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EUR: Buy at 1.4395, adding to 1.4255; stop below 1.4140

Mon, Sep 15 2008, 07:05 GMT
by Nicole Elliott

Mizuho Corporate Bank


EUR

Comment: A massive ‘spike low’ and ‘doji’ on the weekly chart, gapping higher today, as we recover from the sharpest ever sell-off. We ought to see follow-through to this move this week allowing the Euro to recover towards 1.4900.

Strategy: Buy at 1.4395, adding to 1.4255; stop below 1.4140. Short term target 1.4700, then 1.4900.


EUR/JPY

Comment: Yen crosses are taking a breather as we let other currencies catch up. We continue to expect consolidation today, and maybe all week, as we prepare for another massive slide later this month.

Strategy: Sell at 152.30; stop well above 153.60. Short term target 150.85, then 149.75 again.


GBP

Comment: Bouncing strongly from very oversold levels. Expect more follow-through today as we rally towards retracement resistance and the 26-day moving average at 1.8350.

Strategy: Buy at 1.8110, adding to 1.7935; stop below 1.7750. Short term target 1.8300, then 1.8600.


JPY

Comment: Gapping lower in holiday-thin markets as we break below the Ichimoku ‘cloud’. This is very thick and should cap prices this week, bearing down over the coming month, as financial markets unravel quickly. Think, evaluate carefully, move tactically, and remember, cash is king.

Strategy: Sell at 105.85, adding to 106.70; stop well above 107.25. Short term target 105.50/105.25, then 104.00 and the 103.25


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Mizuho Corporate Bank  | 1-3-3, Marunouchi, Chiyoda-ku, Tokyo 100-8210
http://www.mizuho-cb.co.uk | Nicole.Elliot@mhcb.co.uk

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