Market Mover - BNP PARIBAS - Investment Services India

EUR/SEK has broken
sharply lower through
the major support at
the 1.0400/1.0350
levels to trigger
another bearish signal.
We now expect a
decline extending the
major down trend
towards the 9.80
support zone initially.
Over the medium term,
even a decline towards
the 9.555 area is
becoming likely.
Source: BNP Paribas
NOK/SEK has traded
a peak at the 1.2580
level and we would
now expect a
significant correction of
the major up trend to
develop.
Indeed, initial up
trendline support has
been breached and we
would now expect a
decline to test the
1.2150 support ahead
of the longer-term up
trendline support at
1.2030.
Source: BNP Paribas
GBP/SEK is
developing an
extremely bearish
pattern on longer-term
charts.
The sharp decline
seen over the past
week confirms that the
11.900 recent peak is
a corrective top.
Major support at
11.265 is now being
targeted. A break
below here will extend
the downtrend towards
10.475.
Source: BNP Paribas
Chart 2: EUR/SEK – major bearish breakout
11.152
11.10
10.90
10.70
10.685
10.535
10.50
10.30
10.170
10.10
10.035 10.065
9.90
22-Jun-09 19-Aug-09 16-Oct-09 15-Dec-09 11-Feb-10
Chart 3: NOK/SEK – major correction lower developing
1.27
1.2580
1.25
1.2420
1.2550
1.23
1.2320
1.21
1.1975
1.2150
1.19
1.17
1.1645
1.15
Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10
Chart 4: GBP/SEK – major support now being tested
13.50
13.170
13.00
12.910
12.50
12.445
12.00
11.845
11.900
11.50
1.305
11.00
10.955
10.50
Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10
Ian Stannard 12 February 2010
Market Mover, Non-Objective Research Section
43
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