Forex Market Commentary for December 28, 2007 by Cornelius LucaGFT Daily Market Commentary
The dollar remained under pressure and this weakness should persist today as well.
[B]Euro/dollar [/B]
Euro/dollar rallied aggressively on Thursday as well and this strength should continue on Friday.
Initial resistance is now seen at 1.4720. Above 1.4750 the next level is 1.4825.
Immediate support is at 1.4640. A break below 1.4590 would signal a test of 1.4525.
Oscillators are rising.
NEAR-TERM: Slightly bullish
MEDIUM-TERM: Mixed
LONG-TERM: Bullish
[B]Dollar/yen[/B]
Dollar/yen fell to a two-week low. It should now consolidate at lower levels.
Initial support now comes from a 50-point pivot at 112.90, which targets 113.40 and 112.40.
Immediate resistance is in place at 113.85. This is followed by 114.40. The next level is 115.00.
Oscillators are falling.
NEAR-TERM: Mixed
MEDIUM-TERM: Bullish
LONG-TERM: Bearish
[B]Sterling/dollar [/B]
Sterling/dollar padded Thursday’s gains but the upside looks limited here.
Initial resistance is now sent at 2.0020. Above 2.0055, the next one is at 2.0140. Distant resistance now follows at 2.0260.
Immediate support now comes at 1.9905. This is followed by 1.9865.
Oscillators are mixed.
NEAR-TERM: Slightly bullish
MEDIUM-TERM: Bearish
LONG-TERM: Bullish
[B]Dollar/Swiss franc [/B]
Dollar/Swiss sank for the third consecutive day early Friday and this pressure should continue today.
Immediate support is now seen at 1.1275. This is followed by 1.1165.
Initial resistance comes at 1.1375. Above 1.1440, resistance comes at 1.1510.
Oscillators are falling.
NEAR-TERM: Mixed
MEDIUM-TERM: Bearish
LONG-TERM: Bearish