Friday July 20, 2007 - 14:19:11 GMT
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Daily Forex Market Commentary for July 20, 2007
Friday, July 20, 2007 8:00 GMT
Daily Forex Market Commentary
By: Cornelius Luca, Currencies Analyst, GFT
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The dollar ended trading on Thursday on a mixed note, up against the euro, down against the pound and flat versus the yen and the franc. The dollar slipped briefly on news that the Philly Fedâ€™s business activity index fell to 9.2 in July from 18.0 in June. The US currency should consolidate today.
The euro/dollar climbed further up on Thursday, so continue holding long positions and take profit only a stop.
Immediate resistance is still seen at 1.3887. A break above it would signal a further aggressive rally to 1.3910 and 1.3945. Distant resistance is at 1.3990. Initial support remains at 1.3785. The next level is 1.3745. Below the strong support at 1.3665, there is a distant level at 1.3570.
Oscillators are rising.
Dollar/yen traded sideways on Thursday and should consolidate further today.Initial support remains at 121.50. 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. Immediate resistance is at 122.20. The key resistance remains at 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 slipped following the soft retail data but got stuck in an inside range and kept near a 26 1/4-year high. Continue holding long positions with a tight trailing stop. Above 2.0550 there is resistance at 2.0615. Distant resistance looms at 2.0720. Immediate support is seen at 2.0470. Next levels are 2.0405 and 2.0375. Strong, but distant, resistance is at 2.0250.
Oscillators are rising.
Dollar/Swiss franc traded sideways and got stuck in an inside range on Thursday. But it remains soft after falling to a new low of the downtrend only a day earlier. Initial support is still seen at 1.1960. Next level is 1.1910. Distant support follows at 1.1883.Above 1.2068, resistance is seen at 1.2100. Next level comes at 1.2175. Distant resistance is at 1.2235.
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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