Daily Market Commentary
This report has been deactivated
0
0
The dollar was all over the place on Thursday
Fri, Jul 11 2008, 06:19 GMT
by Cornelius Luca
The dollar was all over the place on Thursday, down versus the euro and the commodity currencies, but up against the yen and pound. The US currency should attempt another decline today and the US trade deficit should not be a market mover.
Euro/dollar
Euro/dollar rallied on Thursday to a one-week high. My model remains long and I expect a choppy upmove. Immediate resistance is at 1.5820. Above the pivot high at 1.5908, euro/dollar had distant resistance at 1.6020. Initial support is at 1.5665. Below 1.5630, support now comes at 1.5575. Distant support follows at 1.5460.
Oscillators are rising.
NEAR-TERM: Mixed with upside bias
MEDIUM-TERM: Slightly bullish
LONG-TERM: Bullish
Dollar/yen
Dollar/yen made a half-hearted upmove on Thursday but got stuck in an inside range. Expect further choppy trading today as well, but the upside remains limited. Initial resistance remains at 107.25. Strong resistance is at 107.95 from a 50-point pivot, which targets 107.45 and 108.45. Good support is at 106.75 from a 50-point pivot, which targets 106.25 and 107.25.
Oscillators are rising.
NEAR-TERM: Mixed
MEDIUM-TERM: Mixed
LONG-TERM: Mixed
Sterling/dollar
Sterling/dollar fell sharply early Thursday but reduced its losses by the close. My model went short, but I expected sideways trading today. Below 1.9775, support is still seen at 1.9730. Distant support is now seen at 1.9650. Initial resistance is seen at 1.9840. Above 1.9908, cable now faces distant resistance at 2.0004.
Oscillators are declining.
NEAR-TERM: Mixed
MEDIUM-TERM: Mixed
LONG-TERM: Mixed
Dollar/Swiss franc
Despite the brouhaha in Iran, dollar/Swiss closed unchanged on Thursday. Thus, the bearish reversal formation from Wednesday remains incipient. Expect further choppy trading, and my model remains short. Initial support is still seen at 1.0250. The next level is 1.0215. Distant support is seen at 1.0166. Above 1.0320, resistance remains at 1.0415 and 1.0450. Distant resistance comes at 1.0540.
Oscillators are rising.
NEAR-TERM: Mixed
MEDIUM-TERM: Mixed
LONG-TERM: Bullish
Published on Fri, Jul 11 2008, 06:25 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.