Forex Market Commentary for March 27, 2008 by Cornelius LucaGFT Daily Market Commentary
The FX markets were basically closed on Good Friday. With Europe closed but with Canada and the US in, trading should be quiet on Easter Monday.
Euro/dollar
Euro/dollar consolidated after sink earlier last week. A peak is probably in place, but more weakness will help.
Immediate support is now at 1.5400. Below 1.5340, there is further support at 1.5285.
Initial resistance is at 1.5470. The next level is 1.5520. Above 1.5590, resistance now comes at 1.5665.
Oscillators are declining.
NEAR-TERM: Mixed
MEDIUM-TERM: Mixed
LONG-TERM: Bullish
Dollar/yen
Dollar/yen remained within an inside range. Choppy trading is likely today.
Initial support comes at 99.00. This is followed by 98.46. Distant support is at 95.75.
Immediate resistance is now seen at 100.25 from a 50-point pivot, which targets 99.75 and 100.75. Above 100.45, the next levels are seen at 101.25 and 101.90.
Oscillators are mixed.
NEAR-TERM: Mixed
MEDIUM-TERM: Mixed
LONG-TERM: Bearish
Sterling/dollar
Sterling/dollar did nothing on Friday. Sideways trading should dominate today.
Initial resistance now comes at 1.9885. This is followed by 1.9960 and 2.0005. A break above 2.0085 would signal another further rally to 2.0250.
Immediate support is now seen at 1. 9765. Below 1.9690, the next level follows at 1. 9585.
Oscillators are falling.
NEAR-TERM: Mixed
MEDIUM-TERM: Mixed
LONG-TERM: Mixed
Dollar/Swiss franc
Dollar/Swiss marked time on Friday and Monday should be the same. My model is long and the upside is favored, but today should be quiet.
Initial resistance remains at 1.0165. This is followed by 1.0200. The next level is 1.0320.
Immediate support is seen at 1.0040. Below 0.9965, distant support is now pegged at 0.9870.
Oscillators are rising.
NEAR-TERM: Mixed
MEDIUM-TERM: Bearish
LONG-TERM: Bearish