Following is a selection of comments from analysts on important technical developments in the foreign exchange market.
EURO/DOLLAR: "Immediate up-trend remains intact above $1.2428 with the focus on $1.2599 and $1.2709 thereafter. The broader US dollar downtrend remains intact, with euro/dollar targeting the $1.30 level."
"It needs to clear 107.51 yen to relieve near-term downside threat and pressure on 106.76 yen ahead of 105 yen -handle. Broader bearish theme remains intact below 110.05 yen with 106.74 yen seen as catalyst for 105 yen-handle."
DOLLAR/SWISS FRANC: "Break of 1.2551 francs minimally required to undermine short-term negative sentiment with a relapse below 1.2374 francs likely to trigger further weakness towards 1.2220 francs then 1.20 francs-handle. It remains bearish with the focus on 1.20 francs for medium-term outlook."
STERLING/DOLLAR: "Immediate uptrend remains intact above $1.7596 with $1.7821 expected to yield for an assault on $1.80. Initial support is located at $1.7700. (Sterling) has sights set on $1.8000 and potentially $1.8500 into the New Year."
DOLLAR/YEN: "The high at 107.50 yen tested the short term trend resistance....with success. The outlook is still the same and we should see some sort of reaction in the days ahead on the 106 yen level...107.50/70 yen is still the intermediate resistance".