Friday February 15, 2008 - 14:05:57 GMT
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Daily Forex Market Commentary for 2/15/2008
Friday, February 15, 2008 8:00 GMT
Daily Forex Market Commentary
By: Cornelius Luca, Currencies Analyst, GFT
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The markets didnâ€™t like Paulsonâ€™s and Bernankeâ€™s reality-filled views on the housing and employment and dumped the dollar and the equity markets on Thursday. The majors must break important levels if the dollar is to see more weakness today.
Euro/dollar rallied to a one-week high on Thursday, but has yet to exit from an inside range. Only a break above 1.4650 would nullify the downside risk.
Above 1.4650, strong resistance is at 1.4730. Distant resistance follows at 1.4848.
Immediate support is at 1.4600. Next support comes at 1.4525 from a rising trendline. Below the pivot at 1.4440, there are two other pivot points at 1.4367 and 1.4311.
Oscillators are rising.
NEAR-TERM: Mixed with upside risk
Dollar/yen fell from a new one-month high on Thursday to halve its gains made a day earlier. Only a break below 107.80 warrants more weakness today. The key level is 107.95 from a 50-point pivot that targets 107.45 and 108.45.
Below 107.80, support is at 107.45. Distant support looms at 106.75 from a 50-point pivot that targets 106.25 and 107.25.
Above 108.45, resistance now comes at 108.70 and 109.15. The next level is 109.80.
Oscillators are mixed.
MEDIUM-TERM: Slightly bullish
Sterling/dollar rallied for a fifth consecutive day, but GBP/JPY is now less attractive. The strength will continue only if 1.9738 gives way.
Initial resistance comes at 1.9738 from the declining trendline. A break above it would signal a further rally to 1.9810, but this is less likely.
Immediate support is now seen at 1.9660. This is followed by 1.9600. Below 1.9575, there is further support at 1.9515.
Oscillators are rising.
NEAR-TERM: Mixed to slightly bullish
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