Market update - Jan 22nd '09

EURUSD: we indeed saw some uncertainty with a drop to stall level at ~1.285 then back to intraday range hisg at 1.306 (tick charts). €/$ should resume its drifting down but the support level (~1.294) is still fairly strong. We'll therefore check it carefully as it could trigger substantial selling on breakout.

ER: Spot on! Well, almost... recovery started slightly higher in the high 420s. But was it a one-day spike or is this the start of a longer recovery? We need to see prices rise above 470 to confirm that scenario and the daily chart still shows a significantly different picture so we may see more range trading and volatility before 470 is passed.

ES: Again, same picture here, and only very limited chance to see yesterday's move carry through to break recent highs and pave the way to full on recovery. On the contrary, prices are likely to go south at least one more time. Recovery is about there, but we have to be a little more patient still.

(posted 8AM UK - screenshots available on request )