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06-22-2008, 08:30 PM
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GFT Daily Market Commentary
Forex Market Commentary for June 23, 2008 by Cornelius LucaGFT Daily Market Commentary
The dollar fell across the board on Friday and even dollar/yen moved (slightly) away from the 107.95 pivot. The US currency should attempt to bounce today though, as the direction and feeling are not clear at all. Euro/dollar The euro/dollar rallied sharply on Friday, and my model remains long. Sideways to lower trading is likely today. Immediate support is seen between 1.5573 and 1.5565. The next good levels lie at 1.5510 and 1.5545. Immediate resistance is at 1.5650. Above 1.5727, euro/dollar sees additional resistance at 1.5842. Oscillators are rising. NEAR-TERM: Mixed to slightly bearish MEDIUM-TERM: Slightly bullish LONG-TERM: Bullish Dollar/yen Dollar/yen finally slipped on Friday and tried to put some distance from the 107.95 50-point pivot, which targets 107.45 and 108.45, and my model went short. The pair is overbought, so more weakness is likely. Initial support is at 106.75 from another 50-point pivot, which targets 106.25 and 107.25. Distant support is at 105.60. Immediate resistance is seen at 107.95 from a 50-point pivot, which targets 107.45 and 108.45. Further resistance is pegged at 109.15 from a 50-point pivot, which targets 109.65 and 108.65. Oscillators are mixed. NEAR-TERM: Mixed with downside risk MEDIUM-TERM: Bullish LONG-TERM: Mixed Sterling/dollar Sterling/dollar rallied on Friday but remained stuck in an inside range on a weekly basis. My model remains long, but I expect only choppy trading. Initial resistance now comes at 1.9800. Above 1.9850, further resistance comes at 1.9890 and 1.9940. Immediate support is now seen at 1.9715. The next level is 1.9650. This is followed by 1.9595. Oscillators are rising. NEAR-TERM: Mixed MEDIUM-TERM: Mixed LONG-TERM: Mixed Dollar/Swiss franc Dollar/Swiss fell on Friday to return Thursday’s gains. My model went short. Trading should be mixed today, and the upside is favored. Initial resistance now comes at 1.0390. Above 1.0445, resistance is at 1.0495 and 1.0548. This is followed by 1.0622. Immediate support is now seen at 1.0306. Below 1.0200, a pivot comes at 1.0149. Oscillators are mixed. NEAR-TERM: Mixed MEDIUM-TERM: Mixed LONG-TERM: Bullish 
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