October 21st, 2008 at 09:38am
Under Daily Forex Commentary
Forex Market Commentary for October 21, 2008 Forex Rates Today
Forex Rates Today Daily Market Commentary
With the stocks up on Monday and Federal Reserve Chairman Bernanke endorsed an additional fiscal stimulus, the dollar climbed up on Monday. But volume remained lighter than usual. The dollar should attempt to pad its gains today, but the upside is limited.
Euro/dollar
The euro/dollar fell and closed at the lowest level of the downtrend on Monday. My model remains short as the pair is trying to break out of a triangle. The medium-term outlook remains bearish, but in the short term the downside should be within reach.
Immediate support comes from two pivot lows at 1.3289 and 1.3261. Below 1.3190, support remains at 1.3040.
Initial resistance moved down to 1.3390. This is followed by 1.3530 and 1.3615.
Oscillators are mixed.
NEAR-TERM: Mixed to slightly bearish
MEDIUM-TERM: Bearish
LONG-TERM: Bearish
Dollar/yen
Dollar/yen struggled higher on Monday and my model remains long. Choppy trading will persists, and the initial bias is still 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 reversed early gains and my model remains short. The downside is favored only slightly, and the medium-term outlook remains bearish.
Immediate support is now seen at 1.7105. The next level is 1.6965. Distant support is at 1.6790.
Initial resistance is at 1.7230. The next resistance follows at 1.7425. Above 1.7515, distant resistance remains at 1.7630.
Oscillators are mixed.
NEAR-TERM: Slightly bearish
MEDIUM-TERM: Mixed
LONG-TERM: Bearish
Dollar/Swiss franc
Dollar/Swiss powered to a new high for the uptrend and my model went long early Monday. The medium-term risk remains on the upside.
Initial resistance remains at 1.1540. The next levels are 1.1573, 1.1650 and 1.1755.
Immediate support is now seen at 1.1425. 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
21-10-2008 Forex News Forex Commentary October 21
By admin
October 20th, 2008 at 06:12am
Under Daily Forex Commentary
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
By admin
October 17th, 2008 at 05:48am
Under Daily Forex Commentary
Forex Market Commentary for October 17, 2008 Forex Rates Today
Forex Rates Today Daily Market Commentary
Volatility continued on Thursday and the VIX hit a record high. The US data remained very weak, even more than expected. When the dust settled, the US stock indices rallied and oil prices fell further. The European currencies should advance today, while the yen should decline. Don’t expect any solace from the US housing and University of Michigan reports.
Euro/dollar
The euro/dollar recouped early losses and my model remains short. The initial bias turned only slightly bullish, as 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 1.3375. Below 1.3261, support comes at 1.3040.
Oscillators are mixed.
NEAR-TERM: Slightly bullish
MEDIUM-TERM: Bearish
LONG-TERM: Bearish
Dollar/yen
Dollar/yen reversed early losses to close higher on Thursday and my model went long now. Choppy trading will persists, but the initial bias is up. The medium-term outlook remains bearish.
Above 101.75, resistance is 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 bullish.
NEAR-TERM: Slightly bullish
MEDIUM-TERM: Bearish
LONG-TERM: Mixed
Sterling/dollar
Sterling/dollar reversed from a three-day low, but my model remains short. The upside is favored on Friday, 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 now seen at 1.7250. The next level is 1.7140. Distant support is at 1.6790.
Oscillators are bullish.
NEAR-TERM: Slightly bullish
MEDIUM-TERM: Mixed
LONG-TERM: Bearish
Dollar/Swiss franc
Dollar/Swiss fell on Thursday from a new high for the uptrend to give up most of its early gains and my model remains short. The medium-term risk remains on the upside, but 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
17-10-2008 Forex News Forex Commentary October 17
By admin
October 16th, 2008 at 06:06am
Under Daily Forex Commentary
Forex Market Commentary for October 16 2008 Forex Rates Today
Forex Rates Today Daily Market Commentary
The collapse in the US stock indices that obliterated the large, but fleeting, gains on Monday and the weak US data that highlighted the economic abyss we have entered sent the commodity and Scandinavian currencies down. The European currencies followed, while the yen gained on sales of yen crosses. Expect more of the same today.
