Archive for July, 2008
July 31st, 2008 at 04:18am
Under Daily Forex Commentary
Forex Market Commentary for July 31, 2008 Forex Rates Today
Forex Rates Today Daily Market Commentary
The dollar rallied early Wednesday, but then pared gains amid a $4 rebound in crude oil prices, but despite a recovering stock market. Thursday will see the release of the US GDP and Chicago PMI reports; the former has the ability to boost the dollar, but Friday we’ll be at the ready for the non-farm payrolls. The dollar looks primed for a pullback, but take your cues from the GDP report.
Euro/dollar
Euro/dollar recovered from a five-week low to close virtually unchanged on Wednesday, and my model remains short. The medium-term outlook remains bearish, but a doji seems to be in place, and the short-term outlook is bullish.
Immediate resistance is seen at 1.5630. The next resistance is 1.5770 from a Fibonacci retracement level. The next levels remain 1.5790, 1.5820, and 1.5860. These are followed by 1.5943. A pivot high remains at 1.6036.
Initial support comes from the pivot low at 1.5523. Further support follows at 1.5460. Distant support is at 1.5305.
Oscillators are declining.
NEAR-TERM: Slightly bullish
MEDIUM-TERM: Slightly bearish
LONG-TERM: Bullish
Dollar/yen
Dollar/yen consolidated near a five-week high and closed basically unchanged. My model remains long, but the short-term outlook seems slightly bearish.
Support remains 107.95 from a 50-point pivot, which targets 107.45 and 108.45. Distant support follows at 106.75 from a 50-point pivot, which targets 106.25 and 107.25.
Immediate resistance is at 108.45. Distant resistance is at 109.15.
Oscillators are rising.
NEAR-TERM: Mixed to slightly bearish
MEDIUM-TERM: Mixed to slightly bullish
LONG-TERM: Mixed
Sterling/dollar
Sterling/dollar reversed from a near three-week low, but my model remains short. The medium-term outlook is slightly bearish, but more strength is likely today.
Initial resistance now comes at 1.9840. Above 1.9880, the next significant level is at 1.9970. There is a pivot high at 2.0075.
Immediate support is now seen at 1.9790. This is followed by 1.9747 and 1.9690. Distant support is still seen at 1.9650.
Oscillators are falling.
NEAR-TERM: Slightly bullish
MEDIUM-TERM: Slightly bearish
LONG-TERM: Bullish
Dollar/Swiss franc
Dollar/Swiss surged to a new high for the upmove but gave it nearly all back by the close. My model is long, but the downside is favored today.
Initial support is seen at 1.0440. Below 1.0370, support now comes at 1.0315. Distant support is pegged at 1.0200.
Immediate resistance is at 1.0522. Above 1.0545, resistance now comes at 1.0622. This is followed by 1.0790.
Oscillators are rising.
NEAR-TERM: Slightly bearish
MEDIUM-TERM: Slightly bearish
LONG-TERM: Mixed
31-07-2008 Forex News Forex Commentary July 31
By admin
July 30th, 2008 at 05:57am
Under Daily Forex Commentary
Forex Market Commentary for July 30, 2008 Forex Rates Today
Forex Rates Today Daily Market Commentary
The dollar surged on Tuesday amid lower oil prices and a seemingly decent US consumer confidence report. The stock markets did well enough on Tuesday to reverse Monday’s losses. Again, it’s summer time and trading should remain choppy. But with the dollar threatening channel lines supports in euro and pound and above the trendline against the franc, after early weakness the bias should be higher.
Euro/dollar
Euro/dollar collapsed to a five-week low, and my model remains short. The medium-term outlook is bearish again.
Initial support comes from the channel line 1.5560. Below the 1.5629 pivot low, strong support follows at 1.5585. The next good level is at 1.5550.
Immediate resistance is seen at 1.5630. The next resistance is 1.5770 from a Fibonacci retracement level. The next levels remain 1.5790, 1.5820, and 1.5860. These are followed by 1.5943. A pivot high remains at 1.6036.
