Stocks fall to session lows and then pare some losses, but remain deep in the red. The Dow, Nasdaq and S&P 500 are down 38.8%, 44.3% and 43.1%, respectively, this year. From their all-time highs, the Dow, Nasdaq and S&P 500 are down 40.7%, 70.3%, and 44.9%, respectively.

Andy Chaveriat, technical analyst at BNP Paribas, says the break of short term triangle support at $1.2525 "opens risk to $1.2330," the lows seen in late October. He maintains that there is scope for a new cycle low being seen in the sessions ahead, and he favors a medium term decline to $1.2075/$1.1730 over the next few weeks. Nevertheless, Chaveriat notes that recent choppiness has also had "corrective characteristics." If support near $1.2330 holds, it could "represent basing" that would set the stage for a medium term rebound. In this scenario, the euro could see a $1.2300 to $1.33 trading range over the next couple weeks, he says.

A fresh wave of selling pressure sends the S&P 500 and Nasdaq to session lows.
Financial (-5.4%) and tech stocks (-3.7%) are seeing the most selling interest. Within financials, industrial REITs (-31.6%) and retailer REITs (-10.1%) are down the most. Within tech, home entertainment software (-10.3%) and electronic manufacturing services (-6.2%) are down the most.

Has retreated again and holds $1.4925 area, not far from earlier lows at $1.4895 seen just ahead of the European close. With short-covering squeeze now over, cable contiunues to feel the pressure from the earlier inflation report and the prospect of further rate cuts to come in the UK, some banks projecting 100 bps rate cut in December. Traders talking about targets in the $1.4500 area near-term.

The bearish bias remains as stocks trade near session lows. Within the S&P 500, 92% of stocks are posting a loss. By percent, the biggest losers are General Growth Properties (GGP 0.41, -0.96), -70.2%, and ProLogis (PLD 4.49, -2.39), -34.6%. The biggest gainers are General Motors (GM 3.12, +0.23), +7.9%, and Ford (F 1.91, +0.11), +6.1%. CNBC reports that Rep. Frank said there will be a hearing next week on a bill to advance $25 billion in loans to the auto industry.

The yen rose the most against the euro and the dollar in two weeks as Treasury Secretary Henry Paulson's plan to divert bailout money from banks to consumers prompted investors to sell higher-yielding assets.
``The markets are probably ill at ease with the concept that TARP funds, which were targeted for financial-sector stabilization, are now getting pushed away from that purpose by the political process,'' said Robert Blake, a senior currency strategist in Boston at State Street Global Markets LLC, which has $15.3 trillion in assets under custody.
Paulson plans to use the second half of the $700 billion Troubled Asset Relief Program, known as TARP, to help relieve pressure on consumer credit, scrapping an effort to buy devalued mortgage assets. The Treasury and the Federal Reserve are exploring a new ``facility'' to aid the market for securities backed by assets, Paulson said in a speech in Washington.
U.S. stocks declined for a third day as oil's slide to a 20-month low dimmed the earnings outlook for commodity producers. The Standard & Poor's 500 Index fell 3.2 percent, extending its decline on Paulson's comments. Crude oil for December delivery fell $2.82 to $56.51 a barrel in New York.

The pound fell to a record low against the euro for a third day after the central bank said the British economy will shrink through most of next year as a result of the global credit freeze. The dollar rose to a two-week high against the currencies of six trading partners on increased demand for the safety of U.S. assets.
Sterling dropped as much as 3.1 percent to the record low of 84.05 pence per euro after Bank of England Governor Mervyn King signaled policy makers aren't done cutting rates. The pound decreased as much as 3.2 percent to $1.4898, the lowest level since June 2002.

"Governor King was on the wires again this morning highlighting the downside domestic risks to growth,'' said Dustin Reid, senior foreign-exchange strategist at RBS Greenwich Capital Markets in Chicago. ``The fact that he continues to harp on it, and it's at such a senior level, probably has a lot of people concerned about sterling.''

GS says "When President-elect Obama takes office on January 20, 2009, he will face an economy that continues to sink. We now expect an unemployment rate of 8.5% by 2009 Q4, for a total increase of 4 percentage points since 2007 Q1."

