22-10-2008 Forex News Forex Commentary October 22
Posted by admin on October 22nd, 2008 at 02:33pm
Forex Market Commentary for October 22, 2008 Forex Rates Today
Forex Rates Today Daily Market Commentary
The dollar more than padded its gains today, as it exploded higher versus the European currencies and the Canadian dollar and fell against the yen. Cable led the European currencies lower following a very weak U.K. manufacturing confidence report. Yen crosses lead the way and there is little reason to expect a change today.
Euro/dollar
The euro/dollar collapsed to an over 1 ½-year low and my model remains short as the pair managed to break out of a triangle. The medium-term outlook remains bearish
Immediate support is at 1.2940. Below 1.2805, support is now seen at 1.2580.
Initial resistance moved down to 1.3060. The next level is 1.3230. This is followed by 1.3320 and 1.3375.
Oscillators are bearish.
NEAR-TERM: Slightly bearish
MEDIUM-TERM: Bearish
LONG-TERM: Bearish
Dollar/yen
Dollar/yen sank sharply enough to turn my model short. It barely remains in a triangle. While choppy trading will persists, the initial bias is mildly up – if the triangle bottom holds. The medium-term outlook remains bearish.
Immediate support comes at 100.25 from a 50-point pivot, which targets 99.75 and 100.75. This is followed by 99.25 from another 50-point pivot, which targets 98.75 and 99.75.
Resistance now moved down to 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 sank to a five-year low and my model remains short. The downside is still favored, as the medium-term outlook remains bearish.
Immediate support is now seen at 1.6450. The next level is 1.6285. Distant support is at 1.6040.
Initial resistance is at 1.6650. The next resistance levels follow at 1.6790 and 1.6925. Distant resistance is at 1.7105.
Oscillators are falling.
NEAR-TERM: Bearish
MEDIUM-TERM: Bearish
LONG-TERM: Bearish
Dollar/Swiss franc
Dollar/Swiss rallied to a new high for the uptrend and my model remains long. The medium-term risk remains on the upside.
Initial resistance is at 1.1592. The next levels are 1.1650 and 1.1755.
Immediate support is still seen at 1.1475. The next level is 1.1325. Below 1.1240, support remains at 1.1055.
Oscillators are rising.
NEAR-TERM: Slightly bullish
MEDIUM-TERM: Bullish
LONG-TERM: Bullish
22-10-2008 Forex News Forex Commentary October 22
Under Daily Forex Commentary
