Currency Trading at www.Elite-Trading-Corp.com

The breakwater has finally given way for the yen crosses.

The sharp decline in the Yen crosses confirms the significance of the tops that occurred in early June. Much more downside is expected in the weeks and months ahead but the decline will not be in a straight line. A period of consolidation is likely and will present the next shorting opportunity.

The Swiss franc initially fell against the majors after the Swiss State Secretariat for Economic Affairs said that the nation’s unemployment rate jumped to a four-year high of 3.8 percent (seasonally adjusted) in June, from 3.5 percent. The data suggests that the recessions plaguing the economies of the Euro-zone, Switzerland’s biggest trade partner, is hurting Swiss businesses, and rising layoffs will ultimately impact domestic demand as well. Meanwhile, the euro was also a laggard for the most part, as the annual rate of Euro-zone GDP growth for Q1 was revised down to record low of -4.9 percent from -4.8 percent as investment fell 4.1 percent and exports plummeted 8.8 percent

The British pound was one of the weakest major currencies, which has been somewhat of a trend over the past few days as speculation about the outcome of Thursday’s Bank of England meeting builds. Today, Lloyds Banking Group’s UK Halifax house price index said that home prices unexpectedly fell by 0.5 percent in June to an average value of 157,713 pounds.

•??? British Pound Plunges as UK Industrial Output Unexpectedly Contracts •??? Swiss Franc Remains Range-Bound vs. Euro, SNB Intervention Risk Looms •??? Australian Dollar Down with Carry Trades, RBA Signals Potential for Further Rate Cuts •??? Canadian Dollar Drops Despite Jump in Canadian Ivey PMI, Building Permits US Dollar, Japanese Yen Surge as DJIA, S&P 500 Tumble to Key Levels - G8 Summit Adds to Event Risk The US dollar and Japanese yen both saw extremely choppy price action, and ultimately ended the day up against the majors as risk aversion drove FX carry trades and equities lower. However, where the S&P 500 and DJIA closed leave very mixed signals, as daily charts of both indices show head and shoulders patterns, but the former ended the day just above its neckline of 880, while the latter made a bearish break below its neckline at 8260.

- US Dollar Retraces Gains, Japanese Yen Up as Risk Appetite Remains on Edge - British Pound Tumbles Amidst Speculation BOE Will Expand UK Quantitative Easing Program - Canadian Dollar to Face Ivey PMI on Tuesday - Swiss Franc Remains Range-Bound vs. Euro, SNB Intervention Risk Looms Australian Dollar Rebounds Ahead of Key Reserve Bank of Australian (RBA) Rate Decision The Australian dollar staged a solid comeback through the second half of the US trading session as the currency retraced most, if not all, of its losses from the European trading session against the US dollar and Japanese yen

The NZDUSD decline from .6550 is in 5 waves and suggests that the trend has turned down.? A corrective advance is underway now and price is approaching the 50% retracement of the 5 wave decline, which is at .6395.? The 61.8% is at .6430.? Expect resistance at one of these levels.? Hourly RSI is above 70 right now, so the rally may be stretched.??

Notice to FXCM LLC (FXCM U.S.) Traders: How to use Stops and Limits after July 31 For Immediate Release: Media Contact: Jaclyn Sales, jsales@fxcm.com New York July 6, 2009 FXCM Holdings , has received numerous questions after our first e-mail regarding the new NFA Compliance Rule 2-43(b). Please note that you will be able to use entry orders to place stops and limits after July 31, 2009. Entry orders provide the ability to realize profits and cut losses.

•?US Dollar, Japanese Yen Mixed on Low-Volume Trading •?Swiss Franc Remains Range-Bound vs. Euro as Swiss CPI Signals Deflation •?Australian Dollar, Canadian Dollar Retrace Some of Thursday’s Losses - Commodity Dollars Face High Event Risk Next Week Euro, British Pound Lag as Euro-zone, UK Data Highlight Lingering Recession The euro and British pound were some of the weakest currencies on Friday as economic data added to evidence that the recessions plaguing the Euro-zone and UK have yet to truly let up

New Zealand Dollar Selling Ahead If Stock Markets Turn Lower Fundamental Outlook for New Zealand Dollar: Bearish -?New Zealand Trade Deficit Narrows as Imports Fall Most in 16 Years -?Candlesticks Point to Bearish Reversal as NZDUSD Breaks Channel Support The New Zealand Dollar may see considerable selling pressure in the coming week as a downward reversal in global risk appetite weighs on high-yielding and commodity-linked currencies.