TECHNICAL ANALYSIS TEAM, CAPITAL MANAGEMENT

* EURO/DOLLAR: "Corrective consolidation in the $0.8770-$0.8850 range continues and is consistent with the resumption of the downtrend to an interim $0.8660 target. Thus, stay bearish, with $0.8890 stops. Over this level argues another erratic recovery to about $0.9050 before going lower."
* DOLLAR/YEN: "The slow but steady upside ratchet continues and will eventually accelerate the reversal in a strong rally through the 126.85 peak. Ideally, short-term support at 122 will hold, as the rally continues through 122.65 resistance. Below 122 opens a chance for 121 before going higher."
* STERLING/DOLLAR: "The sterling downtrend continues but is slightly oversold with the decline to $1.43. Revert to a short-term neutral stance and wait for a reaction back over the $1.44 level, to sell again with the same $1.4520 stop-loss. Only over this level threatens new highs."