USD OUTLOOK by James Weiss, Managing Director-CCM
www.clearviewcap-fx.com
Economic Data
MONDAY May 26
-US Memorial Day Holiday
TUESDAY May 27
-US May Consumer Confidence - 10:00 am
-US Apr Existing/New Home Sales - 10:00 am
-Euro Mar Balance Of Payments
WEDNESDAY May 28
-US Weekly Oil and Gas Inventories
-US Apr Durable Goods Orders - 8:30 am
THURSDAY May 29
-US Weekly Jobless Claims - 8:30 a.m.
-US Q1 GDP - 8:30 am
-Brazil Q1 GDP
-Japan Apr Industrial Production
-Korea Apr Industrial Production
FRIDAY May 23
-US Apr Personal Income - 8:30 am
-US May Michigan Sentiment Survey - 9:45 am
-US May Chicago Purchasing Managers` Index - 10:00 am
-Japan Apr Employment Figures
-Canada Q1 GDP
EURUSD

eur-usd pullback to see the 1.1800 and 1.1770 levels offering support and provide buying opportunity for further upside test towards 1.1886, high of 04-jan-99. This is measuring objective of the breakout from the 1.1745/1.1605 consolidation pattern seen last week.

USDCHF
usd-chf rebound ahead of the 1.2842 low of last week keep trade range bound with upside seeing 1.3045/56, high last week and gap area, key. Minor play favoring up ticks back to test the 1.2950/60 area initially and above here will allow for retest of the 1.3000 level.

USDJPY

CCM sees usd-jpy: caught in tight band of 116.75 to 117.05 with intraday bias skewed to the downside. Look to sell lift toward the upper end of this band with tight stop at 117.10. Drop below 116.75 to threaten retest of 116.55 with break here to trigger deeper falls.

GBPUSD

gbp-usd still struggles to sustain probes above the 1.6400 level Friday has seen 1.6470 high of 21-may going unchallenged. Trade is expected to remain choppy though risk is seen on the downside for test/break below 1.6310/05 support. Favors sell on break here or nearer 1.6400 levels.

EURGBP
eur-gbp: corrective pullback from intraday high of 0.7247 holding the initial hourly congestion support at 0.7203 and current long position is seeking a hold above latter to prevent deeper retreat to 0.7188. The cross still maintains a The Bullish tone still seen on daily chart with flag target seen at 0.7268.

us dollar
eur-usd
buy on dips target 1.1886 stop at 1.1740
usd-jpy
sell at 116.95 target 116.55 stop at 117.10
gbp-usd
flat awaiting clearer near-term signals
usd-chf
range trade within 1.3000-1.2880 area









crosses
eur-jpy
buy at 137.60 target 138.50 stop at 137.30
eur-gbp
long at 0.7205 target 0.7262 stop at 0.7185
eur-chf
long at 1.5180 target 1.5300 raised stop 1.5210
gbp-jpy
long at 191.10 target 192.40 stop at 190.60