TECHNICALS-Forex market views and key levels
NEW YORK, April 14 (Reuters) - Following is a selection of
comments from analysts on important technical developments in
the foreign exchange market:
PAUL JACKSON, SENIOR FOREIGN EXCHANGE DEALER, CMC GROUP:
OVERVIEW: "The dollar continues to find support on the
upside despite yesterday's worse than expected US retail sales
figures. The market largely shrugged off this news and either
the TIC data or the Michigan sentiment figures, both scheduled
for release tomorrow - could offer further direction, right now
the fact that US interest rates seem to be one of the few where
we're seeing any growth should maintain much of the greenback's
popularity.
STERLING/DOLLAR - "Cable is now toying with yesterday's
lows around $1.8860-65 and this will provide the first line of
support. A move through here paves the way for $1.8810-25,
followed by $1.8760 and then the recent low around $1.8670.
However, the topside looks relatively tight with $1.8920-40
continuing to act as a sticking point and any move beyond here
is likely to meet with further resistance at yesterday's high
around $1.8950 then $1.8980."
EURO/DOLLAR - "is also looking vulnerable with slow euro
zone growth drawing much attention, Look for resistance near
yesterday's high around $1.2960 then the weekly high near
$1.3015, whilst on the downside resistance is now being tested
at $1.2840. If this falls, look for a subsequent move down to
$1.2800 then $1.2790."
BNP PARIBAS FOREIGN EXCHANGE DAILY STRATEGIST:
DOLLAR/YEN - "Dollar/yen has rebounded from the 107.20 yen
trend support, but it needs to overcome yesterday's 108.45 yen
high to call for a break above 108.80 yen."
EURO/DOLLAR - "Technical support between $1.2860/$1.2800
will be difficult to break."
AUSTRALIAN DOLLAR/U.S. DOLLAR - "We would see surges above
$0.78 as favourable sell levels for the Australian dollar."
NEW ZEALAND DOLLAR/U.S. DOLLAR - "We would sell (the pair)
above $0.7250",
Currency bid prices at 1305 GMT. All data taken from Reuters
calculated from the levels at 2030 GMT in the
previous New York session.
Last US Close % YTD 2004
13 April Change %Change Close
-------------------------------------------------------------
Euro/dlr <EUR=> 1.2814 1.2916 -0.79 -5.49 1.3558
Dlr/yen <JPY=> 108.17 107.29 +0.82 +5.58 102.45
Euro/yen <EURJPY=> 138.61 138.58 +0.02 -0.19 138.88
Dlr/swiss <CHF=> 1.2134 1.1996 +1.15 +6.63 1.1380
Stg/dlr <GBP=> 1.8818 1.8941 -0.65 -1.91 1.9184
Dlr/cad <CAD=> 1.2428 1.2377 +0.41 +3.33 1.2028
Aus/dlr <AUD=> 0.7725 0.7776 -0.66 -1.20 0.7819
Euro/swiss <EURCHF=> 1.5547 1.5491 +0.36 +0.52 1.5466
Euro/stg <EURGBP=> 0.6809 0.6817 -0.12 -3.68 0.7069
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