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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."

Published on  Thu, Sep 25 2008, 12:28 GMT