Archived IMT (2009.08.03)

The breadth of the dollar decline emerged to the extent that USDJPY has failed to breach the 95.80 resistance. Although subsequent target stands at 96.20, weve yet to break (close above 95.80). Oils sustained gains above 71.80s continue to help running the dollar damage, but caution from oil testing showing a triple top at 72.60 and a very flat 200-day MA at 75.00. Sterlingclose above $1.6835 woul d be a successful breach of the 50% retrcmt from the 2.013 high.