Following is a selection of comments from analysts on important technical developments in the foreign exchange market.
EURO/DOLLAR: "The euro reversed sharply from just shy of the key January 6 $1.2897 peak. An end of week close under Thursday's $1.2792 low would make this a "key reversal day" and suggests lower levels are on the horizon.
Over the near-term, $1.2720 has stalled the slide for now and a consolidative type correction under former key near-term support at $1.2790-95 should set the stage for another leg lower towards $1.2685, the 10-day rising support line area."
DOLLAR/YEN: "Dollar/yen remains between a rock and a hard place. We improved only marginally today over 105.55 yen and still need to make headway around 105.70-90 yen to entertain thoughts at testing the four-week resistance line near 106.35 yen and the firmer three-month bear trendline at 106.70 yen.
Meanwhile, die hard bears continue to face a brick wall ahead of the 105.00 yen psychological level and Wednesday's 105.22 should remain safe or now."
EURO/DOLLAR: "Euro/dollar upside theme continues above $1.2651 with Wednesday's $1.2790 break seen as the trigger for a fresh assault on $1.2899 en route to $1.3000."
DOLLAR/SWISS: "Dollar/Swiss maintains pressure on the downside, with 1.2259 francs break seen as the catayst for 1.2135 francs. Resistance remains 1.2470 francs."
DOLLAR/YEN: "Break of daily trendline resistance at 106.81 yen needed to alleviate downside pressure on 105.00 yen and instate initiate a broader recovery towards 108.30 yen."
AUSTRALIAN DOLLAR/US DOLLAR: "US$0.7814 break unlocks US$0.8000. Intra-day support at US$0.7757."
EURO/STERLING: "Loss of 68.04 pence range base exposes 67.16 pence. Heavy below 68.86 pence."
EURO/YEN: "Interim base at 130.75 yen. Targets 135.61 yen ahead of 137.87 yen. Short term support at 133.55 yen".
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