Following is a selection of comments from analysts on important technical developments in the foreign exchange market.
This is not a particularly solid support, but it is the only nearby point of any significance. To the upside, first flimsy resistance stands at 140.95; better offers are higher at 141.55."
But we still maintain that any rally will be short-lived and be followed by fresh declines to the year's $1.7075 low. In case of an immediate sell-off below $1.7150, we would open the downside immediately to $1.6830."
That last area needs to fall if we are to see a strong reversal higher - the preferred scenario. A fall through $1.1730, on the other hand, would dash any short-term hopes of a further rally and have us focusing on the bottom of the range again at $1.1640 and possibly beyond."
Currency bid prices at 9:53 am EST (1453 GMT). All data taken from Reuters calculated from the levels at 4:30 pm (2130 GMT) in the previous New York session.