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Bank Recomendations

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Banking Recommendation Technical's

Thu, Sep 25 2008, 12:24 GMT
by Benny Menashe

Finotec Group Inc.


KAREN JONES, CBCM

EUR/USD: "The euro spent yesterday consolidating its gains. Near term potential remains for this move to extend to its interim target area of $1.4910/1.5000, which is likely to provoke some profit taking (50 percent retracement of the move down from $1.6040 plus the 55 week moving average). Meanwhile near term dips lower will ideally be contained by $1.4635/1.4490. Failure here would imply immediate upside pressure was waning and the market likely to retest $1.4367/1.4240."

USD/JPY: "We regard recent strength as a 'return to point of break out' from its previous 6 month uptrend (see chart). This has now reverted to resistance and is located at 108.40 yen. This resistance is reinforced by its 4 week resistance line at 107.63. Price action is regarded as negative and we look for failure shortly. Slightly longer term we continue to label 110.66/the August 2008 high as an interim top as the market indicates to break 102.55 and exposed psychological support at 100.00 for new lows below 95.71/the March 2008 low."


STANDARD CHARTERED

EUR/USD: "EUR-USD looks consolidative for the time being ahead of $1.4960 and even more critical resistance at $1.5210. Technical’s suggest renewed weakness to $1.3880/50 and then $1.3060/55 over the next three months."


UBS

EUR/USD: "Trend remains bullish; bull trigger at $1.4866 - a move beyond this would expose $1.4908/60. Downside risk limited to $1.4580."

GBP/USD: "Near term trend remains up, scope for fresh gains beyond $1.8640 to open $1.8794. Support at $1.8472, with broader recovery intact above $1.8265."

USD/CHF: "Abrupt setback from 1.1055 francs casts heavy tone to the pair -- only 1.1055+ price action would relieve downward pressure on 1.0691 -- break here would open 1.0550."

EUR/JPY: "Break of 156.84 is required to trigger extended gains towards 157.70. Key support 153.82 -- intraday support 154.48."


Finotec  | Global financial trading center, 1 Grivas Digheni and Chrysanthou, 3035 Mylona P.O.B 58007, Limassol
http://www.finotec.com/ | support@finotec.com

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FINOTEC Trading’s Market Commentaries are provided for informational purposes only. The information contained within these reports is gathered from reputable news sources and not intended as investment advice. FINOTEC Trading assumes no responsibility or liability from gains or losses incurred by the information herein.

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