日本語
Español
中文
- New York 15:05
- London 20:05
- Barcelona 21:05
- Tokyo 05:05
- Sydney 07:05
Daily Market Commentary
This report has been deactivated
0
0
The dollar rallied broadly on Friday
Mon, Jun 16 2008, 06:27 GMT
by Cornelius Luca
The dollar rallied broadly on Friday as well ahead of the G8 meeting, but late sales in the European currencies avoided the break of significant technical levels. With the G8 meeting out of the way, the US currency should decline first and then attempt to rally again. With the G8 central banks mum on the dollar, the US currency should head lower. There is a chance of a rally in euro/sterling due to a possible M&A.
Euro/dollar
The euro/dollar recovered from a five-week low on Friday to close just above the important 1.5380 level. My model remains short, but if this level holds, the pair could mount a nice rally. Immediate support is still seen at 1.5380. Below 1.5340, support comes at 1.5287. Distant support moved to 1.5230. Immediate resistance remains at 1.5460. The next level us 1.5525. Above 1.5590, euro/dollar has strong resistance at 1.5645.
Oscillators are declining.
NEAR-TERM: Mixed
MEDIUM-TERM: Slightly bullish
LONG-TERM: Bullish
Dollar/yen
Dollar/yen rallied to a four-month high and triggered a long-term bullish flag. My model remains long. Above 108.60, resistance is at 109.15 from a 50-point pivot, which targets 109.65 and 108.65. Above 109.93, distant resistance is perched at 110.35 from another 50-point pivot, which targets 109.85 and 110.85. Initial support is seen at 107.95 from a 50-point pivot, which targets 107.45 and 108.45. Next strong level is at 106.75 from another 50-point pivot, which targets 106.25 and 107.25.
Oscillators are rising.
NEAR-TERM: Slightly bullish
MEDIUM-TERM: Bullish
LONG-TERM: Mixed
Sterling/dollar
Sterling/dollar recovered from a one-month low to close flat on Friday. My model remains short, but the short-term outlook is mixed. Immediate support remains at 1.9434. The next level is 1.9365. Further support comes at 1.9335. Distant support is at 1.9235. Above 1.9525, strong resistance is still seen at 1.9575. Further resistance is perched at 1.9716.
Oscillators are declining.
NEAR-TERM: Mixed
MEDIUM-TERM: Mixed
LONG-TERM: Mixed
Dollar/Swiss franc
Dollar/Swiss rallied to a four-week high On Friday. The model is long. The pair has been alternating up and down weeks for seven weeks, and if the lack of direction continues, this week should be the down week. Only a close above 1.0548 signals further strength, but the start of a massive bullish flag is less likely at this point. Immediate support is now seen at 1.0375. This important level is followed by 1.0310. Distant support is at 1.0200. Initial resistance now comes at 1.0500. Key resistance is at 1.0548. This is followed by 1.0622.
Oscillators are rising.
NEAR-TERM: Mixed
MEDIUM-TERM: Mixed
LONG-TERM: Bearish
Published on Mon, Jun 16 2008, 06:29 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.