TECHNICALS-Forex market views and key levels
NEW YORK, April 7 (Reuters) - Following is a selection of
comments from analysts on important technical developments in
the foreign exchange market:
TIM MAZANEC, INVESTORS BANK & TRUST:
EURO/DOLLAR - "Euro/dollar's daily trendline has acted as
support thus far, a close below $1.28 sets up a move to
$1.2350. Resistance expected at $1.2945 & $1.3115.
Euro/dollar's move lower has stalled as the 10-year rally in
yield has stalled as well."
STERLING/DOLLAR - "Correction lower has lost momentum,
trading back above $1.8850 expects a slowdown in the downward
move. Current oscillation expects $1.85 - $1.90."
DOLLAR/YEN - "Ready for a pause. Dollar/yen is trading
below its internal trendline on the hourly chart, thus upward
momentum looks to be stalling. Support remains at 106 yen.
Longer term, it is attempting to break above its downward
trendline on the monthly chart, which would end three years of
downward pressure."
AUSTRALIAN DOLLAR/U.S. DOLLAR - "Aussie is pressing its
channel bottom, a significant close below $0.7625 sets up a
move to $0.74 (weekly upward trendline)."
TECHNICAL ANALYSIS TEAM, UBS:
EURO/DOLLAR - "Despite the recovery off $1.2800, the euro
remains vulnerable while price action holds below $1.3055. The
focus is on weakness towards $1.2730 support marking the 2005
low thus far (Feb. 7). $1.2800 is support."
DOLLAR/SWISS FRANC - "Recent gains define 1.1885 (Swiss
franc) low, with 1.2085 break exposing pivotal 1.2264
resistance, the Feb. 7 high. The recent setback is viewed
corrective at this stage."
STERLING/DOLLAR - "$1.8713 break is required to trigger
fresh weakness towards $1.8596. On the topside, resistance lies
at $1.8966."
DOLLAR/YEN - "Positive above 107.65 yen with potential for
a climb towards the 109.85 yen 61.8 percent retracement. 108.88
yen marks the next upside trigger."
AUSTRALIAN DOLLAR/U.S. DOLLAR - The "$0.7669 break this
week sets the scene for a decline towards $0.7616 (Feb 8 low
and next key hurdle for Australian dollar bears). $0.7697
offers initial resistance ahead of $0.7776. The latter is seen
as the key short-term resistance."
Currency bid prices at 13:48 GMT. All data taken from Reuters
calculated from the levels at 20:30 GMT in the
previous New York session.
Last US Close % YTD 2004
06 April Change %Change Close
-------------------------------------------------------------
Euro/dlr <EUR=> 1.2921 1.2870 +0.40 -4.70 1.3558
Dlr/yen <JPY=> 108.19 108.68 -0.45 +5.60 102.45
Euro/yen <EURJPY=> 139.80 139.87 -0.05 +0.66 138.88
Dlr/swiss <CHF=> 1.1989 1.2056 -0.56 +5.35 1.1380
Stg/dlr <GBP=> 1.8786 1.8801 -0.08 -2.07 1.9184
Dlr/cad <CAD=> 1.2201 1.2219 -0.15 +1.44 1.2028
Aus/dlr <AUD=> 0.7696 0.7639 +0.75 -1.57 0.7819
Euro/swiss <EURCHF=> 1.5488 1.5519 -0.20 +0.14 1.5466
Euro/stg <EURGBP=> 0.6877 0.6842 +0.51 -2.72 0.7069
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