Euro/dollar
The euro/dollar fell on Wednesday my model went short. The bias remains bearish.
Immediate support is at 1.3375. Below 1.3261, support comes at 1.3040.
Initial resistance comes at 1.3515. This is still followed by 1.3615 and 1.3765.
Oscillators are mixed.
NEAR-TERM: Slightly bearish
MEDIUM-TERM: Bearish
LONG-TERM: Bearish
Dollar/yen
Dollar/yen fell sharply on Wednesday and my model went short. The downside remains favored. The medium-term outlook is bearish.
Good support comes at 99.25 from another 50-point pivot, which targets 98.75 and 99.75. The next level is 98.25 from a 50-point pivot, which targets 97.75 and 98.75.
Immediate resistance is at 100.25 from a 50-point pivot, which targets 99.75 and 100.75. The next level is 101.25 from another 50-point pivot, which targets 100.75 and 101.75.
Oscillators are bearish.
NEAR-TERM: Slightly bearish
MEDIUM-TERM: Bearish
LONG-TERM: Mixed
Sterling/dollar
Sterling/dollar sank on Wednesday and my model went short. The downside remains favored.
Immediate support is now seen at 1.7120. The next level is 1.6975. Distant support is at 1.6790.
Initial resistance is at 1.7230. Good resistance follows at 1.7310. Distant resistance is now seen at 1.7630.
Oscillators are bullish.
NEAR-TERM: Slightly bearish
MEDIUM-TERM: Mixed
LONG-TERM: Bearish
Dollar/Swiss franc
Dollar/Swiss fell on Wednesday in an inside range and my model remains short. The medium-term risk remains on the upside.
Initial resistance is still pegged at 1.1390. The next levels are 1.1412 and 1.1605 from a pivot high.
Immediate support is at 1.1310. The next level is 1.1240. Below 1.1140, support is seen at 1.1055.
Oscillators are mixed.
NEAR-TERM: Slightly bullish
MEDIUM-TERM: Bullish
LONG-TERM: Bullish
16-10-2008 Forex News Forex Commentary October 16
By admin
October 15th, 2008 at 03:37am
Under Daily Forex Commentary
Forex Market Commentary for October 15, 2008 Forex Rates Today
Forex Rates Today Daily Market Commentary
The dollar recovered early losses against the European currencies and surrendered gains versus the yen on Tuesday, as short-term rates for dollars declined in the aftermath of global authorities injected $250 billion into banks to alleviate the credit crisis. The crisis is far from being solved, as the decline in the stock market following the brief, if meaty, recovery on Monday reminded us. The dollar should attempt to advance versus the European and the commodity currencies on Wednesday, but take your cues in the morning from the auction set by leading European central banks.
Euro/dollar
The euro/dollar gave up early gains but my model remains long. The initial bias is now bearish.
Immediate support is at 1.3545. The next levels are 1.3500 and 1.3460. Below 1.3261, support comes at 1.3040.
Initial resistance is seen at 1.3655. This is still followed by 1.3705, 1.3785 and1.3845.
Oscillators are bullish.
NEAR-TERM: Slightly bearish
MEDIUM-TERM: Mixed
LONG-TERM: Bearish
Dollar/yen
Dollar/yen rallied to a one-week high, but gave it all up to close basically unchanged on Tuesday. My model remains long, but the downside is favored. The medium-term outlook is bearish.
Good support remains 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.
Immediate resistance is at 102.30 from a 50-point pivot, which targets 101.80 and 102.80. The next level is 103.40.
Oscillators are bullish.
