Following is a selection of comments from analysts on important technical developments in the foreign exchange market.
EURO/DOLLAR: "The euro's first meaningful support remains at $1.3085. A violation there must be treated as bearish and we would open a target at $1.2840, a level that also represents an important pivot point from a medium-term perspective. Good intermediate support on the way down should be reckoned with at $1.2960. On the upside, we are doubly distrustful of any immediate rally now and would not entertain any bullish view until $1.3390 is overtaken."
DOLLAR/YEN: "Within the consolidation, support and resistance points are not too reliable. To the upside, we suggest 103.95 yen; to the downside, nothing at all. Outside of the zone, one should expect follow-through in the order of at least 2 percent to 3 percent, to 97.90 yen or to 108.00, respectively."
STERLING/DOLLAR: "Below $1.8700, cable could slide to $1.8245-$1.8250 with intermediate support only at $1.8410. In the meantime, it simply moves in neutral territory. The current range stretches as high as $1.8975.
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