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Tuesday October 17, 2006 - 13:35:59 GMT
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Daily Forex Market Commentary for October 17, 2006

Forex Market Commentary for October 17, 2006
GFT Daily Forex Market Commentary by Cornelius Luca
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The overbought dollar sank on Monday, particularly versus the yen. Dollar/yen tumbled after the Russina central bank increased its holding of yen at the expense of the US currency. The dollar should remain under selling pressure today.

Euro/dollar
Euro/dollar strugled higher on Mondday but remained well within Friday's range. Since the support at 1.2470 held, it should attempt to chip away at more of its losses today.

Above 1.2550, the euro/dollar has resistance at 1.2585. Strong resistance follows at 1.2650.The pair must close below the strong support at 1.2470 to confirm versus weakness.

Initial support is at 1.2590 and then at 1.2470. Next support comes at 1.2410. A close below this level would also trigger a double top formation, which targets 1.1920. But that’s far, far away. Below 1.2370, support now comes at 1.2310.

Oscillators are declining.

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

Dollar/yen
Dollar/yen fell sharply on MOnday after the Russian central bank re-wighted its holding portfolio in favor of the yen and at the expense of the dollar. The key level remains 119.65 from a 50-point pivot that targets 119.15 and 120.15.

Below 119.15, dollar/yen has support at 118.45. That’s followed at 118.25 by another 50-point pivot that targets 117.75 and 118.75.

Above 120.15, resistance is seen at 120.50. Further resistance is the pegged at 121.05 from another 50-point pivot that targets 120.55 and 121.55.

Oscillators are rising.

NEAR-TERM: Slightly bearish
MEDIUM-TERM: Slightly bullish
LONG-TERM: Bearish

Sterling/dollar
Sterling/dollar made a recovery on Mondaytaht erased approximately half of the losses encountred nearly a week earlier. It shoujld attempt to pad its bounce today.

Initial resistance is still seen at 1.8665. Above 1.8710, resistance comes at 1.8800.

Immediate support remains at 1.8518. That’s followed by 1.8425.

Oscillators are declining.

NEAR-TERM: Mixedt o slightly bullish
MEDIUM-TERM: Slightly bearish
LONG-TERM: Bullish

Dollar/Swiss franc
Dollar/Swiss made an unconvincing decline after reaching a 5 ½-month high at 1.2768 on Friday. It should see some more weakness today.

Below 1.2690, dollar/Swiss franc has support at 1.2590.

Above 1.2768, the pair still has resistance at 1.2800. Next level is at 1.2910.

Oscillators are rising.

NEAR-TERM: Bearish to slightly bearish
MEDIUM-TERM: Mixed to slightly bullish
LONG-TERM: Bearish

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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