Tuesday April 10, 2007 - 12:55:47 GMT
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Daily Forex Market Commentary for April 10, 2007
GFT Daily Forex Market Commentary for April 10, 2007
Forex Market Commentary by Cornelius Luca, Currencies Analyst, GFT
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The dollar marched higher versus the European currencies on Monday in thin trading on residual demand after the strong US employment a business day earlier. Dollar/yen was flat. The dollar should pause today before further strength can be seen.
Euro/dollar edge lower and closed below a rising trendline support after unfurling a bearish reversal formation on Friday. If more weakness can be seen here, it must occur quickly.
Immediate support remains at 1.3330. The next levels are 1.3295 and 1.3255. Below 1.3225, support remains at 1.3200.
Initial resistance is at 1.3380. Above 1.3400, the next levels are 1.3440 and 1.3475.
Oscillators are mixed.
Dollar/yen was flat as a pancake on Monday after rallying to a six-week high on Good Friday. The pair is mildly overbought, so the downside is marginally favored. More information is needed.
Initial resistance is still seen at 119.65 from another 50-point pivot that targets 119.15 and 120.15. Above 120.75, distant resistance now comes at 121.05 from another 50-point pivot.
Below 119.15 there is support at 118.75. Strong support remains at 118.25 from a 50-point pivot that targets 117.75 and 118.75.
Oscillators are rising.
MEDIUM-TERM: Slightly bullish
Sterling/dollar fell further on Monday and broke below 1.9625. If this level holds as resistance, more weakness will be seen today.
Initial support comes at 1.9595. Strong support follows at 1.9545. Next level is at 1.9500.
Immediate resistance is at 1.9680. If this level breaks, the pound would likely take another swing at the pivotal 1.9725 level.
Oscillators are declining.
NEAR-TERM: Mixed with bearish bias
Dollar/Swiss franc rallied further on Friday and nailed a four-week high. The pair is now overbought in the short term, but sell only on confirmation.
Initial resistance comes at 1.2282. Next level is 1.2330. Above 1.2370, strong resistance comes at 1.2400. Above
Immediate support is now seen at 1.2240. Next level is 1.2190 and a break below it would signal a return to range trading with a base at 1.2150. Below 1.2080 there is a key level at 1.2050.
Oscillators are mixed.
NEAR-TERM: Mixed with upside bias
MEDIUM-TERM: Mixed with upside bias
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