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Updating time : 24/07/2008 23:40 GMT

USD/JPY - 107.30...Dlr edged marginally abv Wednesday's high at 107.97 to 107.99 in Australian morning y'day b4 falling to 107.19 after failing to take out the stops placed around the rumoured option barrier at 108.00, with cross buying in yen (unwinding of carry trades following the 283-point decline in the Dow) putting more pressure on the greenback in U.S. session.

Although y'day's retreat fm 107.99 suggests recent upmove has possibly formed a temp. top, a firm break below 107.17/19 is needed to bring correction to 106.79 (61.8% r of 106.05-107.99) n then twds 106.38 (min 38.2% r of 103.77-107.99), however, as hourly oscillators wud be in o/sold territory on such move, reckon ...

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Updating time : 24/07/2008 00:52 GMT

USD/CHF - 1.0390...Dlr continued to trade with a firm undertone y'day and rallied to a one-month peak at 1.0401 on the back of improved confidence in the U.S. financial sector due to a U.S. government rescue plan and another fall in oil prices.

Y'day's rally signals the upmove fm last week's low at 1.0011 to retrace recent decline fm 1.0625 remains in progress n further gain twds 1.0445/50 (70.7%r 1.0625-1.0011 n res) is envisaged after consolidation, however, as hourly oscillators are likely to display bearish divergences on such rise, reckon upside wud be capped below res at 1.0494 n yield a retreat later today. We will stand aside for now but readers shud keep an eye out ...

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Updating time : 20/07/2008 23:54 GMT

EUR/USD - 1.5838...The single currency rose to a new record high at 1.6040 last Tuesday on dlr's broad-based weakness b4 reversing its recent gains n later fell sharply to 1.5782 (Thursday's low) as the greenback staged a rebound in line with the rally in U.S. stocks n the strg retreat in oil prices.

Looking at the bigger picture, despite last week's breach of 1.6020 (prev. record high made in April), euro's subsequent retreat fm 1.6040 suggests a temp. top has been formed n consolidation with downside bias is seen for a correction recent upmove fm 1.5285 to 1.5752/54 (38.2% r of 1.5285-1.6040 n prev. res) n then 1.5663/69 (50% r of 1.5285-1.6040 n present lvl of 55-day ema) ...

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