Stocks recover some losses as Treasury Secretary Paulson completes his speech. Still, the S&P 500's decline remains steep.
Treasuries pick up some buying interest. The 10-year note is up 16 ticks, sending its yield down to 3.68%. The yield on the three-month T-bill is down 27 basis points to only 0.15%. In another sign of risk aversion, the TED Spread is up 23 basis points to 1.98%. The Dow and S&P 500 are 7.3% and 4.0% above their respective Oct. 10 multi-year lows. The Nasdaq is 3.5% above its multi-year low reached on Oct. 24.

"We'll need to continue to consider whether additional steps are needed to re-open credit flows and support the economy." When mkts stabilize then will need to wind down special lending; also need more robust systems to guard against systemic risk.

Stocks fell Wednesday morning as a fresh bout of weakness from major retailers stoked fears that anemic consumer spending will push the economy into recession.
The Dow Jones industrial average (INDU) was down 1.6% in early trading. The Standard & Poor's 500 (SPX) index was also off 1.6% and the Nasdaq composite (COMP) fell 1.4%.
Stocks fell Tuesday, for the second session in a row, as investors largely overlooked a new government plan aimed at helping struggling homeowners.
Best Buy, the nation's largest electronics retailer, cut its full-year profit forecast, citing continued weakness in consumer spending ahead of the all-important holiday shopping period.
The company now expects earnings for the year to be between $2.30 and $2.90 a share on sales of between $43.7 billion and $45.5 billion. The company previously had forecast full-year earnings of between $3.25 to $3.40 a share.
Best Buy said same-store sales for the year could decline between 1% to 8% compared to its previous estimate for an increase of 2% to 3%.
Adding to the retail sector's woe, department store operator Macy's said it swung to a loss in the fiscal third quarter as wary shoppers drove sales down 7%.
American Express: The credit card issuer is seeking an estimated $3.5 billion in aid from the federal government, according to The Wall Street Journal.
The Federal Reserve, using emergency power, granted approval for American Express to become a bank holding company Monday.
Other markets: In global trading, Asian markets tumbled, with Japan's Nikkei 225 down 1.3%. European markets declined as well, with Germany's DAX falling 1.5%.
COMEX gold for December delivery fell $4.80 to $728 an ounce.
U.S. light crude oil for December delivery slipped $1.74 to $57.59 a barrel on the New York Mercantile Exchange. The retreat comes despite a report from the International Energy Agency predicting that oil will reach $200 a barrel by 2030. The IEA also said world energy demand will rise an average of 1.6% per year over the next few decades.

"First, we must continue to reinforce the stability of the financial system, so that banks and other institutions critical to the provision of credit are able to support economic recovery and growth. Although the financial system has stabilized, both banks and non-banks may well need more capital... Approximately 40 percent of U.S. consumer credit is provided through securitization of credit card receivables, auto loans and student loans and similar products. This market, which is vital for lending and growth, has for all practical purposes ground to a halt... Third, we continue to explore ways to reduce the risk of foreclosure. Over these past weeks we have continued to examine the relative benefits of purchasing illiquid mortgage-related assets. Our assessment at this time is that this is not the most effective way to use TARP funds."

Stocks recover some ground from opening lows, but remain in the red. All ten sectors are posting a loss. Materials (-2.3%) and industrials (-1.7%) are the main laggards. Telecom (-0.7%) is outperforming on a relative basis.

WTI Nymex crude oil is now at $57.80, having earlier hit fresh 20-month low at $57.05 following comments from OPEC President saying the cartel may cut output before the next formal meeting in December.

Stocks tumble at the open, with disappointing guidance from a major retailer weighing on sentiment.
Best Buy (BBY 21.37, -2.51) said that the changes in consumer behavior since mid-September have created the most difficult climate the retailer has ever seen. As a result, the company slashed its fiscal year 2009 (ends in February) earnings per share guidance to between $2.30 and $2.90 from its previous forecast of $3.25 to $3.40. This falls well below the consensus estimate of $3.02 per share. Best Buy earned $3.18 per share last year.
Retailers are down 3.9% this session. Separately, Treasury Secretary Paulson will provide more information on the government's Troubled Asset Relief Program at 15:30 GMT.

- "Most probably" will decide to cut production if oil prices continue to fall

Skids lower again as everyone remains on stock watch, the pair trading to Y96.30 and eroding earlier mentioned bids. Order books thin, some stops mentioned under Y96.30 and around Y96.00 but noticeable that there has been little talk of bid interest.

