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EUR/USD: (1.4780) Back above channel 1.3832

KBC Market Research Desk from KBC Bank at 10/13/09


Rebound off 1.4480 puts the pair back above channel off 1.3832 (see graph) and retesting reinstalled inverted daily channel top off June low (1.4797 today).
Support area at 1.4750/ .4740 (daily Short Term Moving Average↑/ break-up hourly), with next levels at 1.4719 (daily envelope bottom), ahead of 1.4687/ .4672 (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 next levels at 1.4650/ .4645 (reaction lows hourly), ahead of 1.4604/ .4582 (weekly envelope bottom/ last week low), ahead of 1.4540 (daily Bollinger bottom + daily Uptrendline off March low): tough on 1st attempts.
Resistance at 1.4814/ .4818 (current week high/ last week high), with next levels at 1.4821/ .4830 (broken monthly channel bottom off 2002 low/ daily Bollinger top), ahead of 1.4845/ .4867 (reaction high off 2008 low + daily envelope top/ Sept 2008 spike + weekly envelope top): tough on 1st attempts amid bearish divergences.

USD/JPY: (89.92) Above 89.40

EUR/GBP: (.9366) Back above redrawn Uptrendline off .8769

EUR/JPY: (132.95) In channel off 138.72

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