* Helped by the support at 0.9136 from the 61.8% Fibonacci retracement level of the June-October downtrend, EUR/USD shot up after the release of the better-than-expected Ifo survey. While premature, bulls are getting more and more confident that EUR/USD will drill its way to parity by the end of 2001. Significant buy-stops were triggered at 0.9203, the former five-month high. The outlook is bullish within a rising medium-term channel.

Support: 0.9136 (61.8% Fibonacci retracement level of the June-October downtrend), 0.9135 (overnight low), 0.8963 (50% Fibonacci retracement level of the June-October downtrend), 0.8922 (200-day moving average), 0.8939 (20-day moving average).
Resistance: 0.9240 (overnight high; 5-month high), 0.9382 (March 2 peak), 0.9446 (Feb. 1 peak), 0.9595 (Jan. 5 high; six-month peak).

* USD/JPY posted modest gains on the rebound from a 1-week low of 119.33 with a helping hand from the rising EUR/JPY. The pair will likely consolidate around the 119.65 Gann 50-point pivot that targets 119.15 and 120.15 and the 200-day moving average at 119.53. The intraday outlook is mixed, as USD/JPY remains in the range of past Wednesday.

Support: 119.65 (Gann 50-point pivot; targets: 119.15/120.15), 119.53 (200-day moving average), 119.33 (overnight low), 119.05 (Aug. 15 low; 2-month low), 119.00 (38.2% Fibonacci retracement level of the August 1998-December 1999 downtrend), 118.30 (June 1 low; 3-month low), 118.25 (Gann 50-point pivot; targets: 117.75/118.75).
Resistance: 120.10 (overnight high), 121.05 (Gann 50-point pivot; targets: 120.55/121.55), 122.50 (Gann 50-point pivot; targets: 122.00/123.00), 122.79 (100-day moving average), 122.99 (60-day moving average), 122.45 (20-day moving average), 124.00 (Gann 50-point pivot; targets: 123.50/124.50).

* EUR/JPY came close, but failed so far to take out the 3 1/2-month peak of 110.63. The intraday outlook is mixed.

Support: 109.50 (overnight low), 109.42 (20-day moving average), 107.38 (100-day moving average), 106.80 (60-day moving average), 106.61 (200-day moving average).
Resistance: 110.56 (overnight high), 110.63 (Aug 20 high; 3 1/2-month peak), 111.02 (50% Fibonacci retracement level of May 1999-October 2000 downtrend), 113.71 (April 4 high; 17-month high).

* Fueled by EUR/USD's gains, GBP/USD rose to a 5-month high of 1.4584 before profit-taking dragged back down to the more familiar surroundings of the 61.8% Fibonacci retracement of the January-June downtrend at 1.4560. Traders shrugged off the U.K. data, which showed the Q2 GDP growth unrevised at +0.3% on the quarter and +2.1% on the year. The intraday outlook is mixed.

Support: 1.4520 (overnight low), 1.4313 (20-day moving average), 1.4218 (100-day moving average), 1.4154 (60-day moving average).
Resistance: 1.4560 (61.8% Fibonacci retracement of January-June downtrend), 1.4584 (overnight high; 5-month high), 1.4756 (March 2 peak), 1.5100 (Jan. 8 peak, year high).