29 October 2001, 12:47  TECHNICALS-Forex market outlook and key levels

LONDON, Oct 29 - Following is a selection of comments from analysts on important technical developments in the foreign exchange market.
TECHNICAL ANALYSTS, HSBC BOMBAY
* EURO/DOLLAR: It is likely now that $0.8980 will cap the upside for a break below $0.8880 to target $0.8830. Immediate resistance is at $0.8950 and crucial resistance is at $0.9035. We continue to favour the downtrend as long as $0.9035 caps, with a close below $0.8895 bolstering the bearish view. * DOLLAR/YEN: "Support at 121.90 should hold for a rally past 123.35 that targets 123.70-124.00. A break below 121.90 will confirm a temporary top in place and open the way for a test of 120.50 and 120.15."
* STERLING/DOLLAR: "We need a daily close above $1.4390 to turn the outlook mildly bullish. Until then, continue to regard the current rally to be a correction following the sell off from $1.4840. Immediate support is at $1.4345 and then $1.4260. A daily close below $1.4310 would be the first confirmation that a top is now in place."

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