3.4% in May. The Tokyo consumer prices rose on 2.8%, slightly higher than the forecast made by Reuters. The observed increase in price is largely due to the sales tax rate increase to 8%, conducted in April. Technical analysis Euro (EUR) General Overview The Euro stayed almost unchanged against the U.S. dollar and ended the session a bit below it had started the day. Obviously, the negative sentiment is caused by the additional easing expectations from the ECB that still fly in the area. The Eurozone did not release any significant news. We can mention only the Italy manufacturing sector confidence index in which fell to 99.7 in July against 99.9 in June, and made no impression on investors. The euro has been dropping down for the fifth week. The short-term consolidation development was replaced by the continuing downward trend which in its turn wasn’t supported by the trade volumes. The price is finding the support at 1.3360. The price is finding the first resistance at 1.3420, the next one is at 1.3480. There is a confirmed and strong sell signal. The price is under the Cloud and it is above 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 short-term consolidation below the resistance level of 1.3420 can be followed by the price bounce down. The potential target is the mark of 1.3360. Pound (GBP) General Overview The UK news vacuum and the news expectations from the United States impacted the GBP/USD during the trading day. The sterling did not change the range which had been formed in previous sessions. The pound most likely will continue to "drift" against the dollar due to the U.S. news expectations. The sellers could update the last week minimum 1.6950 to continue the downward trend. The side corridor formed within the daily chart on the levels of 1.7000 – 1.6960 was broken. The price is finding the support at 1.6900. The price is finding the first resistance at 1.6950, the next one is at 1.7000. There is a confirmed and 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 going down. Trading recommendations The main price target is the support level of 1.6900. Yen (JPY) General Overview The Japanese currency was no exception and also like other majors started to move against the dollar. The stock market activity and the U.S. debt market government gave some strength to keep growing. Moreover the pair got some drive from the traders’ expectations regarding the USA important events that upcoming this week. The break higher the strong support level of 101.60 was the signal for the rising trend continuation. The bounce from 101.60 level has led to the 102.23 downward trend line breakout. The price is finding the first support at 101.60, the next one is at 101.00. The price is finding the first resistance at 102.23, the next one is at 102.70. There is a confirmed and strong buy signal. The price is above the Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen show an upward 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 going up. Trading recommendations Despite the fact that the news had virtually no impact on volumes the 102.23 descending trend line breakout up in further perspective opens the way to the resistance level of 102.70. Franc (CHF) General Overview The U.S. dollar is strengthening its position against the franc in FOMC next meeting anticipation. The pair is close to the support area at 0.9060 which was the last time tested on the last fall. The Fed meeting records and the July employment report may support the U.S. currency may. The price is finding the first support at 0.9060, the next one is at 0.9035. The price is finding the resistance at 0.9090, the next one is at 0.9130. There is a confirmed and strong buy signal. The price is above the Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen show 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 We advise to open long positions with the first target - 0.9090. Once we break above this level we think that the level of 0.9130 will be the next one.

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"Fort Financial Services"- fundamental and technical analysis 29.07.2014 Fundamental analysis The dollar has completed a steady growth against its major rivals. The dollar index DXY basket closed at 81.04. The EUR/USD remained under pressure amid the negative macroeconomic statistics from the IFO institute. The July business climate indicator in Germany fell to the level of 108 which is the lowest for the last 8 months. The U.S. States presented a pleasant surprise to the traders - durable goods order volume data exceeded the forecasted medians which confirms the steady upward economy trend. The "Bearish" sentiment prevailed on the GBP/USD. The UK GDP release came out at the consensus forecast of 0.8% which was not able to support the demand for the pound. The investors expect a faster growth in the second quarter and as this has not happened - the "bulls" had to stay away from long positions opening. The euro/pound cross-course decrease held the bears’ attacks. The USD/JPY has ended the trading day within a narrow flat. Japan published the inflation data which went on 0.1% better than forecasted median. The oil price rise in June would not let loose the consumer price index. Nevertheless, the Japanese currency has ignored this release and we saw the pair’s symbolic fall. Technical analysis Euro (EUR) Overview The euro was quietly traded on the low having reached earlier. The euro sales impulse was given by the German IFO institute release which had shown a decrease concerning the trust in business. The support level of 1.3480 was broken down at lower volumes. The level breakthrough was followed by the price fixing. We expect the downward trend to be continued. At this time trades come in the narrow descending channel direction. The price is finding the support at 1.3420, the next one is at 1.3360. The price is finding the first resistance at 1.3480, the next one is at 1.3520. There is a confirmed and strong sell signal. The price is under the Cloud and it is above 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 recommendation The price is likely to go to the downward trend line 1.3360. Pound (GBP) Overview The British pound was traded in a narrow sideways range against the