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Neutral/negative outlook within the local $1.6190 − 1.6575 range extremes

Tue, Jun 23 2009, 09:31 GMT
by Benny Menashe

Finotec Group Inc.

CBCM

EURO/DOLLAR: "The interday risk shifts back to the downside, with a failure of the $1.3890/80 support expected to confirm the correction high at $1.4012 and target $1.3850/1.3810 en route to the bigger $1.3725 support. Resistance at $1.3935 (max. $1.3990) should now cap, with a weekly close below $1.3725 opening the way for a deeper $1.3610/1.3440 decline."

STERLING/DOLLAR: "Neutral/negative outlook within the local $1.6190 - 1.6575 range extremes (intermediate supports $1.6425/1.6285); a downside resolution of which is expected to provoke losses towards the $1.5800 early June reaction low/fibo. A weekly close above the recent $1.6660 high would negate the range trading scenario and reinstate upside momentum; objectives $1.6810/1.7050."

DOLLAR/YEN: "Resistance at 97.20 yen maintains the negative near term bias within the converging 95.80 - 98.30 interweek range extremes. A failure of the 95.80/50 support would target the more significant 94.00 level (intermonth range lows intact since March 2009)."

EURO/STERLING: "The downtrend remains intact, with losses through the recent 84.20 pence low targeting 83.40/82.35 en route to the bigger 81.90 level (76.4 percent of the Oct - Dec 09 advance). Resisted at 84.95 (initial 84.50)."

EURO/YEN: "Rejection of the pivotal 135.30 yen level shifts the focus back onto the recent 132.35 low, with 131.65 the bigger level targeted thereafter. A subsequent weekly close below 131.65 would provoke a deeper 128.80 decline. Intraday resisted at 134.35."

EURO/SWISS FRANC: "Last week's relatively vigorous recovery off the 1.5015 franc support encourages us to stick with the range trading scenario. Supported at 1.5055/45 from an intraday perspective, with 1.5150/80 targeted en route to the 1.5230 range highs."

SOCIETE GENERALE

EURO/DOLLAR: "is likely to break below $1.3735/50, but it would take a break below the lower end of the tentative rising channel, which comes at $1.3425 this week, to confirm that it is on its way back to the April low of $1.2885."

EURO/YEN: "Given the setback initiated at 135.20 yen last Friday, we think the corrective recovery from 132.35 is probably over. That said, it would take a break below the MT rising support line, which comes at 131.60 today, to confirm EUR/JPY is on its way to 121.75/122.45."

DOLLAR/YEN: "After testing the 97.10 yen pullback level, USD/JPY has turned lower and retraced most of the corrective up-move from 95.50. USD/JPY should break below 95.50 shortly and eye the intermediate downside target of 93.55/85 (mid-March and May lows)."

EURO/STERLING: "A break below last week's low of 84.22 pence - currently tested - is needed to confirm the resumption of the MT downtrend."

DOLLAR/CANADA DOLLAR: "The recovery from C$1.1235 is fragile. USD/CAD may dip back to C$1.1235, or even to the tentative support line coming at C$1.1125 today, before returning to C$1.1475/1.1520 or even to C$1.1750/60."

Published on  Tue, Jun 23 2009, 09:33 GMT