European equity bourses are trading mixed Wednesday after choppy morning session, with FTSE-100 outperforming on increased BoE rate cut speculation. The BoE said inflation projection show inflation under 1% in 2 years time on both market and constant 3% rates. In addition, the BoE Governor Mervyn King said it was "almost certain" that the UK would see growth fall in two consecutive quarters, meeting the definition of a technical recession, adding the MPC was ready to cut rates again. CAC-40 +12pts (+0.35%), Xetra-DAX is down 4pts (-0.13%) and FTSE-100 is up 30pts (+0.70%).

Futures trade near session lows:S&P futures vs fair value: -14.10. Nasdaq futures vs fair value: -18.80.

The following data were published:
09:30 UK Claimant count (October) 36,5
09:30 UK Claimant count rate (October) 3,0%
09:30 UK Average earnings (3 months to September) Y/Y 3,3%
09:30 UK ILO Jobless rate (3 months to September) 5,8%
10:00 E15 Industrial production (September) -1,6%
10:00 E15 Industrial production (September) Y/Y -2,4%
10:30 UK BoE quarterly inflation report The yen rose against the dollar and the euro as U.S. stock futures fell on concern the global economic slowdown is deepening, limiting investor demand for higher-yielding assets funded in Japan.
The Japanese currency also climbed against the British pound after U.K. unemployment rose at the fastest pace in 16 years in October. It advanced versus the Australian and New Zealand dollars, two favorites of so-called carry trades. The euro gained against the dollar.
``The market has absorbed an enormous amount of bad news, but the overall trend in the market is very much entrenched, and it means yen strength,'' said Peter Rosenstreich, chief market analyst at ACM Advanced Currency Markets in Geneva.
The euro rose from a two-week low against the dollar earlier as its 14-day stochastic oscillator was 20.03 yesterday. A level below 20 suggests a security has fallen too fast.
Losses in the U.S. dollar may be limited after prices fell for the commodities that Australia and New Zealand export and as Standard & Poor's cut South Africa's ratings outlook.
The ICE's Dollar Index, which tracks the greenback against six trading partners, was at 86.643, from 87.075 yesterday, when it reached 87.279, the highest level since Oct. 28.

EUR/USD the pair bargained within the limits of $1,2500-$ 1,2630.

The yen rose against the dollar and the euro as U.S. stock futures fell on concern the global economic slowdown is deepening, limiting investor demand for higher-yielding assets funded in Japan.
The Japanese currency also climbed against the British pound after U.K. unemployment rose at the fastest pace in 16 years in October. It advanced versus the Australian and New Zealand dollars, two favorites of so-called carry trades. The euro gained against the dollar.
``The market has absorbed an enormous amount of bad news, but the overall trend in the market is very much entrenched, and it means yen strength,'' said Peter Rosenstreich, chief market analyst at ACM Advanced Currency Markets in Geneva.
The euro rose from a two-week low against the dollar earlier as its 14-day stochastic oscillator was 20.03 yesterday. A level below 20 suggests a security has fallen too fast.
``The currency has been sold quite a lot, so its slide looked overshot,'' said Ryohei Muramatsu, manager of Group Treasury Asia at Commerzbank AG in Tokyo. ``Some buying back probably occurred.''
Losses in the U.S. dollar may be limited after prices fell for the commodities that Australia and New Zealand export and as Standard & Poor's cut South Africa's ratings outlook.
The ICE's Dollar Index, which tracks the greenback against six trading partners, was at 86.643, from 87.075 yesterday, when it reached 87.279, the highest level since Oct. 28.
``There's negative news from Oceania, so I see the dollar rebounding against these currencies,'' said Takeshi Iba, vice president of foreign exchange in Tokyo at BBH Investment Services Inc., a unit of Brown Brothers Harriman.

Resistance 3: Y100.55
Resistance 2: Y99.70
Resistance 1: Y98.40
Current price: Y97.40
Support 1: Y96.90
Support 2: Y95.70
Support 3: Y94.60
Comments: The yen has returned the lost positions against dollar, but as a whole the tech has remained former. The nearest resistance is located in the field of МА (200) for Н1 on Y98,40. The high of October 29 on Y99,70 is a following level of resistance. Overcoming of the given level will open road to Y100,55 (low of October 17 and high of October 22). The nearest support is presented by a level of 38,2 % FIBO of growth Y90,90-Y100,55 on Y96,90. Below possible decrease to Y95,70 (50,0 %) and further to Y94,60 (61,8 %).

