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J.P.Morgan: A Delayed End To CNY Strength


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Recovery Needs To Sustain.......>

EURO-STERLING TECHS: Recovery Needs To Sustain Break Of Stg0.8900 Resistance
*RES 4: Stg0.8950/51 1% vol band, 76.4% of 0.9032-0.8689
*RES 3: Stg0.8925 1.618 swing Stg0.8891-Stg0.8836, Jan 4 hi
*RES 2: Stg0.8925 1.618 swing Stg0.8891-Stg0.8836, Jan 4 hi
*RES 1: Stg0.8900/13 Congestion area Jan 5, intraday high
*PRICE: Stg0.8898 @1600GMT
*SUP 1: Stg0.8855/65 Hourly support
*SUP 2: Stg0.8834/40 Jan 9 high, hourly base Jan 10
*SUP 3: Stg0.8805/09 Congestion mid December, Jan 9 low
*SUP 4: Stg0.8772/79 1% vol band, 61.8% Stg0.8689-Stg0.8925 
*COMMENTARY* Having held into the key Stg0.8805-Stg0.8810 support area this
week, today has seen an extension of the recovery begun on Wednesday with the
rally to Stg0.8873. Today's further rise through here and Stg0.8900 is again
encouraging, now needing to sustain a move through here, to be in a place to
challenge Stg0.8925 again. Support rises to Stg0.8865-Stg0.8855, with
Stg0.8840-Stg0.8834 of more importance lower.