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We cannot rule out a return to 93.55/93.85 yen, or at most to the 94.65/90 resistance area

Mon, Jul 13 2009, 12:49 GMT
by Benny Menashe

Finotec Group Inc.

SOCIETE GENERALE

EURO/DOLLAR: "EUR/USD may rise to the long-term declining resistance line, which comes at $1.4140 today, before pointing back to $1.3735/50 or even to the tentative rising support line, which comes at $1.3620 this week. It would take a break below this trend-line to consider that EUR/USD is on its way back to the April low of $1.2885."

DOLLAR/YEN: "We cannot rule out a return to 93.55/93.85 yen, or at most to the 94.65/90 resistance area, before USD/JPY heads south again. Once last Wednesday's low of 91.80 is broken, 89.70 and 88.60 should be the main steps on the way to the January low of 87.15."

EURO/STERLING: "EUR/GBP retraced most of the setback started at 86.73 pence last week. That said, we continue to think that the upside potential is limited. The upper end of the Short-term rising channel, which comes at 86.84 today, should cap the upside and force EUR/GBP to head south again."

EURO/YEN: "We expect the 131.45/95 yen region to contain any other upward attempt and force EUR/JPY to head south again. Once 127.00 is broken, the late April low of 124.40 should be the main step on the way to the 121.75/122.45 region."

UBS

EURO/DOLLAR: "Bullish. Choppy price action remains constructive above $1.3749 key support with initial support at $1.3833. Nearby resistance is at $1.4201."

DOLLAR/YEN: "Bearish. Near term heavy below 94.89 yen, targets 91.79 then 90.52 (76.4 percent retracement)."

STERLING/DOLLAR: "Bullish. Focus is on $1.5985 near-term while the pair remains constructive above $1.5803. Nearby resistance at $1.6380 ahead of key resistance at 1.6743."

AUSTRALIAN DOLLAR/U.S. DOLLAR: "Neutral. Relapse below $0.7790 and the following bounce has held below $0.8038, thereby keeping the tone neutral. Support at $0.7630."

U.S. DOLLAR/CANADA DOLLAR: "Neutral. Price action is sideways while the pair is stalled ahead of C$1.1815 stiff resistance. Key support is at C$1.1415."

EURO/STERLING: "Bearish. Despite today's bounce, our focus remains lower towards 85.14 pence ahead of 84.39 - downside trigger for 84.01 trend low. Vulnerable below 88.67."

EURO/YEN: "Bearish. Immediately heavy below 132.13 yen, eyes 126.98 key support.

Published on  Mon, Jul 13 2009, 12:50 GMT