dollar and ended the day slightly lower, almost at the opening prices. Obviously, the unsatisfactory UK retail sales results in June, presented last Thursday, continued to put pressure on the sterling and as the technical factors caused the strong support for the GBP/USD supported the impulse. The British pound has been actively decreasing against the U.S. dollar for the last two weeks. The price fall touched the strong support level of 1.7000, approached at lower volumes which means the downward trend softening. The price is finding the first support at 1.6950, the next one is at 1.6900. The price is finding the first resistance at 1.7000, the next one is at 1.7050. There is a confirmed and 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 recommendation After the trend line 1.6950 breakthrough down the way to the support 1.6900 will be opened. Yen (JPY) Overview The Japanese yen was under pressure from the dollar. The Japan stock market optimism which raised the Nikkei on 1.13% supported the pair, but the final result was less impressive - the pair fell and closed the trading day with only a slight increase. The last week short-break turned out to be a false one. The buyers managed to lift the price above of 101.60 once again The U.S. dollar corrective strength against the Japanese yen was met by the downward linear trend 102.23. The trend line is quite strong, it has been touched three times and has never been broken. The price is finding the first support at 101.60, the next one is at 101.00. The price is finding the first resistance at 102.23, the next one is at 102.70. There is a confirmed and strong buy signal. The price is above the Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen show ahorizontal 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 recommendation The downward movement will be continued. The pair may go to 101.00 soon. Franc (CHF) Overview The Franc fell significantly against the dollar strengthening. The dollar index rose to almost one-month high amid the U.S. economic recovery signs The price is finding the first support at 0.9035, the next one is at 0.9000. The price is finding the resistance at 0.9060, the next one is at 0.9090. There is a confirmed and strong buy signal. The price is above the Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen show 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 recommendation We advise to long with the first target - 0.9060. When the pair consolidates above the first target, we can open deals to the level of 0.9090.

"Fort Financial Services"- fundamental and technical analysis 28.07.2014 Fundamental analysis The EUR/USD consolidates near the strong resistance level of 1.3476. The Markit Economics published the manufacturing sector PMI in France and Germany. The reports showed the mixed trend. The France figure has been decreasing for four consecutive months, indicating the structural problems presence. The Germany release was better than the forecasted medians signaled to the market that the Germans will pull the whole Eurozone economy. The neutral background and the short oversold euro/dollar pushed "bears" to feel comfortable to take profits on the short positions. The UK retail sales release went on 0.1% below the consensus forecast, but it was enough to the "bears" to disperse the GBP/USD below the 70th figure. The wages reduction has a strong negative impact on a consumer confidence in the short term developing the negative impact on the inflation. Apparently, the market participants are already tired of the pound high rate and begin to open the short positions in the first successful opportunities. The Japan and the United States stock markets continue to enjoy a support from the investors which increases the demand for the USD/JPY. Even the negative macroeconomic statistics from the U.S. new buildings sales could not spoil the "bulls" mood - the primary market sales in June fell by 8.1%. But it is difficult to judge the U.S. consumer confidence weakness strength on the one negative report. Technical analysis Euro (EUR) Overview The single European currency has shown a resistance to pressure from the dollar and could strengthen against its other major opponents. On the week the euro gave the growth to the pound and the yen, but closed almost at the opening prices with greenback. The grown up interest in the single currency was due to an unexpectedly strong data on the activity in the Eurozone economy and its leading countries. The last week trading on the euro/dollar went below the intermediate resistance level 1.3480. The short-term level break which occurred was false. The price returned beyond the level, continuing to trade in the direction of the downward trend. The price is finding the support at 1.3420, the next one is at 1.3360. The price is finding the first resistance at 1.3480, the next one is at 1.3520. There is a confirmed and strong sell signal. The price is under the Cloud and it is above 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 approach to the level of 1.3480 may lead to the price rebound down. The potential rebound target is the support level of 1.3360. Pound (GBP) Overview The British pound was a less attractive asset and having continued its decrease against the dollar and other majors last week. The negative sentiment was caused by the BoE minutes and the UK retail sales in June. The pound has been in the downward trend for more than one week. The strong support level of 1.7000 breakthrough in the long term opened the way to the level of 1.6950 which has not been worked out yet. The price is finding the first support at 1.6950, the next one is at 1.6900. The price is finding the first resistance at 1.7000, the next one is at 1.7050. There is a confirmed and 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 We expect the level of 101.60 testing soon. The potential decrease target is the level of support 1.6900. Yen (JPY) Overview The yen also fell against the dollar last week. The yen strengthening amid the Japanese stock market fall in the Asian session was interrupted on the European session. The dollars buying impulse for the yen was given by the U.S. economic data indicated the labor market good trend and the renewed decrease in the