* Euro supported by expectations Greek referendum cancelled * Position-taking limited ahead of U.S. payrolls data, G20 * EURCHF buying helps single currency, traders cite SNB rumours By William James LONDON, Nov 4 (Reuters) - The euro rose on Friday as the threat of a destabilising referendum in Greece looked to have subsided, but stiff technical resistance and the risk of fresh flare-ups in the euro zone's debt crisis kept a lid on gains. After a week of volatile trading many speculators were reluctant to open big positions ahead of key U.S. jobs data at 1230 GMT and awaiting the conclusions of the Group of 20 leaders summit taking place in Cannes. The euro was last 0.25 percent higher at $1.3854, taking it back above the 55-day moving average of $1.3839 which has capped the currency in recent sessions. The options market continued to show increased worries about the risk of further euro declines, with one-month risk reversals still trading not far from a record high in favour of bets on euro falls versus the dollar. Traders cited semi-official buying of euro/dollar with speculative accounts targeting stops above Thursday's peak of$1.3855 up to around $1.3870. The euro has bounced from a three-week low of $1.3608 on Tuesday, struck after Greek Prime Minister George Papandreou's sudden call for a referendum sparked concerns the country could reject the bailout plans and instead default on its debt. On Thursday Papandreou bowed to cabinet rebels and agreed to make way for a national coalition government with the opposition if his Socialists back him in a knife-edge confidence vote on Friday. This move reassured investors and drove the euro higher, raising hopes for political consensus in Greece on accepting the EU rescue framework. "I would take the referendum to be cancelled, and whatever happens in the confidence vote tonight the opposition will support legislation for the bailout package. That has soothed the market," said Adam Cole, global head of FX strategy at RBC Capital Markets. "Today we go back to more conventional trading off the payrolls numbers. I suspect we will stay around $1.38 until then, if you look at the forecasts for payrolls nobody wants to go out on a limb." Reuters consensus forecast is for U.S. non-farm payrolls to show 95,000 jobs added, compared to 103,000 last month. Morgan Stanley held an above-consensus 125,000 forecast on the jobs report, which, if realised could boost risk appetite. "In the case of a better reading in the U.S. you might have a bit of better risk appetite come, and this would mean further selling in dollar/yen terms coming in," said Hans Redeker, head of Global FX strategy at Morgan Stanley. The dollar was broadly flat against the yen and was last trading at 78.01 yen , but traders said there were strong bids just below that level. Wariness about Japanese intervention after Tokyo's record $100 billion intervention on Monday also provided support. On the technical front, the dollar has strong support at 77.43 yen, the site of both tenkan and kijun lines on the Ichimoku chart. ECB RATE CUT Gains in the euro against the Swiss franc helped the single currency. The euro rose to a one-week high of 1.2248 francs with traders citing buying by Swiss corporates and speculation the Swiss National Bank may raise its target rate in euro/Swiss above 1.20 francs. But analysts said the European Central Bank's unexpected decision to cut interest rates to 1.25 percent on Thursday eroded some of the support the euro has enjoyed throughout this year on the back of favourable interest rate differentials. This could exert further pressure on the euro as the region's debt crisis rumbles on, they said. "We will now have interest rate differentials working against the euro," said Redeker, highlighting the possibility that rates may fall below the previous record low of 1 percent. "(And) when the ECB realises that the peripheral debt problem is not going to be solved via the EFSF, then it might have to act as a lender of last resort... under those circumstance the euro is going to come under selling pressure." Italian and French yield spreads over safe haven German Bunds remained in sight of their highest levels since the launch of the euro, suggesting investors were still worried over the possibility of contagion in the debt crisis.