EUR/USD: (1.4731) Back above channel 1.3832
KBC Market Research Desk from KBC Bank at 10/11/09
Next report should be on Oct 13
Rebound off 1.4480 puts the pair back above channel off 1.3832 (see graph) and retested reinstalled inverted daily channel top off June low (1.4783 today).
Support area at 1.4690 (break-up hourly), with next levels at 1.4673/ .4659 (daily Bollinger midline/ daily Medium Term Moving Average→): ideal area to stay above to keep current short term outlook intact for €.
Failure to hold would see with next levels at 1.4593/ .4582 (reaction low hourly/ current week low), ahead of 1.4545/ .4540 (daily Long Term Moving Average↑/ daily Bollinger bottom) and 1.4512 (daily Uptrendline off March low): tough on 1st attempts.
Resistance at 1.4795 (today’s high?), ahead of 1.4807/ .4818 (daily Bollinger top/ current week high), where pause favored.
If wrong, next levels at 1.4821/ .4845 (broken monthly channel bottom off 2002 low/ last week high + Equality C wave off 1.2457), ahead of 1.4867 (Sept 2008 spike + daily envelope top): tough on 1st attempts amid bearish divergences.
USD/JPY: (89.18) 1st Resistance area at 89.58/ 89.66
EUR/GBP: (.9192) Below redrawn Uptrendline off .8769
EUR/JPY: (131.37) In channel off 138.72