Replies to post #13757 on Mostly: Classical

[Frank Pembleton]

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