Archived IMT (2009.06.09)

Gold managed to hold above $940, prompting modest dollar selling but forex traders remain cautious ahead of fresh risk aversion and resulting dollar-strength (especially on rising short term yields which is negative for equities. The $1.3770-90 support in the euro is further validated by the trend line extending from the April low as well as the neckline of the neckline acting for the head-&-shoulder formation, whose right shoulder suggests an interim resistance at $1.4050-60.