• Euro stalls ahead of 2009 high; rolling back over
• Dollar/Yen remains under pressure; eyes 92.00
• Cable setbacks seen extending back to 1.6000
• Dollar/Swiss bouncing by familiar range lows once again


The latest rally has stalled shy of the recent yearly highs by 1.4445 and the market appears to be in the process of once again rolling back over. A break below 1.4210 will however be required for confirmation, with an acceleration expected back towards the 1.4000 area. However, inability to take out 1.4210 will keep the pressure on the topside and not rule out the potential for a retest of the 2009 highs. It is also worth noting that the 50-Day SMA by 1.4150 continues to support the market on a medium-term basis, so a break and close below the 50-Day will also help to generate fresh sell interest. STRATEGY: STAND ASIDE; AWAIT CLEARER SIGNAL