Archived IMT (2009.07.21)

EXPECT DOLLAR AND YEN STRENGTH to ensue in the aftermath of Bernankes Congressional testimony (12:00GMT) and to extend following earnings report from Yahoo! and Apple, both of which already show bearish set-ups in their daily charts. Since Bernanke will aim at preventing bond yields from regaining the 4% level he (as the FOMC did on June 24), he will tell Congress that economic growth is to remain in contraction mode into year-end so as not to provoke any expectations for concluding the Feds ultra-loose monetary policy. GBPUSD eyes 1.6360,1.6310. EURUSD eyes $1.4150.