Monday February 4, 2008 - 14:41:06 GMT
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Daily Forex Market Commentary for 2/4/2008
Monday, February 04, 2008 8:00 GMT
Daily Forex Market Commentary
By: Cornelius Luca, Currencies Analyst, GFT
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A horrible non-farm payrolls report failed to buckle the dollar for long and the US currency closed higher versus the European currencies and flat against the yen. More dollar strength is likely here.
Euro/dollar fell sharply on Friday after failing to coin a new record high. The downside is guardedly favored.
Immediate support is at 1.4760. The next levels are 1.4710 and 1.4640. These are followed by 1.4580.
Above 1.4880, resistance now comes at 1.4956. Strong resistance follows at 1.4966 from a pivot high.
Oscillators are mixed.
NEAR-TERM: Mixed with bearish bias
Dollar/yen consolidated on Friday. Mixed trading should prevail.
Immediate resistance is at 106.80. The next good level is 107.30. Above it, strong resistance remains at 107.95 from a 50-point pivot that targets 107.45 and 108.45.
Initial support comes at 106.00. Strong support follows at 105.50 from a 50-point pivot, which targets 115.00 and 116.00. Distant support lies at 104.25.
Oscillators are mixed.
Sterling/dollar melted away on Friday, when it gave back half of the gains made between January 22 and 30. The risk remains on the downside. Only a close below 1.9645 would warrant further losses.
Immediate support is now seen at 1.9575. The next level follows at 1.9500. Distant support moved down to 1.9415.
Initial resistance comes at 1.9720. A break above 1.9800 would be quite bullish and suggest a further rally to 1.9940.
Oscillators are rising.
NEAR-TERM: Mixed with downside risk
Dollar/Swiss closed the week with only mild losses after recovering from a new record low on Friday. The medium term trend is bearish, but some pull back is likely.
Initial resistance now comes at 1.0925. This is followed by 1.1060. The next level is 1.1125.
Immediate support is seen at 1.0825. Below 1.0770, support is pegged at 1.0729 from a pivot low.
Oscillators are declining.
NEAR-TERM: Mixed with upside risk
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