LONDON, Sept 18 - Following is a selection of comments from analysts on important technical developments in the foreign exchange market.
KAREN JONES, TECHNICAL ANALYST, COMMERZBANK:
* EURO/DOLLAR: "The euro has not sustained its rally higher and is easing back to support at $0.9170/50. Providing dips are contained here we shall assume immediate upside pressure is maintained for a move towards the $0.9380 March high and then $0.9470, the weekly resistance line which connects the $0.9700 June 2000 peak to the $0.9595 Jan 2001 peak. Only failure at $0.9150 would trigger a deeper correction $0.9080/70 and possibly $0.9015/05 prior to recovery."
* DOLLAR/YEN: "The dollar is attempting to stabilise above the 116.65 low seen yesterday, this together with the short term support line, which cuts in at 116.50, is key. Rallies need to clear 118.50/70 in order to alleviate immediate downside pressure and retarget the 119.85/120.00 band then the 121.50 downtrend. Below 116.50 sees the down move extend to 114.40/00."
* DOLLAR/SWISS FRANC: "The dollar sold off to 1.5960 and has seen a sharp rebound from here. Providing the rallies are capped by 1.6240 immediate downside pressure is maintained for a retest of the 1.5960 recent low and the 1.5900 January low. While this may prompt some profit taking we feel losses are then likely to extend to 1.5550/1.5470 in the short term. This band contains a long term Fibonacci retracement and an inter-year support."