Comments on important technical developments in forex market

Following is a selection of comments from analysts on important technical developments in the foreign exchange market.
CMC
EURO/DOLLAR: "Having held above $1.3420 yesterday the single currency was unable to get above the $1.3540 level seen earlier this week. Last week's highs at $1.3570 remain a key obstacle to further gains towards $1.3620. A move back below $1.3420 retargets a move towards $1.3300. The objective remains for a retest of the lows in October at $1.3150 on the way to the $1.3050 level, which is the 61.8 percent retracement level of the $1.1880/1.4940 up move. A break here would then target this year's low at $1.2870."
DOLLAR/YEN: "Yesterday's sell-off keeps the scenario for further gains intact while above the 77.20/30 yen area. The main target remains for a move towards trend line resistance at 79.00 from the 2007 highs at 124.15. Only below 77.20/30 yen area would undermine this scenario, and risk a move lower that would see the next key support area around the 76.20/30 area, a break below of which opens up the lows at 75.30."
STERLING/DOLLAR: "The cable was unable to push beyond this week's high at $1.5780 which is the main barrier to a move towards $1.5825. Any move above here could well extend towards $1.5900. The pound now needs to hold above $1.5620 for this move to unfold otherwise we could well see a sharp move back towards $1.5520."
EURO/STERLING: "The single currency remains range bound between the broader resistance at last weeks highs and resistance at the 86.50/70 pence area and 55-week MA. As such while below these highs the odds continue to favour a move back towards last weeks lows and a break below the 200-week MA, on the way to further sterling gains towards 84.50. There is also trend line support at 83.80 from the October 2008 lows at 76.95. A move above 86.70 retargets a move towards 87.30."
SOCIETE GENERALE
EURO/DOLLAR: "We cannot rule out a rise to the $1.3610/15 resistance area before the EUR/USD points back to the early October low of $1.3145."
EURO/YEN: "EUR/JPY should extend the recovery initiated at 102.50 yen last week with a first upside target at 106.70 and the main steps at 105.10 yen and 105.55 yen."
DOLLAR/YEN: "USD/JPY should return to the 78.30/40 yen resistance area and then test the long-term declining resistance line, which comes at 78.60 this week."
STERLING/DOLLAR: "We cannot rule out a further corrective rise to the $1.5870/90 resistance zone before the GBP/USD points back to at least last week's low of $1.5425."
DOLLAR/CANADIAN DOLLAR: "The medium term rising pullback line coming at C$1.0320 today should be the main step on the way to the recent high of C$1.0525."