Comments and forex-analytics from FBS Brokerage Company - page 18
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Commerzbank: comments on GBP/USD
Technical analysts at Commerzbank note that as the British pound broke through resistance band between 1.6170 and 1.6177 versus its US counterpart, it may now rise to 1.63.
Never the less, the specialists believe that the bears will remain stronger as long as the pair GBP/USD is trading below 2010 maximums in the 1.6465 area. According to the bank, if sterling falls below the February minimum at 1.5962, it will be poised for a decline to 1.56.
Commerzbank: USD/JPY on its way up to 94.50
US dollar recovered from the record minimum at 76.31 hit on March 16 reaching the 6-month maximums above 85.00.
Technical analysts at Commerzbank note that the pair USD/JPY is coming closer to the key resistance in the 85.62/84 area, representing the top of the 2007-2011 down trend channel and the 50% retracement of the decline from May 2010.
The specialists expect that although there will be some profit taking at those levels, US currency will manage to get higher to 87.55 and 94.50.