- Sterling fall will be a concern if it continues
- Sterling will be a concern if it threatens CPI target
- Much less obvious that CPI will go negative in 2009
- Will use bank rate to get CPI back to target in medium-term
- Negative RPI in 2009 will be result of rate falls
- Certainly prepared to cut rates again if needed
- BoE fan charts exaggerate fall in GDP, inflation
- Inflation prospects decisively to downside

Resistance 3: Chf1.2000
Resistance 2: Chf1.1960
Resistance 1: Chf1.1890
Current price: Chf1.1835
Support 1: Chf1.1830
Support 2: Chf1.1760
Support 3: Chf1.1680
Comments: Tech on USD/CHF hasn't changed. The pair has established a new high of 2008 (Chf1,1890) which at present acts as strong area of resistance as also is a level of 61,8 % FIBO of falling Chf1.3285-Chf1.0455. Above is possible growth to Chf1.1960 (area of high of July 2007 and the top border of the channel ascending from July, 13th). Further psychological level Chf1,2000 is located. Nevertheless, generated on short intervals bearish divergences can testify in favour of the beginning of correction in the near future. Intermediate support the area of a session low on Chf1.1830 is represented, as stronger level of support acts the area of 31.8 % FIBO of growth Chf1.1550-Chf1.1890 on Chf1.1760. Overcoming of the given mark will open road to Chf1.1680 (61.8 %).

Resistance 3: $1.5640
Resistance 2: $1.5565
Resistance 1: $1.5490
Current price: $1.5265
Support 1: $1.5265
Support 2: $1.5150
Support 3: $1.4850
Comments: Loses over 70-points after the BoE quarterly inflation report. The nearest support is $1.5265 (low of October 24-27). Below are possible losses up to $1,5150 (area of low of July 2002) and then to $1.4850 (area of high of Oktober 2001). In case of restoration, as intermediate resistance acts the area $1,5460 (38.2 % FIBO of decrease $1,5880-$ 1,5245). In case of overcoming the given level by the following purpose of growth will be $1,5565 (50,0 %) and further $1,5640 (61,8 %).

- CPI Trough Seen Below 1% In Q2 2010
- Report Shows Scope For Further, Early And Aggressive Rate Action
Bank of England forecasts for inflation and growth released today show just why the BOE slashed rates by 150 basis points last week. The bank's inflation projection shows inflation under 1% in 2 years time on both market and constant 3% rates. GDP bottoms out at a level near -2.0% in mid-2009 and the BOE's MPC believes the risks to the forecasts are "broadly balanced".

Resistance 3: $1.2750
Resistance 2: $1.2700
Resistance 1: $1.2645
Current price: $1.2527
Support 1: $1.2470
Support 2: $1.2330
Support 3: $1.2200
Comments: Tech on euro hasn't changed. The nearest purpose of restoration is the level $1,2645 (38,2% FIBO of decrease $1,2925-$ 1,2470). Further growth to $1,2700 (50,0 %) and above to $1,2750 (61,8 %) is possible. In case of renewal of falling by the nearest support there will be an area of a session low on $1,2470. Overcoming of the given mark will open road to two years low on $1,2330 and further to $1,2200.

Industrial production (September) -1,6%
Industrial production (September) Y/Y -2,4%

EUR/USD $1.2800, $1.3000, $1.3025
USD/JPY Y98.10, Y98.20, Y99.00, Y99.50, Y100.00, Y100.85, Y103.00
EUR/GBP stg0.8050

Gains made on the back of the UK employment data are relatively marginal as cable holds around $1.5360 at time of writing, attention more focused on the BoE quarterly inflation report at 1030GMT. Bids back at $1.5315, with a break bringing last month's lows for the year at
$1.5260 into play.