NEAR-TERM: Slightly bearish
MEDIUM-TERM: Bearish
LONG-TERM: Mixed
Sterling/dollar
Sterling/dollar rallied into early Tuesday but it gave it all up into the close. My model remains long, but the downside remains favored.
Immediate support is still seen at 1.7335. The next levels are 1.7300, 1.7225 and 1.7120.
Initial resistance is at 1.7500. Good resistance follows at 1.7655. Distant resistance is seen at 1.7765.
Oscillators are bullish.
NEAR-TERM: Slightly bearish
MEDIUM-TERM: Mixed
LONG-TERM: Bearish
Dollar/Swiss franc
Dollar/Swiss traded sideways in an inside range and my model remains short. The medium-term risk remains on the upside.
Initial resistance is still pegged at 1.1412. The next levels are 1.1440 and 1.1605 from a pivot high.
Immediate support is at 1.1310. The next level is 1.1240. Below 1.1140, support is seen at 1.1055.
Oscillators are mixed.
NEAR-TERM: Slightly bullish
MEDIUM-TERM: Bullish
LONG-TERM: Bullish
15-10-2008 Forex News Forex Commentary October 15
By admin
October 14th, 2008 at 12:06pm
Under Daily Forex Commentary
Forex Market Commentary for October 14, 2008 Forex Rates Today
Forex Rates Today Daily Market Commentary
Holiday or not, Monday was a big day in the financial markets. In an aggressive move, central banks flooded the financial system with liquidity, and the battered US stocks surged over 11.6 percent. In FX, the dollar melted across the board, but rallied against the yen, as yen crosses rallied. This may be only a correction, but Tuesday should see more of it.
Euro/dollar
One day after kneeling to a 1 ½-year low, the euro/dollar rallied on Monday, as expected. My model went long and the initial bias is still bullish.
Initial resistance is seen at 1.3685. This is still followed by 1.3705, 1.3785 and1.3845.
Immediate support is at 1.3575. The next levels are 1.3500 and 1.3460. Below 1.3261, support comes at 1.3040.
Oscillators are bullish.
NEAR-TERM: Slightly bullish
MEDIUM-TERM: Mixed
LONG-TERM: Bearish
Dollar/yen
Dollar/yen reversed further from a seven-month low coined on Friday, and my model promptly went long. The medium-term outlook is bearish, but the short term calls for further strength.
Immediate resistance is at 102.80. The next level is 103.40 from another 50-point pivot, which targets 102.90 and 103.90.
Good support is at 102.30 from a 50-point pivot, which targets 101.80 and 102.80. The next level is 101.25 from another 50-point pivot, which targets 100.75 and 101.75.
Oscillators are bullish.
NEAR-TERM: Bullish
MEDIUM-TERM: Bearish
LONG-TERM: Mixed
Sterling/dollar
Sterling/dollar recovered further on Monday from a near-five year low made last week and my model went long. The downside remains favored in the medium term, but there is more upside risk in the short term.
Initial resistance is at 1.7515. Good resistance follows at 1.7655. Distant resistance is seen at 1.7765.
Immediate support is at 1.7440. This is followed by 1.7335. The next levels are 1.7300, 1.7225 and 1.7120.
Oscillators are bullish.
NEAR-TERM: Bullish
MEDIUM-TERM: Mixed
LONG-TERM: Bearish
Dollar/Swiss franc
Dollar/Swiss marched higher on Monday, but then slipped in early Tuesday trading and my model went short. Once again, the medium-term risk remains on the upside, but the downside is favored here.
Immediate support is at 1.1310. The next level is 1.1240. Below 1.1140, support is seen at 1.1055.
Good resistance is pegged at 1.1390. The next levels are 1.1412 and 1.1605 from a pivot high.
Oscillators are mixed.
