TECHNICALS-Forex market views and key levels
NEW YORK, July 22 Reuters) - Following is a selection of
comments from analysts on important technical developments in
the foreign exchange market:
BNP PARIBAS, FX DAILY STRATEGIST
DOLLAR/YEN - "Dollar/yen could see a near-term correction,
but further gradual yuan appreciation will support the yen.
After testing 109.80 yen support, dollar/yen corrected modestly
on Friday."
EURO/STERLING - "Although euro/sterling has undergone a
minor corrective pullback from the 0.6985 pence high we expect
this to be limited to the 0.6930/15 support area providing a
renewed buying opportunity. A break through initial resistance
at the 0.6975 level will confirm that the correction is
complete opening upside potential back through the 0.6985/90
resistance targeting 0.7060 and then the 0.7100 area over the
medium term."
SAM SHENKER, TECHNICAL CURRENCY ANALYST, REFCO FX
DOLLAR/YEN -- "Japanese Yen traders surprised everyone with
the ferocity of their attack as the pair collapsed toward the
110.00 yen figure with euro/yen and the rest of the yen based
crosses buckling under the pressure. As the price action
remains in favor of the yen longs, their next move will most
likely see the pair move toward the 109.00 yen handle, with a
breakdown aiming toward the 108.00 yen figure."
Currency bid prices at 1434 GMT. All data taken from
Reuters calculated from the levels at 4:30 p.m. (2030 GMT) in
the previous New York session.
Last US Close % YTD 2004
21 July Change %Change Close
-------------------------------------------------------------
Euro/dlr <EUR=> 1.2119 1.2163 -0.36 -10.61 1.3558
Dlr/yen <JPY=> 110.91 110.27 +0.58 +8.26 102.45
Euro/yen <EURJPY=> 134.41 134.15 +0.19 -3.22 138.88
Dlr/swiss <CHF=> 1.2906 1.2856 +0.39 +13.41 1.1380
Stg/dlr <GBP=> 1.7422 1.7513 -0.52 -9.18 1.9184
Dlr/cad <CAD=> 1.2177 1.2171 +0.05 +1.24 1.2028
Aus/dlr <AUD=> 0.7673 0.7655 +0.24 -1.87 0.7819
Euro/swiss <EURCHF=> 1.5640 1.5642 -0.01 +1.13 1.5466
Euro/stg <EURGBP=> 0.6954 0.6948 +0.09 -1.61 0.7069
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