Euro/Dollar looks strained above $1.3850

STEVEN WESIAK, ABN AMRO
EUR/USD: "The uptrend has taken off again after new support was established at $1.3760. There is no resistance to speak of but the uptrend could run into trouble at a projected possible top which cuts in at $1.4120. On the downside, only slipping below the tested $1.3760 support call for any correction lower to kick in, this could make it as far down as $1.3642 before a new base builds”.

USD/JPY: "Downside momentum is tapering off but the bears are still hanging in there after forming a lower top at 122.62 yen. A break below the defended 120.58 support will give the market room to 119.53. On the upside, the bulls need to drive levels above 122.62 to start shaking off sellers. If that new resistance were cleared then the market will likely turn its attention to the massive 124.50 barrier."

GBP/USD: "Prices continue pushing higher and could reach a projected possible top at $2.0675 before any larger correction lower kicks in. Any potential decline should hold above $2.0443. Breaking below it will likely cause a drop down to trend line support at $2.0350 where a bottom could form. Slipping under that support line will target down to the $2.0244 handle."

USD/CHF: "Prices were driven below the 1.1985 franc level and could reach 1.1882 before rebounding. If that also snaps then the current decline should head down to 1.1739. Resistance starts at 1.2039 and extends to 1.2091. Only pushing up past that area starts reversing the downtrend and will give the marker room to correct up to 1.2193."

SEB

EUR/USD: "Trading showed little appetite to try above $1.38 yesterday, and despite this morning's push above, things still looks strained if moving above $1.3850 - where a rising trend line from last summer & the upper end of a much respected 22-day price-channel would restrict action. Shave off longs on any stall in the mid-$1.38s."

EUR/JPY: "Some tools point at a better move south, but have done so for some time & near-term price action still defy a move lower. Holding above 167.30 yen would keep holding the recent highs hostage, but a lower range extension today followed by a push below 167.75, would open for 167.30 and key 166.50."

EUR/CHF: "Yesterday's downward push and the bounce off key 1.6520 francs support saw above average volumes going through. But yet again sellers respond... Should buyers abstain from responding this time and not even defending the drawn line of rising support, the mid/low-1.64s come into play."