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Euro/dollar upside intact for now

Tue, May 12 2009, 12:28 GMT
by Benny Menashe

Finotec Group Inc.


UBS

EURO/DOLLAR: "Setback from $1.3668 corrective while $1.3343 holds, keeping our focus on $1.3736 mid-March high."

DOLLAR/YEN: "Heavy sell-off breaks below 97.94 yen and 97.15 yen, opens 96.39 yen -- trigger for 95.63 yen bear trigger. Intra-day upside capped at 98.82 yen."

STERLING/DOLLAR: "Constructive above $1.4944, with focus on renewed gains beyond $1.5261 to open $1.5374 January high."


DRESDNER KLEINWORT/COMMERZBANK

EURO/DOLLAR: "The interday outlook remains directly constructive above $1.3550, with gains through the recent $1.3670 high targeting the $1.3740/$1.4040 levels (March 09 high and the 55 week moving average). A failure of the $1.3550 support would provoke slippage towards $1.3470/35, then the more significant $1.3375 weekly support."

DOLLAR/SWISS FRANC: "The outlook is negative; with near term consolidation beneath the significant 1.1170 francs resistance (50 percent of the Dec 08 -- March 09 advance) paving the way for an extension of the downtrend through the recent 1.1020 franc low; targeting 1.0980/1.0750 francs. Suggest an opening 1.1020-1.1110 francs range today."

STERLING/DOLLAR: "The outlook is positive; with last week’s close above the $1.5065 April 09 highs targeting $1.5310 then $1.5720. Supported at $1.5070/35 (max. $1.4945).”


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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