NEAR-TERM: Bearish
MEDIUM-TERM: Bullish
LONG-TERM: Bullish
14-10-2008 Forex News Forex Commentary October 14
By admin
October 13th, 2008 at 06:31am
Under Daily Forex Commentary
Forex Market Commentary for October 13, 2008 Forex Rates Today
Forex Rates Today Daily Market Commentary
The US stock markets failed an attempt to redress, the commodities remain under pressure and the adversity to risk is still annihilating the carry trades lower. The dollar reversed early losses on Friday and advanced across the board. The dollar should consolidate today amid holidays in Japan, US and Canada, but the bias is bearish against the European currencies and bullish versus the yen.
Euro/dollar
The euro/dollar fell to a 1 ½-year low last week amid general dollar strength despite struggling higher between Tuesday and Thursday. My model remains short, but the initial bias is bullish.
Initial resistance is seen at 1.3620. This is followed by 1.3705, 1.3785 and1.3845.
Immediate support is at 1.3550. The next level is 1.3460. Below 1.3261, support comes at 1.3040.
Oscillators are mixed.
NEAR-TERM: Slightly bullish
MEDIUM-TERM: Bearish
LONG-TERM: Bearish
Dollar/yen
Dollar/yen reversed from a seven-month low but my model remains short. The medium-term outlook is bearish, but the short term calls for further strength.
Good support is at 100.25 from a 50-point pivot, which targets 99.75 and 100.75. The next level is 99.25 from another 50-point pivot, which targets 98.75 and 99.75. The next level is 98.25 from a 50-point pivot, which targets 97.75 and 98.75.
Immediate resistance is at 101.25 from another 50-point pivot, which targets 100.75 and 101.75. The next level is 102.30 from a 50-point pivot, which targets 101.80 and 102.80.
Oscillators are bearish.
NEAR-TERM: Slightly bullish
MEDIUM-TERM: Bearish
LONG-TERM: Mixed
Sterling/dollar
Sterling/dollar recovered from a near-five year low and my model remains short. The downside remains favored in the medium term, but there is upside risk in the short term.
Initial resistance is at 1.7180. Good resistance follows at 1.7230 from a Fibonacci retracement level. Above the strong level at 1.7500, distant resistance is now seen at 1.7765.
Immediate support is at 1.7095. The next levels are 1.7020, 1.6920 and 1.6790.
Oscillators are bearish.
NEAR-TERM: Slightly bullish
MEDIUM-TERM: Bearish
LONG-TERM: Bearish
Dollar/Swiss franc
Dollar/Swiss reversed early losses and my model remains long. Once again, the risk remains on the upside, but a pause is due.
Immediate support is at 1.1240. The next level is 1.1220. Below 1.1140, support is seen at 1.1055.
Good resistance is pegged at 1.1360. The next levels are 1.1412 and 1.1605 from a pivot high.
Oscillators are rising.
NEAR-TERM: Mixed
MEDIUM-TERM: Bullish
LONG-TERM: Bullish
13-10-2008 Forex News Forex Commentary October 13
By admin
October 11th, 2008 at 03:17am
Under Daily Forex Commentary
Forex Rates Today Daily Market Commentary
The US stock markets are in a free fall, the commodities are crushing and the adversity to risk are taking the carry trades lower. Amid this unprecedented crisis, the major currencies continue to have a divergent behavior. The dollar should decline against the yen and advance versus the European currencies. The US trade should not matter and all eyes will be on the G7 meeting at the weekend.
Euro/dollar
The euro/dollar struggled higher on Thursday, as expected, but the upside is limited. In the medium term, the pair remains in a declining channel support.
Immediate support is at 1.3500. The next level is 1.3443. Distant support looms at 1.3350.
Resistance comes at 1.3620. The next level is 1.3750. Above 1.3775, the euro/dollar retains resistance at 1.3857. Distant resistance follows at 1.3980.
Oscillators are mixed.
NEAR-TERM: Slightly bearish
MEDIUM-TERM: Bearish
LONG-TERM: Bearish
Dollar/yen
Dollar/yen collapsed to below to a new low for the downtrend and remains below the neckline of an irregular head-and-shoulders pattern. The downside is favored today.
