Monday March 19, 2007 - 13:40:59 GMT
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Daily Forex Market Commentary for March 19, 2007
GFT Daily Forex Market Commentary for March 19, 2007
Forex Market Commentary by Cornelius Luca, Currencies Analyst, GFT
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The dollar slumped across the board on Friday, as expected, following mixed US data. The dollar should attempt to make a weak recovery since the stock markets held their own.
Euro/dollar surged to a new high for the uptrend on Friday but Monday should see some reprieve.
Above 1.3338, the euro/dollar would eye a pivotal high at 1.3367. The pair then has strong resistance at 1.3435 and 1.3475.
Initial support is at 1.3250. The next level remains in place at 1.3200. Below 1.3155, the pair has support at 1.3130.
Oscillators are rising.
Dollar/yen fell on Friday, as expected, reversing the previous dayâ€™s gains. It should now consolidate.
The key level at least early in the week is at 116.85, from a 50-point pivot which targets 116.35 and 117.35.
Below the Gann level at 116.00 there is another important 50-point pivot which targets 115.00 and 116.00.
Above 117.10, resistance comes at 117.50. Strong resistance follows at 118.25 from a 50-point pivot that targets 117.75 and 118.75.
Oscillators are mixed.
Sterling/dollar rallied to a two-week high on Friday and finally managed to break out of the range of March 5. The pair closed well off its highs and should edge lower today.
Initial support is at 1.9370. Good support lies at 1.9300. Next levels are pegged at 1.9250 and 1.9210.
Above 1.9460, strong resistance is at 1.9500. Above 1.9560, distant pivotal resistance is at 1.9672.
Oscillators are rising.
MEDIUM-TERM: Slightly bullish
Dollar/Swiss franc sank to a three-month low on Friday. It should now edge up for a day or so.
Initial resistance comes Initial resistance comes from the breakout point at 1.2105. If this level breaks, then the dollar should recover further to 1.2145.
Below 1.2030, a Fibonacci retracement level I mentioned in the previous report, dollar/Swiss franc has strong support at 1.2000. Below 1.1970, there is a pivotal low at 1.1901.
Oscillators are falling.
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