Forex Market Commentary for September 7, 2007 by Cornelius LucaGFT Daily Market Commentary
The dollar sank across the board on Thursday as well, except versus the yen, which marked time. The bias remains mixed to lower for the dollar, but take your cues from the vital non-farm payrolls report. Trading will be very volatile.
Euro/dollar
The euro/dollar rallied on Thursday as well. You should be looking for further gains.
Initial resistance is at 1.3725. Above 1.3765, strong resistance follows at 1.3800.
Immediate support is at 1.3630. Below 1.3580, euro/dollar still has support at 1.3555. A break below the latter level would signal the resumption of the downmove. Next level is at 1.3480.
Oscillators are rising.
NEAR-TERM: Mixed with upside bias
MEDIUM-TERM: Bearish
LONG-TERM: Mixed
Dollar/yen
Dollar/yen recovered early losses to close flat on Thursday. The weakness should persist at a reduced pace.
Initial support is at 114.80. Next strong level is at 114.20.
Immediate resistance is at 115.50 from another 50-point pivot, which targets 115.00 and 116.00. Distant resistance is at 116.85.
Oscillators are mixed.
NEAR-TERM: Mixed
MEDIUM-TERM: Bullish
LONG-TERM: Mixed
Sterling/dollar
Sterling/dollar rallied to its highest level since August 13. Expect another attempt to rally today as well.
Strong resistance is at 2.0260. Strong resistance follows at 2.0290. Distant resistance is at 2.0400.
Immediate support is seen at 2.0200. A break below the 2.0140 level would signal a further slide to 2.0040.
Oscillators are rising.
NEAR-TERM: Mixed with upside bias
MEDIUM-TERM: Bearish
LONG-TERM: Bullish
Dollar/Swiss franc
Dollar/Swiss franc fell on Thursday as well. Look for another push lower on Friday.
Immediate support is at 1.1990. Below 1.1870, support is seen at 1.1819.
Initial resistance is at 1.2050. The next good level is 1.2155. Distant resistance is at 1.2219.
Oscillators are mixed.
NEAR-TERM: Mixed with downside bias
MEDIUM-TERM: Bullish
LONG-TERM: Bearish