Initial support comes at 98.25 from a 50-point pivot, which targets 97.75 and 98.75. Distant support follows at 97.30 from another 50-point pivot, which targets 96.80 and 97.80.
Immediate resistance is at 99.25 from another 50-point pivot, which targets 98.75 and 99.75. Distant resistance is at 100.25 from a 50-point pivot, which targets 99.75 and 100.75.
Oscillators are bearish.
NEAR-TERM: Slightly bearish
MEDIUM-TERM: Bearish
LONG-TERM: Mixed
Sterling/dollar
Sterling/dollar fell to a new low for the downtrend. The outlook remains bearish.
Immediate support is seen at 1.6910. The next support follows at 1.6705.
Initial resistance looms at 1.7070. The next level is 1.7270. Above 1.7395, distant resistance is at 1.7455.
Oscillators are bearish.
NEAR-TERM: Slightly bearish
MEDIUM-TERM: Bearish
LONG-TERM: Bearish
Dollar/Swiss franc
Dollar/Swiss franc consolidated into early Friday. Mixed trading is favored in the short term.
Immediate support remains at 1.1210. Below 1.1140, support is seen at 1.1085. Good support follows at 1.097.
Initial resistance is still seen at 1.1325. Above 1.1390, distant resistance comes at 1.1490
Oscillators are declining.
NEAR-TERM: Mixed
MEDIUM-TERM: Bullish
LONG-TERM: Bullish
By admin
October 11th, 2008 at 03:17am
Under Daily Forex Commentary
Forex Market Commentary for October 9, 2008 Forex Rates Today
Forex Rates Today Daily Market Commentary
The major currencies had a divergent behavior on Wednesday in the wake of unprecedented concerted rate cuts made by six major central banks led by the Fed. Sterling/yen fell sharply, while the euro was supported by good local data. The dollar should recover against the yen and decline versus the European currencies.
Euro/dollar
The euro/dollar confirmed a bullish reversal and should struggle higher today, despite the ECB rate cut. In the medium term, the pair remains near the bottom of a declining channel support.
Resistance comes at 1.3750. Above 1.3775, the euro/dollar retains resistance at 1.3857. Distant resistance follows at 1.3980.
Immediate support is at 1.3620. The next level is 1.3443. Distant support looms at 1.3350.
Oscillators are mixed.
NEAR-TERM: Slightly bullish
MEDIUM-TERM: Bearish
LONG-TERM: Bearish
Dollar/yen
Dollar/yen collapsed to below parity on Wednesday, but recouped in early trading on Thursday. It remains below the neckline of an irregular head-and-shoulders pattern. The upside is favored today.
Immediate resistance is at 101.25 from a 50-point pivot, which targets 100.75 and 101.75. The next level comes at 102.30 from a 50-point pivot, which targets 101.80 and 102.80.
Initial support comes from another 50-point pivot at 100.25, which targets 99.75 and 100.75. Distant support is at 99.25 from another 50-point pivot, which targets 98.75 and 99.75.
Oscillators are sliding.
NEAR-TERM: Slightly bullish
MEDIUM-TERM: Bearish
LONG-TERM: Mixed
Sterling/dollar
Sterling/dollar sank to a new low for the downtrend on Wednesday. The sell-off should run out of steam, as the BoE has already cut rates.
Immediate support is seen at 1.7173. Below 1.7110, the next support follows at 1.7050.
Initial resistance looms at 1.7405. The next levels are 1.7500 and 1.7650. Above 1.7838, distant resistance is at 1.8000.
Oscillators are mixed.
NEAR-TERM: Mixed with upside risk
MEDIUM-TERM: Bearish
LONG-TERM: Bearish
Dollar/Swiss franc
Dollar/Swiss franc made a bearish reversal on Wednesday, as it hit a one-week low. The downside is favored in the short term.
