27 November 2001, 15:20  : TECHNICALS-Forex market outlook and key levels

GLOBAL TECHNICAL RESEARCH, STANDARD CHARTERED BANK * EURO/DOLLAR:"The rebound of euro/dollar is still unfolding despite the internal pattern showing corrective behavior. Whilst $0.8765 holds the downside, the euro still has chance to rebound towards $0.8830 en route $0.8865 then $0.8900. However, a loss beneath $0.8765 again should lead to another test of its downside towards $0.8710. Follow through would open lower window towards $0.8590-00 in coming weeks." * DOLLAR/YEN: "Whilst the nearby support of 123.80 holds the downside, the immediate-term risk is on the upside. A breach above 124.30 should lead to a subsequent rally above 124.50 en route 125.00. Follow through would open 125.40 then 126.15. A breach above the latter level would confirm an eventual penetration of this year's high of 126.85. Overall, it needs a drop below 122.50 to suggest a short-term top has been attained." * STERLING/DOLLAR:"Whilst the nearby support of $1.4060 holds, the pound still has chance to rebound further towards $1.4210 en route $1.4280-$1.4300 in the near-term. But a loss beneath $1.4090 should lead to a subsequent decline towards $1.4035 en route $1.4000 and possibly $1.3980."

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