Oscillators are declining.
NEAR-TERM: Slightly bearish
MEDIUM-TERM: Slightly bearish
LONG-TERM: Bullish
Dollar/yen
Dollar/yen is still alternating up and down days, but on Tuesday it surged to a five-week high. My model remains long and the short-term outlook is slightly bullish.
Immediate resistance is at 108.45. Distant resistance is at 109.15.
Support moved up to 107.95 from a 50-point pivot, which targets 107.45 and 108.45. Distant support follows at 106.75 from a 50-point pivot, which targets 106.25 and 107.25.
Oscillators are rising.
NEAR-TERM: Mixed to slightly bullish
MEDIUM-TERM: Mixed to slightly bullish
LONG-TERM: Mixed
Sterling/dollar
Sterling/dollar broke out of an inside range on the downside and my model is still short. It closed below the rising trendline and after initial strength the downside is favored.
Initial resistance now comes at 1.9860. Above 1.9880, the next significant level is at 1.9970. There is a pivot high at 2.0075.
Immediate and very strong support is now seen at 1.9763. This is followed by 1.9690. Distant support is still seen at 1.9650.
Oscillators are falling.
NEAR-TERM: Mixed to slightly bearish
MEDIUM-TERM: Slightly bearish
LONG-TERM: Bullish
Dollar/Swiss franc
Dollar/Swiss surged to a five-week high on Tuesday and closed above the trendline resistance. My model is long and the upside is favored.
Immediate resistance is at 1.0512. Above 1.0545, resistance now comes at 1.0622. This is followed by 1.0790.
Initial support is seen at 1.0400. Below 1.0370, support now comes at 1.0315. Distant support is pegged at 1.0200.
Oscillators are rising.
NEAR-TERM: Slightly bullish
MEDIUM-TERM: Slightly bearish
LONG-TERM: Mixed
30-07-2008 Forex News Forex Commentary July 30
By admin
July 29th, 2008 at 05:04am
Under Daily Forex Commentary
Forex Market Commentary for July 29, 2008 Forex Rates Today
Forex Rates Today Daily Market Commentary
The dollar sank across the board on Monday amid renewed concern about the depth of the financial hole the US is in. The DJIA didn’t do all that well and there is little reason to hope for a significant improvement any time soon. It’s summer time and trading is choppy. Thus, the US consumer confidence report might give direction in the short run.
Euro/dollar
Euro/dollar closed higher on Monday, but my model remains short. The medium-term outlook is now mixed, and only a close above 1.5770 would change the downside risk.
So, immediate resistance is seen at 1.5770 from a Fibonacci retracement level. The next levels remain 1.5790, 1.5820, and 1.5860. These are followed by 1.5943. A pivot high remains at 1.6036.
Initial support is at 1.5710. The next level is 1.5678. Below the 1.5629 pivot low, strong support follows at 1.5585. The next good level is at 1.5550.
Oscillators are mixed.
NEAR-TERM: Mixed
MEDIUM-TERM: Mixed
LONG-TERM: Bullish
Dollar/yen
Dollar/yen is alternating up and down days, and Monday was the down day. The pair fell from a one-month high after the 107.95 Gann pivot held. My model remains long though, if barely.
Support remains at 107.35. Strong support follows at 106.75 from a 50-point pivot, which targets 106.25 and 107.25.
Immediate resistance is at 107.95 from a 50-point pivot, which targets 107.45 and 108.45. Distant resistance is at 109.15.
Oscillators are rising.
NEAR-TERM: Mixed
MEDIUM-TERM: Mixed to slightly bullish
LONG-TERM: Mixed
Sterling/dollar
Despite a new report adding to the mountain of proof that the UK housing sector remains weak, sterling/dollar closed higher on Monday, as expected. But cable remains stuck in an inside range and my model is still short. The upside is only slightly favored, as cable is approaching the top of the declining channel.
Initial resistance now comes at 1.9990. Above it, the next significant level is the pivot high at 2.0075.
