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Daily Market Commentary
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The dollar rallied on Monday, as expected
Tue, Jun 24 2008, 06:23 GMT
by Cornelius Luca
The dollar rallied on Monday, as expected. Miserable Eurozone data provided good reason to sell the euro, but dollar/yen rallied back to the 107.95 pivot. The US currency should attempt to advance today as well, but the overall direction and feeling did not get any clearer.
Euro/dollar
The euro/dollar fell sharply on Monday to surrender all of the Friday’s gains, and my model went short. Sideways to lower trading is likely today. Immediate support is seen at 1.5470. Below 1.5430, the next levels are 1.5380 and 1.5305. Strong resistance is at 1.5570. Above 1.5650, euro/dollar sees additional resistance at 1.5727.
Oscillators are rising.
NEAR-TERM: Mixed to slightly bearish
MEDIUM-TERM: Slightly bullish
LONG-TERM: Bullish
Dollar/yen
Dollar/yen reversed on Monday to obliterate Friday’s losses and moved back around the 107.95 50-point pivot, which targets 107.45 and 108.45, and my model went short. The pair remains overbought, but sideways trading is likely. Above 108.45, further resistance is pegged at 109.15 from a 50-point pivot, which targets 109.65 and 108.65. Initial support is at 107.45. Strong support is at 106.75 from another 50-point pivot, which targets 106.25 and 107.25. Distant support is at 105.60.
Oscillators are mixed.
NEAR-TERM: Mixed
MEDIUM-TERM: Bullish
LONG-TERM: Mixed
Sterling/dollar
Sterling/dollar fell sharply on Monday, prompting my model to go short, but I expect only choppy trading with a bias on the downside. Immediate support is now seen at 1.9605. The next level is 1.9560. This is followed by 1.9500. Initial resistance now comes at 1.9690. Above 1.9760, further resistance comes at 1.9800, 1.9890 and 1.9940.
Oscillators are mixed.
NEAR-TERM: Mixed with downside bias
MEDIUM-TERM: Mixed
LONG-TERM: Mixed
Dollar/Swiss franc
Dollar/Swiss is alternating up and down days, and Tuesday should be a down day, if this silly pattern continues. My model went long though. Trading should be mixed today. Initial resistance now comes at 1.0490. Above 1.0540, resistance is at 1.0622. Immediate support is now seen at 1.0400. Below 1.0336, further support comes at 1.0290.
Oscillators are mixed.
NEAR-TERM: Mixed
MEDIUM-TERM: Mixed
LONG-TERM: Bullish
Published on Tue, Jun 24 2008, 06:24 GMT
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