Tuesday February 19, 2008 - 13:26:18 GMT
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Daily Forex Market Commentary for 2/19/2008
Tuesday, February 19, 2008 8:00 GMT
Daily Forex Market Commentary
By: Cornelius Luca, Currencies Analyst, GFT
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The dollar closed higher on Monday, but the bulk of its gains were against the pound. With the UK government forced to nationalize Northern Rock, the pound should remain under pressure in the medium term. In the short term, the US currency should edge lower.
Euro/dollar recouped most of its losses to close only slightly lower on Monday. Sideways to higher trading is likely today.
Initial resistance remains at 1.4720. Above 1.4765, resistance comes at 1.4800 and 1.4835.
Immediate support is at 1.4615. Below it, there is further support at 1.4565.
Oscillators are rising.
NEAR-TERM: Mixed with upside risk
Dollar/yen edged higher on Monday and the key level remains 107.95 from a 50-point pivot that targets 107.45 and 108.45. Choppy trading is likely today.
Above 108.45, resistance remains at 108.70 and 109.15. The next level is 109.80.
Initial support is at 107.75. Distant support looms at 106.75 from a 50-point pivot that targets 106.25 and 107.25.
Oscillators are mixed.
MEDIUM-TERM: Slightly bullish
Sterling/dollar sank sharply on Monday as well, as expected. Selling pressure should continue.
Immediate support is now seen at 1.9425. Below 1.9385 there is a pivotal low at 1.9338.
Initial resistance comes at 1.9515. A break above 1.9575 would signal a further recovery to 1.9680.
Oscillators are declining .
NEAR-TERM: Mixed to slightly bearish
Dollar/Swiss rallied on Monday. However, a pull back is likely today.
Immediate support is seen at 1.0976. The next level is 1.0880. Below 1.0805, support is pegged at 1.0729 from a pivot low.
Initial resistance now comes at 1.1065. The next resistance comes at 1.1105.
Oscillators are mixed.
NEAR-TERM: Mixed to slightly bullish
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