Forex market outlook and key levels

Following is a selection of comments from analysts on important technical developments in the foreign exchange market.
EURO/DOLLAR: "EUR/USD has again seen another counter trend move. Upside momentum has fizzled out at $1.4537 and focus has again shifted to underlying support. The 38.2 percent retracement support at $1.4270 is being tested. We will need a close below here to alleviate upside pressure and concentrate efforts on supports - this would target $1.4185, then $1.4020/00 en route to the 200-day moving average at $1.3928. While no close below $1.4270 is seen, we remain unable to rule out stabs higher. Intraday rallies are expected to find nearby resistance at $1.4440 and will remain slightly offered below here. Above here will re-focus attention on to the $1.4537 recent high then the $1.4580 early July high en route to $1.4694/1.4704, where we look for the rally to fail."
DOLLAR/YEN: "USD/JPY has inched lower and again, its new low has not been confirmed by the daily RSI and some caution is warranted. We note various Elliot wave counts on intraday and daily charts imply the market is either at or close to a low. We have minor support ay 77.30/25 yen and this is the last defence for the 76.25 low.
EURO/SWISS FRANC: "EUR/CHF has again eased off, to leave the outlook unchanged, very near term it is on the defensive but we look for recent lows at 1.1365/58 francs to hold."
DOLLAR/SWISS FRANC: "No change - has held over the 0.8000 franc support area (psychological support) all week - we favour a bounce. We have an additional support line cutting in at 0.7949, which connects the lows since March and ideally we would like to see a rebound from here today. Initial resistance is found at the near term resistance line at 0.8109 ahead of 0.8276, the June low and the downtrend at 0.8344."
STERLING/DOLLAR: "Consolidating above 1.6260, the end of June high and lows for end of July. While above here we maintain scope for gains to 1.6540/47, the 78.6 percent retracement of the move down from the April peak and the May peak."
EURO/DOLLAR: "Yesterday saw the single currency fall below the 55 and 100 day MA's between $1.4315 and $1.4330, before rebounding from $1.4255. The daily reversal candle posted earlier this week suggests we could well have seen the highs in the short term. Only a move beyond $1.4576 targets $1.4700, followed by $1.4875. The daily close above $1.4330 in US trading last night keeps the door open for a rally back towards $1.4420. A daily close below $1.4300 would reopen a test of the downside, back towards $1.4150."
STERLING/DOLLAR: "Yesterday's pullback fell short of the $1.6260 support area outlined in yesterday's note rebounding from $1.6295. The $1.6260 area was the 50 percent retracement of the $1.6745/1.5780 down move. While above this support a move back to the high this week at $1.6440 is entirely possible. A move above $1.6440 targets $1.6520. If the pound slips below $1.6250/60 then we could well get a move back towards $1.6180/1.6200 which acted as strong resistance for most of last week. Only a move below $1.6180 retargets the $1.6080 pivot."
EURO/STERLING: "The euro continues to trade in its messy broad range pushing back towards the lows seen earlier this month. The 87.05 pence low looks like it could be a tough nut to crack, however any rallies should find it tough going above the 88.00 level."
DOLLAR/YEN: "The dollar continues to be weighed down as it looks to close in on the all time lows at 76.25 yen, struggling to rally much above the 78.00 level yesterday. This week's brief spike above 78.50/60 remains a key obstacle for a move and return towards the May lows of 79.50/60, which had acted as fairly strong support after the co-ordinated intervention earlier this year. It should be noted that the threat of further intervention remains very likely and as such it could well be susceptible to sharp short squeezes of the type we saw earlier this week."