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Daily Market Commentary
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The dollar was mixed on Friday
Mon, Oct 15 2007, 01:25 GMT
by Cornelius Luca
The dollar was mixed on Friday, up against the yen and franc, down against the pound and flat versus the euro. Once again, the yen crosses in general and the carry trades in particular remain in demand and this pattern should continue on Monday.
Euro/dollar
Euro/dollar consolidated in an inside range on Friday and this pause was as expected. Monday should see sideways trading again
Above 1.4240, the next big resistance is at 1.4286 from this all-time high. Above 1.4316, strong resistance is seen only at 1.4400.
Euro/dollar has initial support at 1.4155. This is followed by 1.4115. Further supports are at 1.4060 and 1.4000. Only a break below 1.3965 would confirm that a peak is in place.
Oscillators are rising.
NEAR-TERM: Mixed
MEDIUM-TERM: Bullish
LONG-TERM: Bullish
Dollar/yen
Dollar/yen struggled higher but got stuck in an inside range after nailing a two-month high on Thursday. The upside is still cautiously favored in the medium term.
Above 117.90, resistance is seen at 118.25 from a 50-point pivot that targets 117.75 and 118.75.
Strong support comes at 117.10. Strong support is at 116.85 from another 50-point pivot that targets 116.35 and 117.35.
Oscillators are mixed.
NEAR-TERM: Mixed to slightly bullish
MEDIUM-TERM: Slightly bullish
LONG-TERM: Mixed
Sterling/dollar
Sterling/dollar made a solid recovery from the lowest level since September 28 to close higher on Friday. Sideways trading is favored.
Initial resistance is at 2.0400. This is followed by 2.0495. Strong resistance comes at 2.0530. If this level gives way, look for a test of the pivotal high at 2.0654.
Immediate support is now seen at 2.0285. The next level is 2.0225. This is followed by 2.0160. Distant support comes at 2.0090.
Oscillators are mixed.
NEAR-TERM: Mixed
MEDIUM-TERM: Bullish
LONG-TERM: Bullish
Dollar/Swiss franc
Dollar/Swiss marched higher on Friday amide demand for carry trades. The medium-term upmove remains in place but the immediate bias is still mixed.
Initial resistance is between 1.1880 and 1.1895. Above 1.1935, distant resistance is at 1.2005.
Immediate support remains at 1.1790. This is followed by 1.1740 and 1.1695. Below 1.1585, there is distant support at 1.1495.
Oscillators are mixed.
NEAR-TERM: Mixed
MEDIUM-TERM: Slightly bullish
LONG-TERM: Bearish
Published on Mon, Oct 15 2007, 01:23 GMT
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