LONDON, Sept 19 - Following is a selection of comments from analysts on important technical developments in the foreign exchange market.
RAHUL BADHWAR, SENIOR MARKETING MANAGER, HSBC BOMBAY
* EURO/DOLLAR: "Yesterday, we had recommended selling the euro on upticks to $0.9270 and $0.93, $0.9315 for a test and break below $0.9170. The euro has rallied to $0.9279 this morning. We need to see a daily close below $0.9180 today as a first sign that the selloff has resumed. Immediate resistance for today at $0.9280."
* DOLLAR/YEN: "Yesterday we had said that we needed to see the dollar close above 118.30 at least to eliminate downside risk. The dollar has been consolidating in what appears to be a triangle pattern on the hourly charts. While these are normally continuation patterns, thus the dollar should head lower. In Elliot wave theory, a wave 2 can be a triangle and thus the dollar could be basing for a rally in wave 3. However, only a break above 118 would confirm this. Daily stochastics are highly oversold and thus a rally is called for. But would buy only if 118.30 broke. Immediate support at 116.90, a break of which would open the way for a test of 116.20."