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Bank Recomendations

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Many are looking on in disbelief, especially considering the political situation

Thu, May 21 2009, 10:27 GMT
by Benny Menashe

Finotec Group Inc.

MIZUHO

STERLING/DOLLAR: "Many are looking on in disbelief, especially considering the political situation. UK Plc can run itself despite what outgoing CBI chief Martin Broughton described as the 'economic vandalism' instigated by UK PM Gordon Brown. "Having met our first upside target and channel resistance around $1.5800 allow for some consolidation so that other currencies can catch up."

EURO/DOLLAR: "Even the brain dead will have to start waking up to reality following the euro's close above important resistance around $1.3700. A weekly close above here would add to current strong bullish momentum. Note that above here there are no really strong resistance levels until the $1.4200 area."

DOLLAR/YEN: "One of the lowest close’s since February, adding weight to our view that we have formed an important interim high. Thin markets today through to Tuesday could see moves gather considerable pace, possibly gapping, to levels not seen since October/November (not JPY though). A weekly close below 94.25 yen should add considerable downside pressure."

EURO/YEN: "A 'doji' candle yesterday at the top of the Ichimoku 'cloud' which also coincides with the 61 percent Fibonacci retracement of the most recent decline signals that the market is trying to top. Bearish pressure would increase marginally were we to hold below 131.00 yen today."

J.P.MORGAN

EURO/DOLLAR: "Support at $1.3585 - $1.3420 - $1.3120. Resistance at $1.3850 - $1.4060 - $1.4365."

DOLLAR/YEN: "Support at 94.55 yen - 93.55 - 92.60. Resistance at 96.70 - 99.80 - 101.45."

DOLLAR/CANADA DOLLAR: "Support at C$1.1307 - C$1.1088 - C$1.0820. Resistance at C$1.1585 - C$1.1815 - C$1.1980."

EURO/STERLING: Support at 87.64 pence - 87.28 - 86.38. Resistance at 89.15 - 90.83 - 92.40."

STERLING/DOLLAR: "Support at $1.5350 - $1.5135 - $1.4890. Resistance at $1.5720 - $1.5900 - $1.6045."

Published on  Thu, May 21 2009, 10:31 GMT