Thursday June 28, 2007 - 12:50:03 GMT
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Daily Forex Market Commentary for June 28,2007
Thursday, June 28, 2007 8:00 GMT
Daily Forex Market Commentary
By: Cornelius Luca, Currencies Analyst, GFT
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The dollar managed to shake away weak New Home Sales and Consumer Confidence reports and closed little changed again on Tuesday. Dollar/yen reversed early losses after verbal intervention against the carry trades failed. With the precious metals melting profits away the risk for the US currency is on the upside now.
Euro/dollar
Euro/dollar made little progress on Tuesday as well, so traders are still looking for the next short-term direction. The medium-term outlook is less bullish now, with the short-term outlook bearish.
Initial support is at 1.3425. Below the 1.3373 level there is support at 1.3264 from a pivot low.
Immediate resistance is still seen at 1.3480. A close above 1.3553 would signal another aggressive attack on the upside to 1.3610.
Oscillators are rising.
NEAR-TERM: Mixed with downside risk
MEDIUM-TERM: Bullish
LONG-TERM: Bullish
Dollar/yen
Dollar/yen recovered most losses from a 12-day low and is likely to consolidate in its major uptrend.
Initial support is at 123.00. Below it, key support comes at 122.50 from another 50-point pivot, which targets 122.00 and 123.00.
Immediate resistance is still seen from a 50-point pivot at 124.00 that targets 123.50 and 124.50.
Oscillators are rising.
NEAR-TERM: Mixed
MEDIUM-TERM: Bullish
LONG-TERM: Bullish
Sterling/dollar
Sterling/dollar hit a marginally new high on Tuesday, and this strength was helped by expectations for a rate hike. The medium-term outlook remains bullish, but more choppy trading is now likely.
Initial resistance now comes at 2.0016 from Tuesday’s high. Distant resistance remains between 2.0131 and 2.0151.
Immediate support is seen at 1.9975. If 1.9940l gives way on a closing basis, look for further decline to the support at 1.9910. That’s unlikely.
Oscillators are rising.
NEAR-TERM: Slightly bullish
MEDIUM-TERM: Bullish
LONG-TERM: Bearish
Dollar/Swiss franc
Dollar/Swiss franc recouped losses from an 18-day low again with help from the 55-day moving average. It should attempt to climb up from here.
Above the resistance at 1.2310 there still is good resistance at 1.2350.
The initial support is at 1.2261 from Tuesday’s low. The next support is seen at 1.2230. Strong support follows at 1.2175.
Oscillators are falling.
NEAR-TERM: Mixed with upside risk
MEDIUM-TERM: Bullish
LONG-TERM: Mixed
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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