Claimant count (October) 36,5
Claimant count rate (October) 3,0%
Average earnings (3 months to September) Y/Y 3,3%
ILO Jobless rate (3 months to September) 5,8%

The following data were published:
05:00Japan Consumer Confidence Households (Oct) 29,4

The yen fell as U.S. stock futures gained and Asian money-market rates declined, giving investors confidence to increase holdings of higher-yielding assets financed in Japan.
The euro rose versus the dollar, following a 1.8 percent decline yesterday, as a technical chart that traders use to predict price movements signaled the loss was overdone. The yen also dropped against the Australian and New Zealand dollars, two favorites of so-called carry trades, on speculation central bankers will urge more action to stem the global credit crisis.
The yen dropped against 14 of the 16 most-active currencies after the Standard & Poor's 500 Index futures climbed 1.3 percent. In carry trades, investors get funds in a country with low borrowing costs and buy assets where returns are higher. .
European Central Bank executive board member Jose Manuel Gonzalez-Paramo speaks at 9 a.m. in Paris today. Federal Reserve Vice Chairman Donald Kohn speaks at 5 p.m. in Luxembourg.
Losses in the U.S. dollar may be limited after prices fell for the commodities which Australia and New Zealand export and as Standard & Poor's cut South Africa's ratings outlook.
The ICE's Dollar Index, which tracks the greenback against six trading partners, was at 86.779 from 87.075 yesterday, when it reached 87.279, the highest since Oct. 28.

EUR/USD having opened session in the field of $1,2520, the pair has become stronger above a mark $1,2600 then has slightly decreased.

Japan's benchmark stock indices ended Wednesday's session lower across the board, although off early session lows. The benchmark Nikkei 225 was down 113.79 points, or 1.29%, at 8695.51. The broader-based TOPIX was down 14.13 points at 875.23.

Japanese stocks dropped on concern slumping demand and the stronger local currency will force companies to lower earnings forecasts.
Citizen Holdings Co. and Seiko Holdings Corp. plunged more than 9 percent after the watchmakers slashed profit targets. Canon Inc., which last month predicted its first profit drop in nine years, sank 8.4 percent. JTEKT Corp., an equipment maker part owned by Toyota Motor Corp., lost 10 percent after orders for machine tools fell the most in more than six years.
The Nikkei 225 Stock Average declined 272.13, or 3 percent, to close at 8,809.30 in Tokyo. The broader Topix index fell 27.29, or 3 percent, to 889.36, with all but one of its 33 industry groups falling. The value of shares traded on the Tokyo exchange was the lowest since Sept. 1.
Of 922 companies that have reported first-half earnings through Nov. 10, more than half reduced full-year profit targets, according to a report by Shinko Research Institute Co.
Citizen, the biggest maker of mechanical watches by volume, plunged 9.5 percent after cutting its annual profit forecast by 32 percent. Seiko, the first maker of quartz watches, plummeted 10 percent to 240 yen, after slashing its net income estimate by 91 percent. Both companies cited slumping demand and the stronger yen for the revisions.
Canon, the world's biggest camera maker, dropped 8.4 percent to 3,150 yen, and Toyota, which cut its full-year earnings outlook by half last week, lost 4.9 percent to 3,300 yen.
Iseki & Co., a manufacturer of agricultural machinery, surged 11 percent to 196 yen, bringing its two-day gain to 23 percent. The company yesterday posted 690 million yen ($7 million) in first-half net income after having forecast a loss for the period.

European stocks fell for the first time in three days, led by financial shares and commodity producers, on a worsening profit outlook and drop in oil and metals prices.
Intesa Sanpaolo SpA slumped 17 percent as Italy's second- biggest bank scrapped its cash dividend following a 54 percent slide in profit. Julius Baer Holding AG slipped 4.9 percent after saying assets under management declined. BHP Billiton Ltd., the world's biggest mining company, and BG Group Plc, the U.K. gas producer, tumbled more than 9 percent.
Earnings for the 1,246 companies in western Europe that reported results since Oct. 7 declined 11 percent on average, trailing expectations by 4.5 percent, Bloomberg data show.
National Markets
National benchmark indexes fell in all 18 western European markets. The U.K.'s FTSE 100 sank 3.6 percent, with Taylor Wimpey Plc tumbling 13 percent as the homebuilder said orders have fallen 40 percent. France's CAC 40 lost 4.8 percent, led by Total SA. Germany's DAX slid 5.3 percent.
Intesa fell 17 percent to 2.52 euros. Third-quarter profit declined 54 percent to 673 million euros on lower income from trading and fees.
Allianz SE, Europe's largest insurer, dropped 8.1 percent to 59.89 euros, the lowest in more than a week. Swiss Life Holding, the nation's biggest life insurer, slumped 8.2 percent to 109 francs.
Erste Bank Group AG, Austria's biggest publicly traded lender, lost 9.5 percent to 17.64 euros after saying it will seek shareholder approval to raise 2.7 billion euros ($3.4 billion) by issuing participation certificates that will pay annual interest of 8 percent.
BHP, the world's largest mining company, retreated 9.3 percent to 1,019 pence. Rio Tinto Group, the third-biggest mining company, lost 8.9 percent to 2,592 pence.
Copper fell to the lowest in two weeks in New York on speculation that a deepening slump in the global economy will slash consumption of industrial metals.
BG Group fell 9.4 percent to 904 pence as crude oil slumped as much as 6.6 percent to $58.32 in New York. Total SA, Europe's third-largest oil company, fell 5.2 percent to 40.35 euros.

