20-10-2008 Forex News Forex Commentary October 20

Posted by admin on October 20th, 2008 at 06:12am

Forex Market Commentary for October 20, 2008 Forex Rates Today

Forex Rates Today Daily Market Commentary

The stocks were all over the place on Friday and the US data, understandably, remained very weak.  On this milieu, the dollar consolidated. Expect more of the same today.
Euro/dollar

The euro/dollar slipped in an inside range and my model remains short. The pair is now in a triangle. The initial bias turned is slightly bullish, but the medium-term outlook remains bearish.

Initial resistance remains at 1.3515. This is still followed by 1.3615 and 1.3765.

Immediate support is at 1.3400. The next level is 1.3350.  Below 1.3261, support remains at 1.3040.

Oscillators are mixed.

NEAR-TERM: Slightly bullish
MEDIUM-TERM: Bearish
LONG-TERM: Bearish

Dollar/yen

Dollar/yen traded sideways on Friday and my model remains long.  Choppy trading will persists, but the initial bias is up. The medium-term outlook remains bearish.

Resistance remains at 102.30 from a 50-point pivot, which targets 101.80 and 102.80. A pivot high lies at 103.06.

Immediate support comes at 101.25 from another 50-point pivot, which targets 100.75 and 101.75.   The next level is 100.25 from a 50-point pivot, which targets 99.75 and 100.75.

Oscillators are mixed.

NEAR-TERM: Slightly bullish
MEDIUM-TERM: Bearish
LONG-TERM: Mixed

Sterling/dollar

Sterling/dollar made no progress on Friday and my model remains short.  The upside is favored today, but the medium-term outlook remains bearish.

Initial resistance is at 1.7430. Good resistance follows at 1.7505. Distant resistance remains at 1.7630.

Immediate support is still seen at 1.7250. The next level is 1.7140.  Distant support is at 1.6790.

Oscillators are mixed.

NEAR-TERM: Slightly bearish
MEDIUM-TERM: Mixed
LONG-TERM: Bearish

Dollar/Swiss franc

Dollar/Swiss marked tine in an inside range and my model remains short.  The medium-term risk remains on the upside, and some weakness is likely today.

Immediate support is still seen at 1.1310.  The next level is 1.1240. Below 1.1140, support is seen at 1.1055.

Initial resistance remains at 1.1390. The next levels are 1.1412, 1.1490 and 1.1605h.

Oscillators are mixed.
NEAR-TERM: Slightly bearish
MEDIUM-TERM: Bullish
LONG-TERM: Bullish
20-10-2008 Forex News Forex Commentary October 20

Under Daily Forex Commentary