Immediate support is at 1.1210. Below 1.1140, support is seen at 1.1085. Good support follows at 1.097.
Initial resistance is at 1.1325. Above 1.1390, distant resistance comes at 1.1490
Oscillators are declining.
NEAR-TERM: Slightly bearish
MEDIUM-TERM: Bullish
LONG-TERM: Bullish
By admin
October 8th, 2008 at 04:38am
Under Daily Forex Commentary
Forex Market Commentary for October 8, 2008 Forex Rates Today
Forex Rates Today Daily Market Commentary
The dollar failed to make much of a bearish reversal after surging a day earlier against the European and the commodity currencies, and closed little changed overall. All eyes remain on the battering of financial stocks, even though on Tuesday selling short was still off limits. The market is pricing in a UK rate cut on Thursday, but Federal Reserve Chairman Bernanke signaled readiness to lower interest rates soon, along with other measures (such as the Commercial Paper Facility Fund, designed to buy commercial paper) in order to alleviate the economic decline and thaw the credit freeze. Sideways trading should persist today, but the upside is favored for the dollar.
Euro/dollar
One day after branding a 14-month low, the euro/dollar made an early bullish reversal. But it failed to hold on to gains and closed well off its highs. My model remains short and the euro/dollar remains weak near the channel support. It remains oversold, but with the upside limited, its pressure should continue.
Immediate support is at 1.3480. The next level is 1.3443. Below 1.3350 there is support at 1.3260. Distant support looms at 1.3145.
Resistance remains at 1.3615. Above 1.3705, the euro/dollar has resistance at 1.3857. Distant resistance follows at 1.3980.
Oscillators are declining.
NEAR-TERM: Mixed
MEDIUM-TERM: Bearish
LONG-TERM: Bearish
Dollar/yen
Dollar/yen failed to hold on to early gains and closed mixed on Tuesday. It remains below the neckline of an irregular head-and-shoulders pattern. Mixed, choppy trading is likely today. The immediate level to watch is 101.25 from a 50-point pivot, which targets 100.75 and 101.75.
Initial support is still seen at 101.75. The next level to watch low is the 50-point pivot at 100.25, which targets 99.75 and 100.75. Distant support is at 99.25 from another 50-point pivot, which targets 98.75 and 99.75.
Immediate resistance is at 101.75. This is followed by 102.30 from a 50-point pivot, which targets 101.80 and 102.80. Above 103.40 from another 50-point pivot, which targets 102.90 and 103.90, distant resistance looms at 104.50 by a 50-point pivot, which targets 104.00 and 105.00.
Oscillators are sliding.
NEAR-TERM: Mixed
MEDIUM-TERM: Bearish
LONG-TERM: Mixed
Sterling/dollar
Weak industrial data sent the pound to a new 2 ½-year low on Tuesday before recovering losses. Following an early bounce, the sell-off should resume, as the BoE is expected to cut rates on Thursday.
Immediate support is 1.7445. The next level is 1.7337. Below 1.7250, the next big level is 1.7110.
Initial resistance is at 1.7545. The next level is 1.7650. Above 1.7838, distant resistance is at 1.8000.
Oscillators are bearish.
NEAR-TERM: Mixed
MEDIUM-TERM: Bearish
LONG-TERM: Bearish
Dollar/Swiss franc
Dollar/Swiss franc nearly made a bearish reversal on Tuesday, but that wasn’t confirmed. Again, following a mild pull back, the upside should be retested.
Initial resistance is at 1.1500. Above 1.1590, distant resistance comes at 1.1875.
Immediate support is at 1.1395. Below it, support is seen at 1.1308. Good support follows at 1.1220.
Oscillators are rising.
NEAR-TERM: Mixed
MEDIUM-TERM: Bullish
LONG-TERM: Bullish
08-10-2008 Forex News Forex Commentary October 8
By admin
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