Monday April 23, 2007 - 13:37:50 GMT
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Daily Forex Market Commentary for April 23, 2007
GFT Daily Forex Market Commentary for April 23, 2007
Forex Market Commentary by Cornelius Luca, Currencies Analyst, GFT
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The dollar recovered on Friday as expected. The oversold US currency should attempt to climb up today as well. Buy it only if the move is confirmed.
Euro/dollar
Euro/dollar made a marginally new high on Friday, so its medium-term positive outlook remains intact. It’s overbought but sell it further only on confirmation.
This confirmation would arise from a break below 1.3575. Good support follows at 1.3525. Below 1.3470 there is support at 1.3440. Distant support is at 1.3390.
Above 1.3636, the pair retains resistance at 1.3645. Above 1.3705, distant resistance is at 1.3805.
Oscillators are rising.
NEAR-TERM: Mixed
MEDIUM-TERM: Bullish
LONG-TERM: Bullish
Dollar/yen
Dollar/yen moved up on Friday. This recovery should continue today as well.
Above 119.00 strong resistance is still seen at 119.65 from a 50-point pivot that targets 119.15 and 120.15.
Initial support remains at 118.25 from a 50-point pivot that targets 117.75 and 118.75.
Below 117.60, support is seen at 116.85, from a 50-point pivot, which targets 116.35 and 117.35.
Oscillators are edging lower.
NEAR-TERM: Mixed
MEDIUM-TERM: Slightly bullish
LONG-TERM: Bullish
Sterling/dollar
Sterling/dollar edged higher on Friday but held below the 26-year high of 2.0131. The positive medium-term outlook remains in place, but it’s close to declining.
Initial resistance is at 1.2100. Next cap is seen between 2.0140 and 2.0155. If this area breaks, the pound would likely take attack a Gann level at 2.0200.
Immediate support remains at 1.9980. Below 1.9955, strong support follows at 1.9925.
Oscillators are rising.
NEAR-TERM: Mixed
MEDIUM-TERM: Bullish
LONG-TERM: Bullish
Dollar/Swiss franc
Dollar/Swiss franc edged higher on Friday after reaching a new four-month low of 1.2000 on Thursday. Buy only on a confirmation or with a tight stop.
The confirmation should come from a break above the resistance at 1.2100. Further resistance comes at 1.2050. Next level is at 1.2095. Above 1.2145, the next level is 1.2200. Distant resistance is at 1.2255.
Immediate support is at 1.2035. Below 1.2000 there is a key level at 1.1945. Dollar/Swiss franc then has strong support at 1.1885.
Oscillators are declining.
NEAR-TERM: Mixed
MEDIUM-TERM: Slightly bearish
LONG-TERM: Slightly 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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