Tuesday July 17, 2007 - 13:43:13 GMT
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Daily Forex Market Commentary for July 17,2007
Tuesday, July 17, 2007 8:00 GMT
Daily Forex Market Commentary
By: Cornelius Luca, Currencies Analyst, GFT
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Cross trading dominated Monday‚Äôs market as well, with the pound, the Aussie and the loonie higher, and the euro, yen and the franc marking time. The strong Empire report helped the oversold US currency trim losses. Again, buy the dollar only on a stop-loss order basis and try sticking to cross trading.
The overbought euro/dollar consolidated quietly below Friday‚Äôs marginally new lifetime high. Since there was no corrective decline in sight, just hold long positions with profit taking on a stop.Immediate resistance is still seen at 1.3814. A break above it would signal a further aggressive rally to 1.3887. Initial support remains at 1.3745. Below the strong support at 1.3665, there is a distant level at 1.3570.
Oscillators are rising.
Dollar/yen recovered from a three-day low to close unchanged on Monday. It should consolidate today and should remain under pressure versus the European and the commodity currencies.Initial support is 121.60. There is a 50-point pivot at 121.05 and this targets 120.55 and 121.55. Strong supports follow at 120.89 and 120.65. The key resistance is 122.50 from a 50-point pivot, which targets 122.00 and 123.00.123.55. Above the key resistance at
122.50 from a 50-point pivot, which targets 122.00 and 123.00, distant resistance comes at 123.65.
Oscillators are mixed.
Sterling/dollar spiked up to a new 26 1/4-year high of 2.0403 on Monday. Once again, hold long positions with a trailing stop, as the pair is severely overbought.Above 2.0403 there still is resistance at 2.0430. Distant esistance looms at 2.0530. Immediate support is seen at 2.0305 and then at 2.0280. Next level is at 2.0200. Only a break below 2.0150 on a closing basis would signal a more sustained decline, but this is unlikely.
Oscillators are rising.
NEAR-TERM: Mixed with downside risk
Dollar/Swiss franc reversed early losses on Monday but held near Friday‚Äôs low for the year. The medium-term outlook is still negative, but some recovery is possible today as well.Above 1.2068, resistance is seen at 1.2100. Next level comes at 1.2175. Distant resistance is at 1.2235.Initial support is seen at 1.1986 from a pivot low. Distant support follows at 1.1883.
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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