Immediate support is now seen at 1.9920. This is followed by 1.9870. Below 1.9815, support is still seen at 1.9760.
Oscillators are mixed.
NEAR-TERM: Mixed
MEDIUM-TERM: Bullish
LONG-TERM: Mixed
Dollar/Swiss franc
Dollar/Swiss closed lower on Monday, but despite choppy trading, it didn’t shed much light. My model is long and more information is needed.
Initial support is still seen at 1.0315. Below 1.0275, support now comes at 1.0200. Distant support is pegged at 1.0140.
Immediate resistance remains at 1.0405. Above 1.0450, resistance now comes at 1.0475. This is followed by 1.0540.
Oscillators are rising.
NEAR-TERM: Mixed
MEDIUM-TERM: Slightly bearish
LONG-TERM: Mixed
29-07-2008 Forex News Forex Commentary July 29
By admin
July 28th, 2008 at 06:09am
Under Daily Forex Commentary
Forex Market Commentary for July 28, 2008 Forex Rates Today
FT Daily Market Commentary
The dollar rallied versus the yen on Friday, but closed marginally lower against the euro and the pound. The US data was better than expected and the oil price remained near recent lows, thus providing scope to not drop dollars. The quiet summer trading didn’t shed much light on the next move. There are no US economic reports to be released on Monday. so the dollar should me mixed.
Euro/dollar
Euro/dollar hovered near the lows of its downmove but closed higher on Friday, as expected. My model remains short. But it recovered on the close. The medium-term outlook is now mixed, and the risk remains on the downside.
Immediate resistance is seen at 1.5755 from a Fibonacci retracement level. The next levels are 1.5790, 1.5820, and 1.5860. These are followed by 1.5943. A pivot high remains at 1.6036.
Initial support is at 1.5678. Below the 1.5629 pivot low, strong support follows at 1.5585. The next good level is at 1.5550.
Oscillators are falling.
NEAR-TERM: Mixed
MEDIUM-TERM: Mixed
LONG-TERM: Bullish
Dollar/yen
Dollar/yen made the expected decline only early on Friday. It then failed to hold below the 20-day moving average and made an aggressive rally to close higher. But the 107.95 Gann pivot is still holding. My model remains long, but the upside bias needs reinforcement.
So, immediate resistance is at 107.95 from a 50-point pivot, which targets 107.45 and 108.45. Distant resistance is at 109.15.
Strong support now comes at 107.35. Strong support follows at 106.75 from a 50-point pivot, which targets 106.25 and 107.25.
Oscillators are rising.
NEAR-TERM: Mixed
MEDIUM-TERM: Mixed to slightly bullish
LONG-TERM: Mixed
Sterling/dollar
Sterling/dollar has been alternating up and down days for nine days, and Friday was a mildly up day, as expected. My model remains short. The slide was overdone and the upside is favored.
Initial resistance now comes at 1.9945. Above 1.9990, the next level is the pivot high at 2.0075.
Immediate support is now seen at 1.9870. Below 1.9815, support is still seen at 1.9760.
Oscillators are falling.
NEAR-TERM: Mixed
MEDIUM-TERM: Bullish
LONG-TERM: Mixed
Dollar/Swiss franc
Dollar/Swiss made little progress on Friday as well and my model is long. More information is needed.
Immediate resistance is at 1.0405. Above 1.0450, resistance now comes at 1.0475. This is followed by 1.0540.
Initial support is seen at 1.0315. Below 1.0275, support now comes at 1.0200. Distant support is pegged at 1.0140.
Oscillators are rising.
NEAR-TERM: Mixed to slightly bearish
MEDIUM-TERM: Slightly bearish
LONG-TERM: Mixed
28-07-2008 Forex News Forex Commentary July 28
By admin
July 25th, 2008 at 02:49pm
Under Daily Forex Commentary
Forex Market Commentary for July 25, 2008 Forex Rates Today
Forex Rates Today Daily Market Commentary
The dollar rallied versus the European currencies on Thursday, but fell against the yen. The oil is recovering, the equity markets are weak and the financial risk in the US is rising. Thus, the dollar has all the chances to sink today. Keep an eye on the US housing and on the durable goods orders data.
