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Support at 132.85 yen underpins from an interday perspective

Mon, Apr 6 2009, 13:12 GMT
by Benny Menashe

Finotec Group Inc.

CBCM

DOLLAR/YEN: "Focus remains on the 99.70 yen early March 09 high (intraday high at 100.15), which remains the weekly close barrier to a 100.55/101.65 extension of the intermonth uptrend. Support 98.70 (initial 99.45/10) underpins price from an interday perspective."

EURO/DOLLAR: "Yesterday's recovery through the $1.3345 resistance forces us to revert to a neutral near term stance within the $1.3115-$1.3740 interweek range extremes. That said, we will retain our underlyingly negative interweek bias whilst the intermediate $1.3520/$1.3590 resistance zone caps, with a subsequent move lower through $1.3115/00 regarded as the weekly close trigger for a move towards the $1.2950/1.2760 retracement zone (61.8/76.4 percent of the $1.2460-1.3740 advance)."

DOLLAR/SWISS FRANC: "We will retain our constructive bias whilst support at 1.1310/1.1285 franc underpins, with an extension of the retracement rally through 1.1550/70 (initial intraday resistance 1.1465) targeting the 1.1665/1.1780 retracement levels (61.8/76.4% of the 1.1967-1.1166 decline)."

EURO/STERLING: "The outlook is negative, with price poised to generate a weekly close beneath the 91.45 pence support (confirming the major correction high at 94.80) and extend its sell-off towards the 90.60, 89.60 then 88.35 levels. Resistance at 91.75 should now cap any corrective intraday rallies. The 86.40 February 2009 low is targeted from an interweek perspective."

STERLING/DOLLAR: "The interday rally has propelled price back up to the strong $1.4730/80 resistance zone (interweek range high and $1.4780 late March 09), which is regarded as the weekly close barrier to a $1.4975 then $1.5310 move. A failure of the local $1.4620 support would shift the near term outlook to a neutral stance within the converging $1.4250-1.4780 interweek range."

EURO/YEN: "Support at 132.85 yen underpins from an interday perspective, with a sustained breach (weekly close) of the 134.55 March 09 high (note also the close proximity of the 134.20 long term retracement level, i.e. 38.2 percent of the July 08-Jan 09 decline) opening the way for a 138.15/141.00 extension of the intermonth uptrend."

EURO/SWISS FRANC: "The interday risk shifts back to the topside, with yesterday's recovery through the 1.5200 franc channel top (now supporting) confirming the correction low at 1.5065 and targeting 1.5300/1.5355 en route to the 1.5440 March 09 high."

Published on  Mon, Apr 6 2009, 13:13 GMT