TECHNICALS-Forex market views and key levels
NEW YORK, April 15 (Reuters) - Following is a selection of
comments from analysts on important technical developments in the
foreign exchange market:
JIM CHOREK, TECHNICAL ANALYST, CHOREK.COM
STERLING/DOLLAR - "The decline from $1.8978 reached $1.8786
(.618 of $1.8668-$1.8978) and then some, but it held above the
$1.8741 (.764 of $1.8668-$1.8978) risk. The rebound from $1.8756
comes on back of a bottoming 1-week cycle, but we need to see a
move above $1.8893 (.618 of $1.8978-$1.8756) to confirm an
upswing underway for the next couple of days. Then, the $1.8978
(high of correction from $1.8590) to $1.9023 (reaction high) to
$1.9044 (.618 of 1.9325-1.8590) heavy resistance band will come
into focus."
EURO/DOLLAR - "The pullback from $1.2893 should continue to
hold above the $1.2821 (reaction low) to $1.2820 (.618 since
$1.2775) to $1.2815 (.618 since $1.2766) support band. As long as
this area holds, odds will favor an eventual move above $1.2893
(recent high) and then the $1.2927 (wave ((e)) of 4) to $1.2954
(reaction high) heavy resistance band.
GEORGE DAVIS, CHIEF FOREIGN EXCHANGE TECHNICAL ANALYST,
RBCCAPITAL MARKETS, TORONTO
DOLLAR/YEN - "First support at 107.17 yen, the reactive low
from April 13. First resistance at 108.88 yen, the high for the
current move from April 15."
EURO/DOLLAR - "Very important support at $1.2791, the 200-day
moving average which was first tested yesterday. Resistance at
$1.2998, trendline from the highs of the 14th and 17th of March."
Currency bid prices at 15:01 GMT. All data taken from Reuters
calculated from the levels at 4:30 p.m. (20:30 GMT) in the
previous New York session.
Last US Close % YTD 2004
14 April Change %Change Close
-------------------------------------------------------------
Euro/dlr <EUR=> 1.2928 1.2806 +0.95 -4.65 1.3558
Dlr/yen <JPY=> 107.57 108.21 -0.59 +5.00 102.45
Euro/yen <EURJPY=> 139.06 138.57 +0.35 +0.13 138.88
Dlr/swiss <CHF=> 1.2005 1.2139 -1.10 +5.49 1.1380
Stg/dlr <GBP=> 1.8934 1.8803 +0.70 -1.30 1.9184
Dlr/cad <CAD=> 1.2405 1.2420 -0.12 +3.13 1.2028
Aus/dlr <AUD=> 0.7708 0.7695 +0.17 -1.42 0.7819
Euro/swiss <EURCHF=> 1.5522 1.5546 -0.15 +0.36 1.5466
Euro/stg <EURGBP=> 0.6827 0.6808 +0.28 -3.42 0.7069
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