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Bank Recomendations

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Eyes euro/dlr target of $1.3950

Tue, Dec 16 2008, 10:39 GMT
by Benny Menashe

Finotec Group Inc.

TRL INDEX

EUR/USD: "The euro's again rallied nicely and looking for advance to extend onto $1.3770 enroute to $1.3900/1.3950 target before exhaustion."

USD/JPY: "Dollar has reacted as anticipated and still opportunity for a deeper reaction toward the mid 89.00's (yen) -- before recovery resumes."

GBP/USD: "Sterling's rallied nicely and looking for rally to extend toward resistance around $1.5485, $1.5585/5650 max before exhaustion."

USD/CHF: "The dollar's sold off to my 1.1580 franc target and looking for sell-off to extend toward the 1.1500 level enroute to 1.1430 target."

CBCM

EUR/USD: "The euro has continued to accelerate higher and has reached and exceeded our near term target of $1.3670 -- this is the measurement higher from the symmetrical triangle. The market has rallied to its next resistance at $1.3750, the 38.2 percent retracement of the move down from July. We would allow some near-term consolidation but look for dips lower to be contained by $1.3460/30. The market looks set to extend higher -- treating the pattern as a base below $1.3080 offers an additional upside measured target to $1.3830."

USD/JPY: "USD/JPY has recently spiked down into 13-year lows. This price action looks exhaustive however the market has not managed to regain 91.70/92.00 yen and as a consequence looks set to retest a key chart juncture at 88.35, 87.30. This represents a multitude of downside targets, which includes the base of a 2-year downchannel. "The market needs to sustain a break above 92.00 in order to alleviate immediate downside pressure to retarget the 93.52/20 day moving average then downtrend resistance at 95.56."

USD/CHF: "The USD/CHF yesterday eroded its 55 day moving average and sold off towards its 5 month support line at 1.1529 francs. The top pattern offers a downside measured target to 1.1510 and this co-incides well with uptrend and we would allow for this to hold the initial test. The daily RSI has broken lower and adds weight to idea that the market is likely to remain under pressure however."

GBP/USD: "The market's recent break into 5 year lows was not confirmed by the short, medium and long term Relative Strength Indicators and currently the market is correcting higher. The market has already eroded $1.5260, the September low and we look for gains to extend to $1.5510, the November high and then $1.5810/85, the 23.6 percent retracement of the move down from the July peak and 55 day moving average. The market should find intraday support at $1.5125, $1.5030."

Published on  Tue, Dec 16 2008, 10:44 GMT