Stocks fell on Tuesday as economic fears and concerns over corporate earnings overshadowed news of a government plan to help prevent foreclosures.
The S&P 500 was down as much as 3.7%, but pared some losses in the final two hours of the session to settle with a loss of 2.2%. Nine of the ten sectors fell in mostly broad-based weakness. The material sector (-4.2%) declined the most, while the defensive-oriented utilities sector (+0.2%) outperformed. Volume was below average, with 1.23 billion shares exchanging hands on the NYSE.
Government officials outlined a new mortgage modification plan for loans held by GSEs Fannie Mae (FNM 0.69, -0.03) and Freddie Mac (FRE 0.84, -0.04). The program targets the highest risk borrower who has missed three payments or more, owns and occupies the property as a primary residence and has not filed for bankruptcy. The borrower's loan payment will then be modified to be affordable, which the FHFA defined as no more than 38% of total monthly gross income.
Earlier in the day, Citigroup (C 10.85, -0.36) announced a plan to prevent foreclosures, which includes the modification of mortgage terms for a group of 500,000 homeowners.
In corporate news, American Express (AXP 22.42, -1.56) received approval to convert into a bank holding company, which will give it greater access to funding and other measures of the Federal Reserve. The Fed waived the normal 30-day supervisory period due to emergency conditions.
Third quarter earnings reports left investors disappointed. KKR Financial (KFN 1.97, -1.31), Las Vegas Sands (LVS 5.25, -2.75), Starbucks (SBUX 10.01, -0.19) and TJX (TJX 23.48, -0.22) missed estimates. Rockwell Automation (ROK 25.97, +1.09) and Tyco (TYC 21.77, -3.57) beat estimates. The latter company, however, gave downside earnings guidance for its fiscal year 2009, according to reports.
Meanwhile, analysts are cutting their earnings estimates on a large number of companies in the face of the uncertain economic outlook. Google (GOOG 311.29, -7.49) had its 2009 and 2010 earnings estimates reduced at Goldman Sachs due to weak macroeconomic and consumer data.
GM (GM 2.92, -0.44) and Ford (F 1.80, -0.13) fell as traders continue to speculate if the automakers will have enough cash to make it through the economic downturn.
Alcoa (AA 10.91, -0.87) led material stocks lower after announcing that it will cut aluminum production by an additional 350,000 metric tons per year, or 8% of annualized output.
In commodity trading, crude prices plummeted 5.8% to $58.84 per barrel on the belief that the global economic slowdown will crimp demand. Commodities as a whole fell 3.5% as the dollar rose 1.4%.
The bond market was closed in observance of Veterans Day. It will reopen for normal trading hours on Wednesday.

Resistance 3: Y100.55
Resistance 2: Y99.70
Resistance 1: Y98.40
Current price: Y97.63
Support 1: Y96.90
Support 2: Y95.70
Support 3: Y94.60
Comments: The yen fell as U.S. stock futures gained giving investors confidence to increase holdings of higher-yielding assets financed in Japan. The nearest resistance is located in the field of МА (200) for Н1 on Y98,40. The high of October 29 on Y99,70 is a following level of resistance. Overcoming of the given level will open road to Y100,55 (low of October 17 and high of October 22). The nearest support is presented by a level of 38,2 % FIBO of growth Y90,90-Y100,55 on Y96,90. Below possible decrease to Y95,70 (50,0 %) and further to Y94,60 (61,8 %).

