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Bank Recomendations

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Near−term positive above $1.6266, focus remains on renewed gains

Mon, Aug 3 2009, 10:45 GMT
by Benny Menashe

Finotec Group Inc.

UBS

EURO/DOLLAR: "Constructive $1.3833 big support, focus on $1.4304 - trigger for $1.4338 trend high."

DOLLAR/YEN: "Momentum is showing signs of improvement with key resistance at 96.99 yen. Developing recovery intact above 94.02."

STERLING/DOLLAR: "Near-term positive above $1.6266, focus remains on renewed gains beyond $1.6586 to open $1.6743 trend high."

U.S. DOLLAR/CANADA DOLLAR: "Pressure building on C$1.0750 - trigger for C$1.0547 key support. Intra-day heavy below C$1.0934."

EURO/SWISS FRANC: "Recent steep recovery targets 1.5381 franc high. Initial support at 1.5262 ahead of 1.5198."

EURO/STERLING: "Relapse below 85.14 pence exposes 84.01 bear trigger. Key resistance at 86.99."

EURO/YEN: "Broader trend remains constructive above 132.10 yen support. Focus on 136.10 - trigger for 136.89 key resistance."

COMMERZBANK

EURO/DOLLAR: "EUR/USD is bouncing from its 55-day MA at $1.4018 currently. Our neutral to negative bias remains following the recent failure at range highs at $1.4300/65. Rebounds are expected to now be resisted intraday at $1.4120/95 and we look for losses to extend to the base of the channel at $1.3921. This will act as the break down point to $1.3740/65. If we are correct and the market tops here as we expect longer term then we would expect to see a slide back to the base of the long term range at approx $1.26/$1.25."

DOLLAR/YEN: "USD/JPY has eroded its 200-day MA and Fibo resistance and this leaves the market well placed for further gains towards the 96.60/72 yen key resistance. This is the location of Fibonacci resistance, downtrend and 100-day MA -- all of which implies that this will hold the topside and provoke failure. A break below the minor support line at 94.39/00 should be enough to alleviate immediate upside pressure and signal losses to 93.00/10. This remains the short term break down point to the 91.77/73 recent lows."

STERLING/DOLLAR: "GBP/USD is again challenging the Fibonacci retracement resistance at $1.6585 (78.6 percent retracement), we look for this to hold and while below here our negative bias remains. Intraday dips will find minor support at $1.6265/75 (55-day MA). Failure here casts the market back into the lower half of its recent range targeting $1.6117, $1.5965, $1.5800 (range lows and a four-month uptrend)."

EURO/YEN: "EUR/JPY's outlook remains negative following the recent failure ahead of the key 136.65/90 yen resistance (Fibo and June high). Interim resistance lies at 135.45/65. We are looking for failure and a slide to nearby supports at 132.60/10 then 131.50/00. This is regarded as the break down point to 127.12/00 (200-day MA and recent low). Only above 136.90 (not favoured) will negate our view and introduce scope for the 139.25 the recent high and then 141.00/60 (long-term Fibo)."

Published on  Mon, Aug 3 2009, 10:48 GMT