23-10-2008 Forex News Forex Commentary October 23

Posted by admin on October 23rd, 2008 at 03:47pm

Forex Market Commentary for October 23, 2008 Forex Rates Today

Forex Rates Today Daily Market Commentary

As expected, the dollar rallied further on Wednesday, surging again versus the European currencies and the Canadian dollar and fall against the yen. The moves are overdone, but stay with them until you have proof of a pause.
Euro/dollar

The euro/dollar plunged to a new low for the strong downtrend and my model remains short. The medium-term outlook remains bearish

Immediate support is at 1.2705. Below 1.2580, support is now seen at 1.2505.

Initial resistance moved further down to 1.2830. This is followed by 1.2980. Distant resistance looms at 1.3060.

Oscillators are bearish.

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

Dollar/yen

Dollar/yen collapsed to a seven-month low on Wednesday and my model remains short.  The medium-term outlook remains bearish.

Support now comes at 97.30 from another 50-point pivot, which targets 96.80 and 97.80.

Resistance now moved down to 98.25 from a 50-point pivot, which targets 97.75 and 98.75. This is followed by 99.25 from another 50-point pivot, which targets 98.75 and 99.75.

Oscillators are falling.

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

Sterling/dollar

Sterling/dollar sank further to a new 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 1.6070. The next level is 1.5850.  Distant support is at 1.5630.

Initial resistance is at 1.6345. The next resistance follows at 1.6540. Distant resistance is now pegged at 1.6790.

Oscillators are falling.

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

Dollar/Swiss franc

Dollar/Swiss climbed up to a new high for the uptrend and my model remains long.  The medium-term risk remains on the upside.

Initial resistance remains at 1.1710. The next levels are 1.1755 and 1.1873.

Immediate support is still seen at 1.1595.  The next level is 1.1410. Distant support comes at 1.1205.

Oscillators are rising.
NEAR-TERM: Slightly bullish
MEDIUM-TERM: Bullish
LONG-TERM: Bullish

23-10-2008 Forex News Forex Commentary October 23

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