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Neutral/negative outlook within the $1.5800−$1.6590 interweek range extremes

Thu, Jun 18 2009, 12:55 GMT
by Benny Menashe

Finotec Group Inc.


COMMERZBANK

EURO/DOLLAR: "Yesterday's sell-off found support just ahead of the$1.3740 March 2009 highs. The subsequent bounce is regarded ascorrective in nature and looks to have already run its course; toppingovernight at $1.3980. We now look for price to resume its interweekdowntrend, with intraday losses through $1.3920/$1.3850 expected tofuel another test of the $1.3750/40 support. Below $1.3740 targets$1.3610, $1.3440 then $1.3390."

DOLLAR/YEN: "The interday outlook remains negative below 97.10 yen,with losses through 95.75 (interweek range low and fibonacci) targeting95.05 en route to the 94.00 intermonth range lows."

DOLLAR/SWISS FRANC: "Support at 1.0765 francs maintains the bid nearterm tone within the converging 1.0690-1.0945 interweek range extremes.We anticipate an upside resolution of the aforementioned range, withsubsequent gains through the 1.0985/1.1030 resistance zone targeting1.1165 then 1.1305."

STERLING/DOLLAR: "Neutral/negative outlook within the $1.5800-$1.6590interweek range extremes, with price expected to soften towards theintermediate $1.6210, $1.6115 then $1.5995 levels. A weekly close abovethe recent $1.6660 high would reinstate upside momentum and fuel a$1.6810/$1.7050 extension of the uptrend (not favoured)."


SOCIETE GENERALE

EURO/DOLLAR: "The recovery from the $1.3735/95 support area isprobably corrective. Monday's high of $1.4035 should cap the upsideuntil EUR/USD breaks below$ 1.3735/50. This would turn the short-termoutlook more bearish and call for a decline to the tentative supportline, which comes at $1.3375 today."

DOLLAR/YEN: "The stabilisation above the 95.80 yen Fibonacciretracement probably aims to consolidate the down-move initiated at98.60 on Monday. The 97.10 pullback level should cap the upside untilUSD/JPY resumes its decline towards 93.55/85."

DOLLAR/SWISS FRANC: "USD/CHF is probably consolidating last week'sup-move before rising again towards the 1.0980/1.1030 francs zone. The1.0690 support area should limit the downside."

EURO/STERLING: "The recovery from 84.20 pence is corrective. The85.75/86.10 resistance zone should cap the upside until EUR/GBP extendsits medium-term downtrend to the 81.70/82.10 region."

EURO/YEN: "The recovery initiated at 132.25 yen yesterday is probablycorrective. The 135.70 pullback level should cap the upside until EUR/JPY breaks below 132.25 and tests the medium-term rising supportline which comes at 131.20 today."


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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