Euro/dollar
Euro/dollar fell to a new low for the downmove and my model remains short. But it recovered on the close. The medium-term outlook is bullish, and the risk is on the downside.
Immediate resistance is seen at 1.5740. The next levels are 1.5790, 1.5820, and 1.5860. These are followed by 1.5943. A pivot high remains at 1.6036.
Initial support is at 1.5629. Strong support follows at 1.5585. The next good level is at 1.5550.
Oscillators are falling.
NEAR-TERM: Mixed to slightly bullish
MEDIUM-TERM: Bullish
LONG-TERM: Bullish
Dollar/yen
Dollar/yen formed a bearish reversal and the downside is favored for Friday.
Below 107.00, support is again at 106.75 from a 50-point pivot, which targets 106.25 and 107.25. Below 105.85, distant support is at 105.60 from a 50-point pivot that targets 105.10 and 106.10.
Resistance remains at 107.95 from a 50-point pivot, which targets 107.45 and 108.45.
Oscillators are rising.
NEAR-TERM: Mixed to slightly bearish
MEDIUM-TERM: Mixed
LONG-TERM: Mixed
Sterling/dollar
Sterling/dollar is still alternating up and down days, and Thursday was a sharp down day! My model remains short. The slide was overdone and the upside is favored.
Initial resistance now comes at 1.9895. Above 1.9945, the next level is 1.9990. A pivot high follows 2.0075.
Immediate support is now seen at 1.9818. Below this trendline at 1.9815, support is seen at 1.9760.
Oscillators are falling.
NEAR-TERM: Mixed with upside bias
MEDIUM-TERM: Bullish
LONG-TERM: Mixed
Dollar/Swiss franc
Dollar/Swiss made little progress on Thursday. My model is long, but the risk is on the downside today.
Initial support is seen at 1.0310. Below 1.0275, support now comes at 1.0200. Distant support is pegged at 1.0140.
Immediate resistance is at 1.0405. Above 1.0450, resistance now comes at 1.0475. This is followed by 1.0540.
Oscillators are rising.
NEAR-TERM: Mixed to slightly bearish
MEDIUM-TERM: Slightly bearish
LONG-TERM: Mixed
25-07-2008 Forex News Forex Commentary July 25
By admin
July 25th, 2008 at 02:49pm
Under Daily Forex Commentary
Forex Market Commentary for July 24, 2008 Forex Rates Today
Forex Rates Today Daily Market Commentary
The dollar should march higher on Thursday, but the upside is getting more limited. It wouldn’t take much to end and reverse as the equity markets remain in disarray. The medium-term outlook remains bearish for the dollar.
Euro/dollar
Euro/dollar fell further and my model remains short. The medium-term outlook is bullish, but the downside seems favored on the day.
If the initial support at 1.5755 gives way, look for support at 1.5700. Strong support follows at 1.5630. The next good level is at 1.5610.
Immediate resistance is seen at 1.5760. The next levels are 1.5820, 1.5860 and 1.5943. A pivot high follows at 1.6036.
Oscillators are falling.
NEAR-TERM: Mixed to slightly bearish
MEDIUM-TERM: Bullish
LONG-TERM: Bullish
Dollar/yen
Dollar/yen should edge higher on Thursday. Again, the short-term outlook is only slightly positive because there is more significant trendline declining since late December.
Resistance remains at 107.95 from a 50-point pivot, which targets 107.45 and 108.45.
Initial support is again at 106.75 from a 50-point pivot, which targets 106.25 and 107.25. Below 105.85, distant support is at 105.60 from a 50-point pivot that targets 105.10 and 106.10.
Oscillators are rising.
NEAR-TERM: Mixed to slightly bullish
MEDIUM-TERM: Mixed
LONG-TERM: Mixed
Sterling/dollar
Sterling/dollar is still alternating up and down days, so Thursday should be a down day! My model remains short.