U.S. "Treasuries" yields. The break of 101.60 resistance enabled the buyers to revise the dollar upward to the next level, located at around of 102.23. The price is finding the first support at 101.60, the next one is at 101.00. The price is finding the first resistance at 102.23, the next one is at 102.70. There is a confirmed and strong buy signal. The price is above the Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen show an upward movement and form a “Golden cross”. The up ward movement will be until the price is above the Cloud. The MACD indicator is in a positive territory. The price is going up. Trading recommendations Currently, the price is trading above the resistance level 101.60 which has already become the support. The approach to 102.23 may lead to the price rebound down. The potential rebound targets are the level of support 101.60, 101.00. Franc (CHF) Overview The U.S. dollar maintained its position against the franc. The dollar gained a support after the data published last week and showed that the initial jobless claims in the U.S. fell to the lowest level in more than eight years on last week. The price is finding the first support at 0.9035, the next one is at 0.9000. The price is finding the resistance at 0.9060, the next one is at 0.9090. There is a confirmed and strong buy signal. The price is above the Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen show 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 We advise to long with the first target - 0.9060. When the pair consolidates below the first target, we can open deals to the level of 0.9090.

"Fort Financial Services"- fundamental and technical analysis 25.07.2014 Fundamental analysis The EUR/USD was traded within a narrow range during the past days. On the background of an empty calendar macroeconomic the market participants haven’t taken a wait and traded quite sluggish. The 10-year U.S. bonds yields decrease as the important factor for the Forex also acts as a deterrent to continue the bearish trend. The last BoE meeting publication caused the GBP/USD sale. The monetary regulator statement on "the wage dynamics weakness increases uncertainty about the unused resources volume" refers to the outlook risks for economic growth as the monetary authorities do not rush to raise the interest rates. Against this negative background the traders got rid of the pound. The absence of macroeconomic statistics from Japan and the United States forced the traders to refrain from the USD/JPY active trading. The world's leading stock exchange decrease also pressures the pair, but then the dollar managed to regain lost ground amid the U.S. stock market rising. Technical analysis Euro (EUR) Overview It seems that investors decided to take time out and stopped the euro active selling. The euro stayed without changes against the dollar and actually concluded the session at the starting positions. The European newsflow bloc wasn’t rich enough to support the euro as it hadn’t received any support. The trading session was relatively sluggish. The downward trend is still more than relevant. The price is finding the support at 1.3420. The price is finding the first resistance at 1.3480, the next one is at 1.3520. There is a confirmed and strong sell signal. The price is under the Cloud and it is above 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 pair is close to the strong resistance 1.3480. If the pair doesn’t bounce from it we expect the fall to 1.3420. Pound (GBP) Overview The yesterday auction started with the euro replacing the British pound, taking the place of the most vulnerable currency. The sterling fell against all opponents after the BoE minutes publication which does not meet the investors' expectations on the quick recovery rates likelihood increase. The BoE announced the all committee members consensus on the current policy maintaining and uncertainty regarding the first interest rate increase timing. The fundamental data for GBP deployed the upward trend down. The volume crashed the strong support level breakthrough with trendline rise to 1.7050. Then the pair started the level of 1.7000 testing. The price is finding the first support at 1.6950, the next one is at 1.6900. The price is finding the first resistance at 1.7000, the next one is at 1.7050. There is a confirmed and 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 The pair can go to the support level of 1.6950. After breaking it the pair may go to 1.6900. The bounce upwards is possible to the level 1.7050. Yen (JPY) Overview The Japanese yen held the multidirectional consolidation against the dollar and closed the trading with a minor flaw. Probably, the absence of the express preferences in the stock markets and the U.S. market government debt influenced the pair while the U.S. released any sensitive information. The price is finding the first support at 101.00, the next one is at 101.00. The price is finding the first resistance at 102.23, the next one is at 102.70. There is a non-confirmed and strong buy signal. The price is above the Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen show an upward movement and form a “Golden cross”. The up ward movement will be until the price is above the Cloud. The MACD indicator is in a neutral territory. Trading recommendations We believe the growth will be continued now. The first target is the level of 101.80. If the pair breaks this level it may go to 102.23. Still the bears can return and pressured the pair down below 101.50. Franc (CHF) Overview The Swiss franc is trading in a range. The head of Swiss National Bank Jordan said that the franc is still too overrated. The June inflation in the U.S. rose by 0.3%, in line with expectations, emphasizing the view that the economy is still improving. The price is finding the first support at 0.9000, the next one is at 0.8950. The price is finding the resistance at 0.9035, the next one is at 0.9060. There is a confirmed and strong buy signal. The price is above the Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen show 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 We advise to long with the first target - 0.9035. When the pair consolidates above the first target, we can open deals to the level of 0.9060.

