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Bank Recomendations

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Euro/sterling correction underway− SEB

Fri, Jan 2 2009, 10:02 GMT
by Benny Menashe

Finotec Group Inc.

SEB

• EURO/DOLLAR: "The rejection of the 61.8 percent Fibo point on Dec 30 has now been followed by a violation of $1.3902, adding a lot of confidence of further downside pressure. The $1.3450/75 area now stands as the next ideal stronger support and has a high probability of being tested shortly."

• EURO/STERLING: "As the pair reached the next target, 98.10 pence, on Dec 29 the risk turned for a downside reaction. The warned-of correction has now begun, breaking below its shorter support line, underpinned by a bearish divergence in stochastic. The first firmer support is located around 92.80 pence. Above 96.80 pence the reaction will be over and done".

• EURO/YEN: "Even though the pair has fallen back from the upper end of the flag, it hasn't fallen below the 123.73 yen support, the point which if/when taken out calls for a test and break of the lower boundary. So until such a break takes place there is still a possibility that we will see one more and final high".

UBS

EURO/DOLLAR: "Sharp setback from $1.4719 pressuring cluster of support between $1.3824, Dec 19 low and $1.3806, the 38.2 percent retrace $1.2329-1.4719. Break of latter would expose $1.3629".

DOLLAR/YEN: "Recovery from 89.53 yen returns focus to 91.98 yen, although this needs to give way to relieve pressure on 89.53 yen and 88.43 yen".

STERLING/DOLLAR: "Recovery from $1.4351 encouraging, but move beyond $1.4827 and ideally $1.5193 necessary to alleviate the broader bear threat."

Published on  Fri, Jan 2 2009, 10:05 GMT