Tuesday July 3, 2007 - 12:40:31 GMT
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Daily Forex Market Commentary for June 3, 2007
Tuesday, July 3, 2007 8:00 GMT
Daily Forex Market Commentary
By: Cornelius Luca, Currencies Analyst, GFT
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The dollar plummeted on Monday as well in a market thinned by the proximity of the Independence Day holiday. The European and the commodity currencies should attempt to advance further up against the dollar and the yen. Tuesday will see the release of the pending home sales and the factory goods orders reports for May â€“ these are not market movers.
Euro/dollar surged to a new high for the uptrend after surpassing the target of a bullish flag at 1.3550. The short-term and the medium-term outlooks are positive.
Immediate resistance is seen at 1.3685. A break above this level would signal another aggressive attack on the upside to 1.3750. Distant resistance looms at 1.3810.
Initial support is at 1.3595. Next levels are 1.3563, 1.3505, 1.3480 and 1.3440.
Oscillators are rising.
Dollar/yen fell to a nearly three-week low on Monday. It should attempt to rally today after getting support from the trendline.
Key support comes at 122.50 from another 50-point pivot, which targets 122.00 and 123.00.
Immediate resistance is at 123.00. Next level is 123.55. Above it, strong resistance is seen from a 50-point pivot at 124.00 that targets 123.50 and 124.50.
Oscillators are mixed.
NEAR-TERM: Mixed to slightly higher
Sterling/dollar surged to a 26-year high on Monday. The outlook is bullish ahead of the rate hike on Thursday.
Above 2.0180, resistance is seen at 2.0250 and 2.0315.
Immediate support is seen at 2.0135. Only a break below 2.0020 on a closing basis would signal the likely end of the upmove, but this is unlikely. In that case youâ€™d have to look for the further support at 1.9910.
Oscillators are rising.
Dollar/Swiss franc fell sharply on Monday and reached the target of a bearish reversal formation in the 1.2100 area. The outlook is bearish.
Immediate support is still seen at 1.2100. Strong supports follow soon at 1.2065 and 1.2030.
Initial resistance is at 1.2175. Next level is 1.2250. Distant resistance is at 1.2310.
Oscillators are falling.
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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