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Wednesday March 1, 2006 - 14:25:10 GMT
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Daily Forex Market Commentary - 3/1/2006

Daily Forex Market Commentary
Wednesday, March 01, 2006 8:00 GMT
By: Cornelius Luca, Currencies Analyst, GFT
Learn more about Global Forex Trading (GFT)

The dollar fell broadly on Tuesday, with the oversold cable leading the move. The slide was accelerated by weak US data, namely the Chicago PMI, the Conference Board's consumer confidence and existing home sales. The US currency should remain under selling pressure.

Euro/dollar
Euro/dollar reversed losses made on Friday and Monday and should try padding its gains again today.

There is good resistance nearby at 1.1950. A break above this level would invite a test of the pivotal high at 1.1973. Above 1.2010 there is resistance at 1.2060. Distant resistance is at 1.2150.

Initial support is at 1.1895. Next level is 1.1855 and the pair must stay above this level on a closing basis to avoid a rout. There is a pivotal low at 1.1824. Distant support is at 1.1770.

Oscillators are mixed.

NEAR-TERM: Mixed to slightly bullish
MEDIUM-TERM: Slightly bearish
LONG-TERM: Bullish

Dollar/yen
Dollar/yen saw the expected choppy to lower trading on Tuesday.

The pair has strong support at 115.50 from another 50-point pivot that targets 115.00 and 116.00.

Immediate resistance is at 116.30. Strong resistance is at 116.85 from a 50-point pivot, which targets 116.35 and 117.35.

Oscillators are slipping.

NEAR-TERM: Mixed to slightly bearish
MEDIUM-TERM: Slightly bullish
LONG-TERM: Bullish

Sterling/dollar
Sterling/dollar rallied to an 18-day high on Tuesday and formed a bullish reversal formation.

Immediate resistance is pegged at 1.7624. The pound has strong resistance at 1.7685.

Initial support is seen at 1.7515. Below this level the pair has support at 1.7450. Distant support is at 1.7279.

The oscillators are rising.

NEAR-TERM: Mixed to slightly bullish
MEDIUM-TERM: Mixed
LONG-TERM: Bullish

Dollar/Swiss franc
The short-term overbought dollar/Swiss franc fell from a three-month high of 1.3236 on Tuesday and formed a bearish reversal formation.

Immediate support is between 1.3080 and 1.3060.Strong support is then seen at 1.3025.

Initial resistance is at 1.3165. There is a pivotal resistance at 1.3236.

Oscillators are mixed.

NEAR-TERM: Mixed to slightly lower
MEDIUM-TERM: Mixed
LONG-TERM:Bullish



DISCLAIMER: 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.

 

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