GERRY CELAYA, REDTOWER RESEARCH

EUR/USD: "Sustained pressure above $1.38 will leave $1.40 to play for, with $1.38 offering support now. The big level to watch on the downside is still $1.3680/60, as a turn below this would leave $1.34+ to aim for and suggest that a toppy play could be seen."

NZD/USD: "Watch the NZD, probes on $0.80 are key with $0.90 opening up after this. Still not favoring a one way move forever here and $0.80 should be a staging post. "

GBP/USD: "In cable the $2.10 zone is at risk as $2.05 is being left behind, $2.0460/2.04 should mark support, and the triggers for $2.0130/00 and then lower."

NICOLE ELLIOTT, MIZUHO CORPORATE BANK

EUR/USD: "Another very strong weekly close and a new record high. The euro is still overbought and bullish momentum has eased. Immediate upside pressure is maintained while above $1.3700 and we favour another push higher today with some fairly desperate moves if the Dollar Index breaks and holds below 80.00."

USD/JPY: "Extraordinary price action at the Tokyo opening with a massive short squeeze up to a high at 122.22 yen at which point it was comprehensively slapped down. This adds weight to resistance between here and 122.2 that capped all last week. A break below 120.70 if not this morning then some time this week should see prices drop quickly to 120.00/119.50."

GBP/USD: "Strongest weekly close in I don't know how long underlines the fact that many are only just waking up to chronic U.S. dollar weakness. Expect another upside squeeze today, albeit a cautious one, to $2.0700."

EUR/JPY: "Tiny signs of instability here and in a number of other yen crosses that are looking a little `heavy'. As with dollar/yen, extraordinary price action today with a squeeze to a new record at 169.05 yen and then a collapse to 167.14. A break below 167.00 will probably turn momentum bearish and set off a sudden slide to 166.00, possibly 165.00."