EUR/USD: (1.4669) New recovery high above channel from 1.3832 (see graph)

Forex Technical Analysis

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New recovery high above channel off 1.3832 (see graph) and trying to extend above the inverted channel top off June low (1.4663 today).
Support area at 1.4621/ .4606 (daily Short Term Moving Average↑ + break-up hourly/ daily envelope bottom + break-up hourly), with next levels at 1.4561 (reaction low hourly), ahead of ahead of 1.4515/ .4505 (reaction lows hourly).
1.4448 = daily Medium Term Moving Average↑: ideal area to stay above to keep current short term mood intact on €.
Resistance at 1.4686/ .4699 (current recovery high off year low/ daily Bollinger top), ahead of 1.4719/ .4726 (Dec 18 2008 high + neckline of massive daily Double Bottom/ daily envelope top), where pause favored.
If wrong, next levels at 1.4739/ .4748 (broken monthly Uptrendline off Feb 2002 low + broken weekly Uptrendline off 2002 low/ weekly envelope top) and 1.4762 (broken weekly Uptrendline off March low): tough on 1st attempts, amid overbought readings and threat of bearish divergences in the making.

USD/JPY: (91.12) Back above channel off 97.79

EUR/GBP: (.8912) New recovery high on break back above channel top off .8458

EUR/JPY: (133.65) Back above channel off 138.72

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Published On Wed, Sep 16 2009, 06:09 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.