Wednesday September 12, 2007 - 11:46:22 GMT
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Forex: GVI Monthly Forex Survey Analysis courtesy Cumino
EUR USD 3 months: 1st day close 1.3806(1.3795), av. responses 1.3880(1.3853), Adjusted boundaries 1.36-1.41(1.36-1.41).
GVI 57%(46%) COMPONENTS: 12%62%26%(21%65%14%). DRY INDEX: 61%(70%).
Bullish in absolute and relative terms. Dry still high.
Last Survey (Aug 7) my comment was: â€śWhile in the medium term new highs are possible, in the brief term from the Survey point of view 1.3840/50 appears very tough suggesting at least another retracement to the 1.36 zone or lowerâ€ť. Now technicals should be favoured in the short term.
USD JPY 3 months: 1st day close 113.56(118.91), av. responses 112.56(116.40), Adjusted boundaries 110-115(115-120).
GVI: 51%(33%) COMPONENTS: 13%71%16%(41%52%7%) DRY INDEX: 50%(20%).
Neutral in absolute terms, bullish in relative terms. Dry neutral. Almost 30% USD bearish changed camp. Neutrals high. Difficult reading.
OIL 3 months: 1st day close 77.80(75.48), av. responses 75.18(75.56), Adjusted boundaries 73-83(70-80).
Bearish. No one very bullish. Looking at history with similar numbers we saw lasting high prices or further rallies.
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