Resistance 3: Chf1.2000
Resistance 2: Chf1.1960
Resistance 1: Chf1.1890
Current price: Chf1.1835
Support 1: Chf1.1830
Support 2: Chf1.1760
Support 3: Chf1.1680
Comments: The pair has established a new high of 2008 (Chf1,1890) which at present acts as strong area of resistance as also is a level of 61,8 % FIBO of falling Chf1.3285-Chf1.0455. Above is possible growth to Chf1.1960 (area of high of July 2007 and the top border of the channel ascending from July, 13th). Further psychological level Chf1,2000 is located. Nevertheless, generated on short intervals bearish divergences can testify in favour of the beginning of correction in the near future. Intermediate support the area of a session low on Chf1.1830 is represented, as stronger level of support acts the area of 31.8 % FIBO of growth Chf1.1550-Chf1.1890 on Chf1.1760. Overcoming of the given mark will open road to Chf1.1680 (61.8 %).

Resistance 3: $1.2750
Resistance 2: $1.2700
Resistance 1: $1.2645
Current price: $1.2604
Support 1: $1.2470
Support 2: $1.2330
Support 3: $1.2200
Comments: The pair was corrected after yesterday's decrease. The nearest purpose of restoration is the level $1,2645 (38,2% FIBO of decrease $1,2925-$ 1,2470). Further growth to $1,2700 (50,0 %) and above to $1,2750 (61,8 %) is possible. In case of renewal of falling by the nearest support there will be an area of a session low on $1,2470. Overcoming of the given mark will open road to two years low on $1,2330 and further to $1,2200.

Resistance 3: $1.5675
Resistance 2: $1.5545
Resistance 1: $1.5460
Current price: $1.5457
Support 1: $1.5340
Support 2: $1.5270
Support 3: $1.5150
Comments: Sterling from the low reached yesterday which at present are area of the nearest support ($1,5340). The further decrease does possible testing low of October 24-27 on $1,5270. Below are possible losses up to $1,5150 (area of low of July 2002). In case of continuation of correction, as intermediate resistance acts the area of a session high on $1,5460 (also the given mark is a level of 23,6 % FIBO of decrease $1,5880-$1,5340). Overcoming of the given level by the following purpose of growth will be $1,5545 (38,2 %) and further $1,5675 (61,8 %).

High Low Close
EUR/USD 1.2799 1.2504 1.2521
USD/JPY 98.29 97.29 97.66
GBP/USD 1.5703 1.5361 1.5381
USD/CHF 1.1878 1.1723 1.1874

EUR/JPY 125.47 121.80 122.27
EUR/GBP 0.8213 0.8108 0.8138
GBP/JPY 154.27 149.68 150.19
GBP/CHF 1.8523 1.8186 1.8270

Change % Change Last
Nikkei -272.13 -3.00% 8,809.30
Topix -27.29 3.00% 889.36
FTSE -157.23 -3.57% 4,246.69
DAX -263.95 -5.25% 4,761.58
CAC -169.34 -4.83% 3,336.41
Dow -176.58 -1.99% 8,693.96
NASDAQ -35.84 -2.22% 1,580.90
S&P -20.26 -2.20% 898.95
10yr Note -0.0500 -0.013% 3.755%
NYMEX Crude Oil -3.08 -4.94% 59.33
Gold -13.70 -1.84% 732.80

05:00 Japan Consumer Confidence Households (Oct) 29,4 31.4
09:30 UK Claimant count (October) +31.8
09:30 UK Claimant count rate (October) 2.9%
09:30 UK Average earnings (3 months to September) Y/Y 3.4%
09:30 UK ILO Jobless rate (3 months to September) 5.7%
10:00 E15 Industrial production (September) 1.1%
10:00 E15 Industrial production (September) Y/Y -0.7%
10:30 UK BoE quarterly inflation report
18:00 Е15 ECB Trichet's Speech
21:45 NZ Retail Sales (MoM) (Sep) 0.4%
21:45 NZ Retail Sales ex Autos (MoM) (Sep) 0.8%
23:50 Japan Corporate goods price index (CGPI) (October) domestic -0.4%
23:50 Japan Corporate goods price index (CGPI) (October) domestic Y/Y 6.8%