TECH & SUGGESTIONS

	Tuesday, 15 July 2003 EUR/USD: Model EUR negative. Contra buying ahead of Fibo 1.1220 is technically acceptable but not in model defined O/S territory. Risk anyway remains under 1.1210. Better contra levels 1.1125-55 and/or in front of 1.1080 (possible extension to Fibo 1.1050). New EUR shorts can be tried at 1.1300-10 i.e. in front of the steep resistance line 1.1320, but such action is rather too aggressive. Safer selling levels 1.1370-90 with moderate risk above 1.1390 and 1.1430 and major on a model break. -------------------------------------------------------------------------------- USD/CHF: Model USD positive. Contra selling ahead of 1.3820 is technically acceptable but not in model defined O/B territory. There are no genuine contra levels around current ones as such are found only within 1.4000-80. Otherwise use the resistance levels of the table to sell against. New USD longs can be tried at 1.3710-20 (rather aggressive action). Better level 1.3640-55 with some risk under the minor support line 1.3635 and major on a model break. -------------------------------------------------------------------------------- USD/JPY: Model USD negative. Trapped within a narrow range and fairly directionless, not recommended. If insisting, trade the range 117.15-118.45 with mild negative bias. -------------------------------------------------------------------------------- GBP/USD: Model GBP negative. Very oversold around current levels (1.6100 and under) but the very persistent GBP slide across the board is worrisome and this makes contras feel uncomfortable. Anyway, only contras can be tried under 1.61 (better as close as possible to 1.6015) otherwise stay flat. No new cable shorts lower than at least in front of the very steep resistance line 1.6230. Best suggestion, stay out of the GBP today. -------------------------------------------------------------------------------- EUR/JPY: Model EUR negative. Either stay flat or trade the range 132.20-133.45-134.25. Also buy more aggressive contras around and below the DHDL (131.25-)