Following is a selection of comments from analysts on important technical developments in the foreign exchange market:
DOLLAR/YEN: "The view in dollar/yen remains unchanged as the gains from the May low at 109.00 are seen as a correction. This continues to suggest declines toward 113.45/55 (July 10 low and a 50 percent retracement from 109.00), with potential for a retest of 109.00 and even below after."
EURO/DOLLAR: "Initial resistance is at yesterday's 1.2774 high. A break above yesterday's high (as well as the 61.8% of 1.2976-1.2456 at 1.2776) would probe the trendline that connects the 1.3666 and 1.2976 highs at around 1.2870."
STERLING/DOLLAR: "The bullish bias remains for the simple fact that GBP/USD continues to make higher lows (1.8090, 1.8176, 1.8383). Initial resistance is at yesterday's high of 1.8675 with a push higher exposing the 6/6 high at 1.8775 and 78.6 percent fibo of 1.9025-1.8090 at 1.8822."
DOLLAR/YEN: "We continue to feel the US dollar should trade lower this week and next month to 114.00. Note that it is not oversold and momentum has yet to turn bearish, so an overshoot to 113.50 and possibly 110.00 is highly likely."
EURO/DOLLAR: "We still favour a rally towards $1.2800/$1.2825. A weekly close above $1.2800 should turn momentum bullish setting up a test of this year's high at $1.2980".
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