Mon, Apr 7 2008, 07:12 GMT
by KBC Market Research Desk
Rebound from 1.5341 failed to regain the 1st Uptrendline off 1.4777 (see graph), with bearish engulfing at last week high: 1st Support area at 1.5630/ .5625 (daily envelope bottom/ break-up hourly), with next levels at 1.5543 (break-up hourly + weekly envelope bottom), ahead of 1.5511/ .5510 (monthly envelope bottom/ April 03 low): suspect tough on 1st attempts.
If wrong, next levels at 1.5467/ .5436 (daily Stop And Reverse/ break-up hourly), where pause favored.
Resistance at 1.5689 (breakdown hourly), with next levels at 1.5742 (reaction high hourly), ahead of 1.5774 (Friday’s high) and 1.5793/ .5802 (reaction high hourly/ daily envelope top): where pause favored.
If wrong, next levels at 1.5897/ .5905 (March 31 high/ historic high + daily Bollinger top): tough on 1st attempts.
USD/JPY: (102.44) Pair in channel off 108.08 and Double Bottom off 101.04
EUR/GBP: (.7876) New high in channel off .7405
EUR/JPY: (160.50) Good rebound off 151.82 puts the pair above 157.04
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