Thursday 9th February 2012

FX - EURO

The EURO closed higher on Wednesday as it extends Tuesday's rally above the 38% retracement level of the OctoberJanuary decline crossing. The midrange close sets the stage for a steady opening on Thursday. Stochastics and the RSI remain neutral to bullish signalling that sideways to higher prices are possible nearterm. If it extends the rally off January's low, the 50% retracement level of the OctoberJanuary decline crossing is the next upside target.

Thursday 9th February 2012

FX - YEN

The YEN closed higher on Wednesday and the midrange close sets the stage for a steady opening on Thursday. Stochastics and the RSI are turning neutral to bullish hinting that a shortterm bottom might be in or is near. Closes below the 20day moving average crossing would temper the nearterm friendly outlook. If it extends the decline off January's high, October's low crossing is the next downside target.

Thursday 9th February 2012

FX - SWISS FRANC

The SWISS FRANC closed higher on Wednesday while extending the trading range of the past nine days. The midrange close sets the stage for a steady opening on Thursday. Stochastics and the RSI remain neutral to bullish signalling that sideways to higher prices are possible nearterm. If it extends the rally off January's low, the reaction high crossing is the next upside target. Closes below the 20day moving average crossing would temper the nearterm friendly outlook.

Thursday 9th February 2012

FX - STERLING

STERLING closed lower due to profit taking on Wednesday as it consolidates some of the rally off January's low. The highrange close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI remain neutral to bullish signalling that sideways to higher prices are possible nearterm. If it extends the rally off this month's low, November's high crossing is the next upside target. Closes below the 20day moving average crossing would confirm that a shortterm top has been posted.

The information set forth herein was obtained from sources which we believe to be reliable, but its accuracy cannot be guaranteed. It is not intended to be an offer, or the solicitation of any offer, to buy or sell the products or instruments referred herein. Any person placing reliance on this commentary to undertake trading does so entirely at their own risk.