Archived IMT (2010.01.06)

Oil drops off its $82.15 high after EIA inventories data showed a build of a 1.3 mln barrels, 4 times greater than expected. While the daily oscillators in crude show signs of toppishness, the weekly trend remains positive and $84.85 is a vialble target for the week ($88 for month-end) remains a target for the month. USDJPY forms a bullish engulfing pattern eyeing 93, while USDCHF remains confined to 1.0280-1.0380. Watch Ashraf at 12:20 GMT tomorrow on CNBC analyzing sterling & the Bank of England decision.