Risk aversion is still on the fore. In this environment we see the classic four (USD, CHF, JPY & gold) holding the upper hand. EURUSD below 1.41 has pehaps not opened Pandora’s box, but at least put the door ajar for further losses (though an immediate sub-1.3950 break is currently not the main scenario)… EURJPY should stretch for the yearly low of 106.81 and GBPUSD could trade towards 1.6005 or even 1.5781… EURSEK has lost much of the downside drive and 9.07\14 could be expected for today… EURNOK should bounce off the lows (watch 7.6950) and NOKSEK could recheck the 1.18 +/-25pips support before higher… USDSEK looks set to test inter range resistance at 6.4940… NZDUSD & AUDUSD are beaten up rather badly together with Copper falling fast… Kiwi focus is lowered to a key “B-wave low” at 0.8162… USDTRY is staged for a bullish break back over 1.7965 and EURPLN targets above 4.31… Bunds may pause the advance ahead of a former ascending line of support now acting as resistance at 139.58… US bonds may also pause after printing fresh trend highs again… EuroStoxx50 is soon to hit a fresh yearly low..
Click here to read the full report:
http://www.easyforexnews.net/wp-content/uploads/2011/09/TA0609.pdf
Tech team
Skandinaviska Enskilda Banken AB