Immediate support is seen at 1.9880. The next strong level is 1.9845. Below the trendline at 1.9815, support is seen at 1.9760.
Initial resistance now comes at 1.9965. Above 2.0005, the next level is 2.0085. A pivot high follows 2.0155.
Oscillators are falling.
NEAR-TERM: Mixed with downside bias
MEDIUM-TERM: Bullish
LONG-TERM: Mixed
Dollar/Swiss franc
Dollar/Swiss should struggle higher on Thursday, and my model is long. The risk is on the upside today, but should not be easy.
Immediate resistance is at 1.0355. Above 1.0390, resistance now comes at 1.0450. This is followed by 1.0540.
Initial support is only seen at 1.0245. Below 1.0200, support now comes at 1.0138 and 1.0100.
Oscillators are rising.
NEAR-TERM: Up to slightly bullish
MEDIUM-TERM: Slightly bearish
LONG-TERM: Mixed
24-07-2008 Forex News Forex Commentary July 24
By admin
July 23rd, 2008 at 10:54am
Under Daily Forex Commentary
Forex Market Commentary for July 23, 2008 Forex Rates Today
Forex Rates Today Daily Market Commentary
The dollar surged on Tuesday in part because Treasury Secretary Paulson paid lip service for the currency and the Federal Reserve Bank of Philadelphia president said interest rates should be raised. Alternating up and down days make it difficult to stay long on a position. The medium-term outlook remains bearish for the dollar, but the Fed fear of inflation could translate in a more sustained upmove.
Euro/dollar
Euro/dollar fell to a 12-day low this my model went short. The medium-term outlooks are bullish, but with this choppy market, the downside seems favored on the day – it only seems that way because despite the slide on Tuesday, there is strong support at 1.5755.
If the initial support at 1.5755 gives way, look for support at 1.5700. Strong support follows at 1.5660. The next good level is at 1.5610.
Immediate resistance is seen at 1.5820. The next levels are 1.5860 and 1.5943. A pivot high follows at 1.6036.
Oscillators are falling.
NEAR-TERM: Mixed to slightly bearish
MEDIUM-TERM: Bullish
LONG-TERM: Bullish
Dollar/yen
Dollar/yen reversed early losses and rose to a near two-week high after breaking the declining trendline. The short-term outlook is only slightly positive because there is more significant trendline declining since late December.
Above this line at 107.57, resistance follows at 107.95 from a 50-point pivot, which targets 107.45 and 108.45.
Initial support is again at 106.75 from a 50-point pivot, which targets 106.25 and 107.25. Below 105.85, distant support is at 105.60 from a 50-point pivot that targets 105.10 and 106.10.
Oscillators are rising.
NEAR-TERM: Mixed to slightly bullish
MEDIUM-TERM: Mixed
LONG-TERM: Mixed
Sterling/dollar
Sterling/dollar is still alternating up and down days, with Tuesday a big down day, so Wednesday should see at least some recovery! My model went short, but there is strong support nearby.
Immediate support is seen at 1.9880. The next strong level is 1.9845. Below the trendline at 1.9815, support is seen at 1.9760.
Initial resistance now comes at 1.9965. Above 2.0005, the next level is 2.0085. A pivot high follows 2.0155.
Oscillators are falling.
NEAR-TERM: Mixed with downside bias
MEDIUM-TERM: Bullish
LONG-TERM: Mixed
Dollar/Swiss franc
Dollar/Swiss reversed losses and surged on Tuesday, prompting my responsive model to go long. The risk is on the upside today, but should not be easy.
Immediate resistance is at 1.0355. Above 1.0390, resistance now comes at 1.0450. This is followed by 1.0540.
Initial support is only seen at 1.0245. Below 1.0200, support now comes at 1.0138 and 1.0100.
Oscillators are rising.
