EUR/USD: (1.4542) Back in channel 1.3832 and currently below 1.4611

Forex Technical Analysis

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Next report should be on Oct 06

Drop from 1.4845 (bearish Dark Cloud) puts the pair back in channel off 1.3832 and currently below 1.4611 (see graph)
Support area at 1.4502/ .4497 (reaction low hourly/ 1st target off 1.4611), with next levels at 1.4475 (daily Long Term Moving Average↑) and 1.4468/ .4462 (daily envelope bottom/ daily Uptrendline off March low).
1.4438/ .4418 = break-up hourly/ daily Bollinger bottom: tough on 1st attempts.
Resistance at 1.4585/ .4597 (reaction high hourly + daily Short Term Moving Average↓/ daily envelope top), with next levels at 1.4620 (daily Bollinger midline) and 1.4662 (daily Medium Term Moving Average↓), where pause favored.
If wrong, next levels at 1.4721 (current week high), ahead of 1.4742/ .4766 (reinstalled inverted daily channel top off June low/ breakdown hourly) and 1.4821/ .4845 (daily Bollinger top + broken monthly channel bottom off 2002 low/ last week high + Equality C wave off 1.2457): tough on 1st attempts amid bearish divergences.

USD/JPY: (89.42) Retested broken channel top

EUR/GBP: (.9140) Below Uptrendline off .8769

EUR/JPY: (130.03) In Falling Wedge pattern

Download Full Forex Technical Analysis

Published On Fri, Oct 2 2009, 05:59 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.