"Fort Financial Services"- fundamental and technical analysis 24.07.2014 Fundamental analysis The dollar continued to strengthen against its major rivals. The DXY dollar index finished trading at around 80.78. The pair EUR/USD was bearish against the positive macroeconomic statistics from the United States publication. The June inflation showed a growth to the level of 2.1% year on year and it shows the growth to the Fed target level for three months in a row. This release only inflames the debates on the earlier interest rates increase by the FOMC which will support the dollar. The GBP/USD will be under the pressure and the only thing that can cheer up the "bulls" is the strong report from the CBI industrial orders in July. However, this release came out much worse than consensus-forecast and after the USA inflation data we can see the pound sales. Only the pair cross-course restrained the "bears" pressure and did not allow the pound to test the psychological level of 1.7000. The positive macroeconomic statistics on the inflation and the real estate market in the United States in conjunction with the price increase on the world markets stocks maintained the USD/JPY demand. However, after the European foreign exchange market participant's departure the bullish enthusiasm began to fade as we observed profit-taking on the long positions. Technical analysis Euro (EUR) General Overview The euro was the most vulnerable instrument and fell. The euro was pressured by the mood prevailing on the further easing expectations in the ECB policy and the understanding that the European economy is exposed to the greater risks due to the events in Ukraine. The sellers have not stopped at the support level of 1.3520. The price’s continued consolidation has led to the downward trend continuation. Besides the trading volumes actively support the euro decrease against the U.S. dollar. The price is finding the support at 1.3420. The price is finding the first resistance at 1.3480, the next one is at 1.3520. There is a confirmed and strong sell signal. The price is under the Cloud and it is above 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 recommendation The downward movement will be continued. The pair may go to 1.3420 soon. Pound (GBP) General Overview The pound left a narrow. Obviously, the market wasn’t in a hurry to take a decision on the pair, expecting information from the BoE last meeting minutes which can show - the power balance change among the Monetary Committee members on the policy tightening issue. The third retest of the support level of 1.7050 for the past three days shows the sellers’ great interest to continue the downward trend. However, the upward trend is still relevant due to the fact that the retest was followed by permanent bounces up. The price is finding the first support at 1.7000, the next one is at 1.6950. The price is finding the first resistance at 1.7050, the next one is at 1.7115. There is a confirmed and 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 histogram is in a negative territory. The price is going down. Trading recommendation The potential growth target is the resistance level of 1.7115. Yen (JPY) General Overview The Japanese yen like the sterling, recorded a small loss against the dollar. The yen decrease in the Asian session amid the Japan rising stock market wasn’t performed well due to the same geopolitical tensions and the renewed U.S. "Treasuries" profitability fall. The resistance level of 101.60 retest was followed by the volume, but the buyers are not able to continue the dollar strengthening against the yen. The price is finding the support 101.00. The price is finding the first resistance at 101.60, the next one is at 102.23. There is a confirmed and 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 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. Trading recommendation The upward bounce potential target is the level of 101.60. The pair can consolidate in the area of 101.20 – 101.00. Franc (CHF) General Overview The dollar rose against the Swiss franc. The U.S. currency held the near six-week high against the other major currencies basket after the data showed that the U.S. consumer price inflation rose in June, broadly in line with expectations. The price is finding the first support at 0.9000, the next one is at 0.8950. The price is finding the first resistance at 0.9035, the next one at 0.9060. There is a confirmed and strong buy signal. The price is above the Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen show 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 recommendation We advise to long with the first target - 0.9035. After the trend line 0.9035 breakthrough up the way to the level of 0.9060 will be opened.