日本語
Español
中文
- New York 17:40
- London 22:40
- Barcelona 23:40
- Tokyo 07:40
- Sydney 09:40
Daily Market Commentary
This report has been deactivated
0
0
The dollar basically consolidated against the majors on Wednesday
Thu, Jun 5 2008, 06:17 GMT
by Cornelius Luca
The dollar basically consolidated against the majors on Wednesday, a day after Fed Chairman Bernanke acknowledged the falling US currency. Only the pound stumbled on weak UK data. The Loonie and Kiwi sank as well. If the carry trades falter further, the yen should gain, but as of now, the dollar should go higher.
Euro/dollar
The euro/dollar marked time on Wednesday after plunging a day earlier. It should head lower today, as the medium-term outlook is increasingly negative. The pair has immediate support at 1.5372, both the low on Tuesday and a Fibonacci retracement level. Further support is pegged at 1.5335. There is a distant pivot low at 1.5287. Initial resistance is at 1.5445. The further resistance at 1.5520 should continue holding if the negative outlook is correct. If not, look for a rally to 1.5565 and 1.5595. Distant resistance now looms at 1.5740.
Oscillators are declining.
NEAR-TERM: Mixed to slightly bearish
MEDIUM-TERM: Mixed to slightly bearish
LONG-TERM: Bullish
Dollar/yen
Dollar/yen traded sideways and got stuck in an inside range. Expect more of the same, with the 50-pip pivots at 104.40 and 105.60 giving direction. Immediate resistance is at 105.60 from a 50-point pivot that targets 105.10 and 106.10. Distant resistance is at 106.60. Initial support is at 105.10. Good support is pegged at 104.50 from a 50-point pivot, which targets 104.00 and 105.00. Distant support comes from a 50-point pivot, which targets 102.90 and 103.90.
Oscillators are mixed.
NEAR-TERM: Mixed to slightly higher
MEDIUM-TERM: Bullish
LONG-TERM: Bearish
Sterling/dollar
Sterling/dollar tumbled further on Wednesday to the lowest level since May 20. Only if 1.9490 breaks will cable see more weakness. Below this level, support is at 1.9470. Distant support is now seen at 1.9365. Immediate resistance is pegged at 1.9550. The next level is 1.9620.Above 1.9690 there is a distant ceiling at 1.9770.
Oscillators are falling.
NEAR-TERM: Slightly bearish
MEDIUM-TERM: Bearish
LONG-TERM: Mixed
Dollar/Swiss franc
Dollar/Swiss consolidated in an inside range and inched further to the tip of a triangle. Some strength is likely. Initial resistance remains pegged at 1.0490. A break above 1.0533 would signal a spike up to 1.0622. Immediate support is now seen at 1.0415. The next level is at 1.0375. Below 1.0315, distant support follows at 1.0215.
Oscillators are mixed.
NEAR-TERM: Mixed to slightly bullish
MEDIUM-TERM: Slightly bullish
LONG-TERM: Bearish
Published on Thu, Jun 5 2008, 06:23 GMT
Archive
- US Dollar: FOMC Over, Now What?
Published On Thu, Jan 29 2009, 02:42 GMT - New Zealand Cuts Interest Rates by 150bp to 3.5%
Published On Thu, Jan 29 2009, 02:40 GMT - FOMC Instant Insight: Fed Announcement Triggers Dollar Rally
Published On Wed, Jan 28 2009, 23:20 GMT - Currencies Rally on Obama's Plan to Save Banks
Published On Wed, Jan 28 2009, 23:17 GMT - US Dollar: Acts of Desperation?
Published On Wed, Jan 28 2009, 02:56 GMT
Global Forex Trading Ltd
| 4760 East Fulton Road, Suite 201, Ada, Michigan, U.S.A
http://www.gftforex.com/ | info@gftforex.com
Legal disclaimer and risk disclosure
This forum and the information provided here should not be relied on as a substitute for extensive independent research before making your investment decisions. Global Forex Trading is merely providing this column for your general information. The views of the author are not necessarily those of Global Forex Trading, its owners, officers, agents or employees. In addition, any projections or views of the market provided by the author may not prove to be accurate. Global Forex Trading and Cornelius Luca will not be responsible for any losses incurred on investments made by readers and clients as a result of any information contained in this column. Global Forex Trading and Cornelius Luca do not render investment, legal, accounting, tax, or other professional advice. If investment, legal, tax, or other expert assistance is required, the services of a competent professional should be sought.Interested in forex trading? forex brokerage firms!
GET CASH BACK FOR YOUR TRADES! Learn more about the Pip Rebate Program
Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. FXstreet.com has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.
Any opinions, news, research, analyses, prices or other information contained on this website, by FXstreet.com, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXstreet.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
©2009 "FXstreet.com. The Forex Market" All Rights Reserved.