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EURO/DOLLAR: "We retain a bull bias in EUR/USD 23/12/2008

Mon, Dec 29 2008, 07:44 GMT
by Benny Menashe

Finotec Group Inc.


JPMORGAN

EURO/DOLLAR: "We retain a bull bias in EUR/USD, viewing this price action under $1.47 as a fourth wave while our trend indicators hold, which provide support at $1.3870 today".

DOLLAR/SWISS FRANC: "Resistance in USD/CHF today runs from 1.1025-1.1115 chf."

STERLING/DOLLAR: "Any sudden lurch down to between $1.45 and $1.40 we believe is a good risk/reward buying opportunity".


SEB

EURO/DOLLAR: "No strong directional’s ahead of the opening today and an open mind still looks best. Below $1.3900 is thought to pressure support at $1.3800 +/-20 pips, while above $1.4125 would point at $1.4180".

DOLLAR/YEN: "Yesterday's close was printed high enough to pressure falling resistance. An upper range extension this morning would add near-term bullish leads, suggesting further advance to test the Dec 12 high of 91.60 yen. But the move higher has been slow and corrective, so if back below 89.50 yen, the Dec 19 b-wave low of 88.40 yen would become exposed".

STERLING/DOLLAR: "The uptick yesterday morning was cut short and a new low was scored again, thus upholding pressure on the Dec low of $1.4465. Above $1.5000 is needed to become less near-term bearish on the pair. Over $1.5185 it could be concluded that the move this week and last was a steep correction and a more short-term bullish stance may be adopted".


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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