NEAR-TERM: Up to slightly bullish
MEDIUM-TERM: Slightly bearish
LONG-TERM: Mixed
23-07-2008 Forex News Forex Commentary July 23
By admin
July 22nd, 2008 at 09:12am
Under Daily Forex Commentary
Forex Market Commentary for July 22 2008 Forex Rates Today
Forex Rates Today Daily Market Commentary
The oil and gold prices went up and the dollar eventually tumbled on Monday. The medium-term outlook remains negative, but the dollar failed to make an upmove, so the downside is favored.
Euro/dollar
Euro/dollar rallied broadly but this my model went long. Both the short-term and the medium-term outlooks are bullish.
Immediate resistance is now at 1.5940. The next levels is 1.5970 and a pivot high follows at 1.6036. Above 1.6055, distant resistance is at 1.6135.
Initial support is at 1.5880. Below 1.5830, support is remains at 1.5765. The next good level remains at 1.5685.
Oscillators are rising.
NEAR-TERM: Slightly bullish
MEDIUM-TERM: Bullish
LONG-TERM: Bullish
Dollar/yen
Dollar/yen reversed early gains and closed lower after failing to break the declining trendline. The short-term outlook is slightly negative.
Initial support is at 106.25. Below 105.85, support is at 105.60 from a 50-point pivot that targets 105.10 and 106.10.
Immediate resistance is at 106.75 from a 50-point pivot, which targets 106.25 and 107.25. The trendline is at 107.05. Further resistance still comes at 107.95 from a 50-point pivot, which targets 107.45 and 108.45.
Oscillators are mixed.
NEAR-TERM: Slightly bearish
MEDIUM-TERM: Mixed
LONG-TERM: Mixed
Sterling/dollar
Sterling/dollar is still alternating up and down days, so Tuesday should see at least some weakness! But my model remains long and t he medium-term outlook remains positive.
Initial resistance now comes at 2.0040. This is followed by 2.0085. A pivot high follows 2.0155. Distant resistance is at 2.0250.
Immediate support is seen at 2.0000. The next strong level is 1.9935. Below 1.9905, support is seen at 1.9850.
Oscillators are mixed.
NEAR-TERM: Mixed
MEDIUM-TERM: Bullish
LONG-TERM: Mixed
Dollar/Swiss franc
Dollar/Swiss reversed Friday’s gains but remained in an inside range on Monday and my model went short. The risk is on the downside today.
Initial support remains at 1.0135. Below 1.0095, support is seen at 1.0013 and .9984.
Immediate resistance is at 1.0200. Above 1.0245, resistance now comes at 1.0315. This is followed by 1.0390.
Oscillators are mixed.
NEAR-TERM: Slightly bearish
MEDIUM-TERM: Slightly bearish
LONG-TERM: Mixed
21-07-2008 Forex News Forex Commentary July 21
By admin
July 21st, 2008 at 11:05am
Under Daily Forex Commentary
Forex Market Commentary for July 21 2008 Forex Rates Today
Forex Rates Today Daily Market Commentary
The dollar edged higher on Friday in quiet trading. We need to see if there will be another recovery in the equity indices and a decline in the oil price. The medium-term outlook remains negative, but the dollar should attempt another upmove today.
Euro/dollar
Euro/dollar consolidated on Friday but this my model went short. The short-term outlook is slightly bearish, but the medium-term outlook remains bullish.
Immediate resistance is still at 1.5890. The next levels are 1.5910 and 1.5970. A pivot high now follows at 1.6036. Above 1.6055, distant resistance is at 1.6135.
Below 1.5830, support is remains at 1.5765. The next good level remains at 1.5685. Distant support is 1.5630.
Oscillators are mixed.
NEAR-TERM: Slightly bearish
MEDIUM-TERM: Bullish
LONG-TERM: Bullish
Dollar/yen
Dollar/yen struggled higher on Friday, but failed to test the declining trendline. The short-term outlook is cautiously positive.
Immediate resistance is at 107.10 from this line. Further resistance still comes at 107.95 from a 50-point pivot, which targets 107.45 and 108.45. .
Initial support is at 106.75 from a 50-point pivot, which targets 106.25 and 107.25. Below 105.85, support is at 105.60 from a 50-point pivot that targets 105.10 and 106.10.
