TECHNICALS-Forex market views and key levels
NEW YORK, April 4 (Reuters) - Following is a selection of
comments from analysts on important technical developments in
the foreign exchange market:
UBS FOREIGN EXCHANGE STRATEGY, STAMFORD, CONNECTICUT:
EURO/DOLLAR <EUR=> - "Key support in euro/dollar comes in
at the three-year trendline now marked at $1.2795 and below
there the February lows at $1.2730 are critical. We maintain
our one-month euro/dollar forecast at $1.33 and continue to
watch price action for signs it is safe to re-instate U.S.
dollar shorts."
DOLLAR/YEN <JPY=> - "Positive above 106.64 yen, with
potential for a climb towards 108.80 yen."
AUSTRALIAN DOLLAR/U.S. DOLLAR <AUD=> - "$0.7669 break
needed to threaten move beyond $0.7777 en route to $0.7900."
ASBURY RESEARCH, CHICAGO:
DOLLAR/YEN <JPY=> - "Japanese yen futures have already
closed below their February 2002 uptrend line as of Friday.
This indicates the Dollar's three-year trend of
underperformance versus the yen is over, and suggests a new
trend of outperformance may be beginning."
EUROPEAN CURRENCIES - "Many European currency futures are
testing major uptrend lines that define their 2001-2002 bullish
trends versus the US Dollar. This identifies the greenback's
current level as an important inflection point. Look for the
next sustained trend in the Dollar to soon begin from these
trend lines listed below":
STERLING/DOLLAR <GBP=> - "September 2003 uptrend line at
$1.8609 (Friday's close = $1.8746)."
EURO/DOLLAR <EUR=> - "October 2002 uptrend line at $1.2876
(Friday's close = $1.2930)."
Currency bid prices at 9:32 a.m. EDT (1332 GMT). All data taken
from Reuters calculated from the levels at 4:30 p.m. EDT (2030
GMT) in the previous New York session.
Last US Close % YTD 2004
01 April Change %Change Close
-------------------------------------------------------------
Euro/dlr <EUR=> 1.2852 1.2907 -0.43 -5.21 1.3558
Dlr/yen <JPY=> 108.25 107.58 +0.62 +5.66 102.45
Euro/yen <EURJPY=> 139.11 138.91 +0.14 +0.17 138.88
Dlr/swiss <CHF=> 1.2084 1.2028 +0.47 +6.19 1.1380
Stg/dlr <GBP=> 1.8723 1.8811 -0.47 -2.40 1.9184
Dlr/cad <CAD=> 1.2195 1.2143 +0.43 +1.39 1.2028
Aus/dlr <AUD=> 0.7661 0.7709 -0.62 -2.02 0.7819
Euro/swiss <EURCHF=> 1.5533 1.5523 +0.06 +0.43 1.5466
Euro/stg <EURGBP=> 0.6862 0.6860 +0.03 -2.93 0.7069
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