RAHUL BADHWAR, SENIOR MARKETING MANAGER, HSBC BOMBAY

* EURO/DOLLAR: "Crucial resistance at $0.8955 (previous top and downchannel resistance). Daily stochastics are overbought and have had a negative crossover. Thus for today, get out of your $0.8910 longs at prevailing $0.8895 (net loss 15 pips)."
* DOLLAR/YEN: "The dollar fell close to our buy level to 124.49 and then rallied in line with expectations to 125.85 (Elliot target). The rally appears to be stalling ahead of 126.15 (July 6 high). If this current rally is not a corrective wave 'B' (wave A was 126.85-115.75), then ideally trendline support at 124.80/70 will contain a corrective selloff in the dollar."
* STERLING/DOLLAR: "Immediate support at $1.4295-$1.4265. A daily close below $1.4265 candle support today will bolster our view of a corrective top being in plae. Thus if cable has indeed ended a 5-3-5 correction off the $1.4040 low, then the downside has now resumed and we should see $1.4040 support taken out."
* DOLLAR/SWISS FRANC: "The dollar continues to oscillate around mid-Bollinger resistance/support closing above it one day and below it the next. However, potential triangle resistance and support lines at 1.6660 and 1.6430 are intact and a breakout will determine the next big move."
* EURO/YEN: "It is possible that a temporary top is now in place with an extended wave three of III over. If true, then ideally 112.15/20 resistance will now cap the upside for a break below immediate support at 111.40 and then 111.00 (Fibonacci support)."