Oscillators are rising.
NEAR-TERM: Slightly bullish
MEDIUM-TERM: Mixed
LONG-TERM: Mixed
Sterling/dollar
Sterling/dollar is alternating up and down days, so rallied Monday should be an up day! My model remains long. The medium-term outlook remains positive.
Initial resistance now comes at 2.0040. This is followed by 2.0085. A pivot high follows 2.0155. Distant resistance is at 2.0250.
Immediate support is seen at 1.9935. Below 1.9905, support is now seen at 1.9850.
Oscillators are mixed.
NEAR-TERM: Slightly bearish
MEDIUM-TERM: Bullish
LONG-TERM: Mixed
Dollar/Swiss franc
Dollar/Swiss consolidated in an inside range on Friday. My model went long, and the risk is on the upside today.
Immediate resistance is at 1.0245. Above it, resistance now comes at 1.0315. This is followed by 1.0390.
Initial support remains at 1.0175. This is followed by 1.0135. Below 1.0095, support is now seen at 1.0013 and .9984.
Oscillators are mixed.
NEAR-TERM: Slightly bullish
MEDIUM-TERM: Slightly bearish
LONG-TERM: Mixed
21-07-2008 Forex News Forex Commentary July 21
By admin
July 18th, 2008 at 11:03am
Under Daily Forex Commentary
Forex Market Commentary for July 18 2008 Forex Rates Today
Forex Rates Today Daily Market Commentary
A further recovery in the equity indices, a declining oil price (now for three days) and a falsely strong US hosing report helped the dollar pad its bounce on Thursday. But the medium-term outlook remains negative, and the dollar may be ending its recovery today.
Euro/dollar
Euro/dollar reversed early losses on Thursday and this my model went long. The short-term outlook is slightly bullish, while the medium-term outlook remains bullish.
Immediate resistance is at 1.5890. The next levels are 1.5910 and 1.5970. A pivot high now follows at 1.6036. Above 1.6055, distant resistance is at 1.6135.
Below 1.5830, support is remains at 1.5765. The next good level remains at 1.5685. Distant support is 1.5630.
Oscillators are mixed.
NEAR-TERM: Slightly bullish
MEDIUM-TERM: Bullish
LONG-TERM: Bullish
Dollar/yen
Dollar/yen exploded higher on Thursday, but failed to test the declining trendline and trimmed gains. The short-term outlook is negative.
Below 105.85, support is at 105.60 from a 50-point pivot that targets 105.10 and 106.10. Distant support follows at 104.50 from another 50-point pivot, which targets 104.00 and 105.00.
Immediate resistance is at 106.75 from a 50-point pivot, which targets 106.25 and 107.25.
Oscillators are mixed.
NEAR-TERM: Slightly bearish
MEDIUM-TERM: Mixed
LONG-TERM: Mixed
Sterling/dollar
Sterling/dollar rallied on Thursday but remained stuck in an inside range. My model remains long. Cable should first edge lower, but the medium-term outlook remains positive.
Immediate support is still seen at 1.9960. Below 1.9905, support is now seen at 1.9850.
Initial resistance now comes at 2.0005. This is followed by 2.0040 and 2.0085. A pivot high follows 2.0155. Distant resistance is at 2.0250.
Oscillators are mixed.
NEAR-TERM: Slightly bearish
MEDIUM-TERM: Bullish
LONG-TERM: Mixed
Dollar/Swiss franc
Dollar/Swiss rallied on Thursday, as expected, but gave it all up by the close. My model went long, but the risk is on the downside today.
Initial support remains at 1.0135. Below 1.0095, support is now seen at 1.0013 and .9984.
Immediate resistance is at 1.0245. Above it, resistance now comes at 1.0315. This is followed by 1.0390.
Oscillators are mixed.
NEAR-TERM: Slightly bearish
MEDIUM-TERM: Slightly bearish
LONG-TERM: Mixed
18-07-2008 Forex News Forex Commentary July 18
By admin
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