NICOLLE ELLIOTT, MIZUHO CORPORATE BANK

EUR/USD: "Trying to move higher but slapped down again yesterday afternoon. Expect another attempt today where a successful move higher needs participation of all major currencies. A daily close above $1.3500 should turn momentum bullish."

EUR/JPY: "Very nasty as we set a new all-time high a 164.29 clearly above key resistance at 164.00, and then retreating to form a small `spike high'. We continue with a very cautious stance and favors a decent bout of correction and consolidation over the next month or two. For this week expect a test of the 26-day moving average at 162.69 and the trend line at 162.29 today. A sustained break below here should set off a slide to the top of the Ichimoku `cloud'."

GBP/USD: "Trying to break above the top of the ‘flag' but needs help from other major currencies. Maybe this will materialize today. A weekly close above $1.9900 should turn momentum clearly bullish, as would a monthly close above$2.0000.”

USD/JPY: "Very slow work as we hover at these historically high levels. While above 120.70 we will not rule out a little further upside probing, but note we are looking marginally more top-heavy today. However, a drop (and possibly a very sharp one) is what we currently favors. For this morning expect some work between 121.00 and 121.80. Below 120.70 should set off a sudden slip to 119.50."

TECHNICAL ANALYSIS TEAM, SEB

EUR/USD: "Sharp rejection to fresh highs seems to keep the pair on the correction path. A lower range extension (break below the range set in the opening hour) would pencil in losses worth 30-50 pips on the day, taking out the lows of late to test 1.34

EUR/JPY: "The wedge & bearish price/momentum divergence were confirmed again yesterday after failure to maintain the fresh treaded high. Responding buyers still seems to loom in the area but must show initiative above 163.70 not to risk violation below 162.80 to target 162.20."

GBP/USD: "Failure to maintain the break above the potentially bullish flag has left us with a standout topside rejection. If bids just below $1.98 are filled price action will defy last week's 'key reversal' to the upside and question the sub-$1.97 low."

EUR/CHF: "With a clear three wave pattern to 1.6530hourly chart) followed by a break of 1.6500, the minor upside reaction was confirmed completed. Thus the pair is now falling within the next downside wave, aiming primarily at the
1.6395-area."