REDTOWER RESEARCH

EUR/USD: "On the charts today see if the euro/dollar can sink through $1.3760, with a breakdown towards $1.36 favored, double top?"

USD/CHF: "Early days, see if the dollar/swiss can punch through 1.1960 francs in the near term, with 1.20 key for 1.21 and a lot higher on a break. Technically selling the USD at 1.1960 with risk above 1.20 should attract for USD bears, but
the summer trading woes may actually see 1.23+ here and still keep the USD in a flat range..."

USD/JPY: "Watch the yen, punched through 118 yen after all, 119 put to the test, 119.45 is key to hold in order to avoid 121 and higher, still like 116.40 here but the bounce from above 117 was sharp..."

GBP/USD: "Cable should dive to $1.96 on a bear flag play, see if the upticks above $2.03 remain limited."

CBCM

EUR/USD: "euro/dollar has maintained upside pressure very near term and remains on course for its 14 month resistance line at approximately $1.3885/1.3910. This remains a tough barrier for the market and following a recent key week reversal to the downside, we continue to suspect that market will struggle to sustain these upside rallies. Messy ranging is likely to be seen between $1.3770 to $1.3880 with a break back below $1.3720 required to alleviate upside pressure."

USD/JPY: "dollar/yen sold off towards the 117.05/10 yen Fibonacci support and has seen a decent rebound from there that has eroded its accelerated downtrend. This move higher has been accompanied by a corresponding break higher by the daily RSI and we are suspicious that the market will attempt to recover towards its 100 and 200 day moving averages short term at 119.61/120.61."

USD/CHF: "The US dollar last week breached key support at 1.1880/1.1916 francs (December 2006 low and the base of a 7 month downchannel). The erosion of this key support has left the market directly offered and vulnerable to a further slide towards major Fibonacci support at 1.1705/00 however we would again anticipate recovery here (initial support lies at 1.1781 the location of the bottom of a short term downchannel)."

GBP/USD: "sterling/dollar appears to be stalling just ahead of $2.0475, the 61.8 percent retracement of the move down from the $2.0655/July peak. We are inclined to view recent strength as corrective only and although we would allow for probes into the $2.0470/2.0555 band we expect the rally to struggle here. Loss of $2.0260 near term should leave it on the defensive and our attention back on the key short term support at $2.0140/30."