Do the following individuals use technical or fundamental analysis in forecasting currency values?

a. An investor uses charts of historical exchange rate movements to predict future exchange rate movements.

b. A hedger uses a computer program called a neural network to identify patterns in exchange rates. The neural network uses past price information to generate a signal indicating whether a particular currency exposure should be hedged.

c. A speculator gathers the most recent balance-of-payments data from European countries. She uses this data to make long-term forecasts of the value of the euro against the pound.

d. A currency has been trading in a narrow range during the past several months. The currency falls in value days after the government announces it has suspended payments on dollardenominated loans. A hedge fund manager sells the currency after comparing the size of the dollar-denominated loans with the country's foreign exchange reserves.

e. A currency has been trading in a narrow range for several months. The currency falls in value after the government announces it has suspended payments on dollar-denominated loans. A hedge fund manager sells the currency after noticing that the currency has fallen in value for three successive days.