Monday March 6, 2006 - 14:03:36 GMT
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Daily Forex Market Commentary - 3/6/2006
Daily Forex Market Commentary
Monday, March 06, 2006 8:00 GMT
By: Cornelius Luca, Currencies Analyst, GFT
Learn more about Global Forex Trading (GFT)
Dollar/yen rallied on Friday, while the dollar closed unchanged versus the European currencies. The dollar should consolidate today.
Euro/dollar closed unchanged on Friday as it consolidated after the sharp rally on Thursday.
It should try to pad its gains, despite a possible bearish reversal formation on Friday, but only a close above the area between 1.2060 and 1.2080 would confirm this strength. Above 1.2115, resistance then remains at 1.2205.
Good support is at 1.2005. Only a close below 1.1920 would confirm that the decline had resumed.
Oscillators are rising.
NEAR-TERM: Mixed to slightly bullish
MEDIUM-TERM: Slightly bearish
Dollar/yen rallied sharply on Friday and should attempt to advance on Monday as well.
Immediate resistance is at 116.85 from a 50-point pivot, which targets 116.35 and 117.35.Strong resistance is at 118.25 from a 50-point pivot, which targets 117.75 and 118.75.
The pair has immediate support at 115.90. Next floor remains at 115.50 from another 50-point pivot that targets 115.00 and 116.00.
Oscillators are mixed.
NEAR-TERM: Mixed to slightly bullish
MEDIUM-TERM: Slightly bullish
Sterling/dollar closed unchanged on Friday, following mixed trading.
Immediate resistance is pegged at 1.7590. Above 1.7620, the pound has resistance at 1.7655.
Initial support is seen at 1.7500. Below 1.7435 the pair has support at 1.7375.
The oscillators are rising.
The dollar/Swiss franc stalled losses and closed unchanged on Friday.
It should try to dig deeper, but only a break below 1.2925 would confirm that more weakness is expected. Strong support is then seen at 1.2895. Only a close below 1.2840 would signal an acceleration of the decline.
Initial resistance is at 1.3020. Next resistance is at 1.3115.
Oscillators are falling.
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