EUR/USD: (1.2887) Inverted channel bottom off 1.3385 held (see graph)

Forex Technical Analysis

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Inverted channel bottom off 1.3385 held and currently above 1.2759 (neckline Short Term Double Bottom: potential at 1.2963 and 1.3005).
Support area at 1.2827 (break-up hourly), with next levels at 1.2780 (today’s low?), ahead of 1.2727/ .2705 (daily envelope bottom/ daily Short Term Moving Average↑), where pause favored.
If wrong, next levels at 1.2637 (reaction low hourly), ahead of 1.2553/ .2549 (daily Bollinger bottom/ weekly envelope bottom) and 1.2513 (current reaction low off 1.4719): tough on 1st attempts.
Resistance at 1.2935/ .2947 (daily envelope top/ today’s high?), with next levels at 1.2963 (see above), ahead of 1.3005/ .3013 (see above/ weekly envelope top + daily Long Term Moving Average↓): tough on 1st attempts.

USD/JPY: (93.01) Tested Flag top off 87.10

EUR/GBP: (.8884) Trying to extend back below Long Term channel off .7694

EUR/JPY: (119.92) Currently Testing channel top off 131.03

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Published On Mon, Feb 23 2009, 06:41 GMT

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KBC Bank

http://www.kbc.be/dealingroom

piet.lammens@kbc.be

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This non-exhaustive information is based on short-term forecasts for expected developments on the financial markets. KBC Bank cannot guarantee that these forecasts will materialize and cannot be held liable in any way for direct or consequential loss arising from any use of this document or its content. The document is not intended as personalized investment advice and does not constitute a recommendation to buy, sell or hold investments described herein. Although information has been obtained from and is based upon sources KBC believes to be reliable, KBC does not guarantee the accuracy of this information, which may be incomplete or condensed. All opinions and estimates constitute a KBC judgment as of the data of the report and are subject to change without notice.