Following is a selection of comments from analysts on important technical developments in the foreign exchange market:
EURO/DOLLAR: "$1.2160 is a big level, a Fibonacci retracement level so far the market is entirely respecting it. Our bias is that the dollar bull trend still has a long way to go. Below there opens up $1.1950 to $1.2000."
STERLING/DOLLAR: "The obvious sticking point is going to be $1.8000. Eventually I think (sterling) will make it down to between $1.8000 and $1.7800. Sterling will then... maybe consolidate and have a bit of a bounce."
US DOLLAR/CANADIAN DOLLAR: "Valuation-driven retracement to C$1.2360 viewed as a medium-term buying opportunity for a test of C$1.2731."
EURO/DOLLAR: "Anticipated retracements to $1.2410/77 to present a selling opportunity, targeting $1.2124/$1.2028.
STERLING/DOLLAR: "Retracements to resistance at $1.8356/$1.8431 viewed as another selling opportunity, targeting $1.7845.
DOLLAR/YEN: "Pullbacks to support at 107.17 yen/106.26 yen to provide an entry point for long positions for a return to 108.88 yen." Currency bid prices at 1918 GMT. All data taken from Reuters calculated from the levels at 2030 GMT in the previous New York session.
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