Following is a selection of comments from analysts on important technical developments in the foreign exchange market.
EURO/DOLLAR: "The key level still seems to be the $1.2350/55 level...That also was resistance from the June high. We will see if we stall here. That is about an 80 percent retracement of the July decline.
If we get above the June high. There is risk of going back up to the July high of $1.2460."
DOLLAR/YEN: "Shot up to 112.0 yen...I think the market is still comfortable between roughly 110.0 yen and 112.50 yen, since the beginning of August."
US DOLLAR/CANADIAN DOLLAR: "We are back testing some support between C$1.3150 and C$1.3050. We have put in some good bases here over the last month and that might be effectively the bottom of the range here."
EURO/DOLLAR: The levels to watch are $1.2010 on the downside and $1.2461 on the upside.
DOLLAR/YEN: Technical levels to watch are 107.00 yen on the downside and 114.50 yen on the upside. Currency bid prices at 11:56 a.m. EDT (1556 GMT). All data taken from Reuters calculated from the levels at 4:30 p.m. EDT (2030 GMT) in the previous New York session.
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