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Forex Market Commentary for May 9, 2008 by Cornelius Luca

GFT Daily Market Commentary

The dollar rallied versus the European currencies but sank versus the yen. The US currency should edge lower today, but the overall risk in on the upside.  
 

Euro/dollar

Euro/dollar sank to a two-month low on Thursday before recovering to close flat. There is a risk of an intermediary bullish reversal (hammer) and Friday will be the day to happen. My model remains short and the medium-term outlook is bearish.     

Immediate support is now seen at 1.5360. The pair has a pivot low at 1.5287. Below 1.5200, euro/dollar would test support at 1.5115.  Distant support is pegged at 1.5040.
 
Initial resistance is now seen at 1.5455. The euro/dollar then retains additional resistance at 1.5515,1.5600 and 1.5685. 

Oscillators are bearish.

NEAR-TERM: Mixed with upside risk 
MEDIUM-TERM: Bearish 
LONG-TERM: Bullish

Dollar/yen

Dollar/yen fell sharply while taking its cues from the 103.40 and 104.50. My model went short and this is OK unless 104.50 goes.
 
Strong support is pegged at 103.40 from a 50-point pivot, which targets 102.90 and 103.90.  Distant support is at 101.85.

Immediate resistance moved to at 104.50 from a 50-point pivot, which targets 104.00 and 105.00. Strong resistance follows at 105.60 from a 50-point pivot that targets 105.10 and 106.10.

Oscillators are mixed.

NEAR-TERM: Mixed   
MEDIUM-TERM: Bullish
LONG-TERM: Bearish

Sterling/dollar

Sterling/dollar consolidated near a 2 ½-month low. My system remains short, but the short-term outlook is slightly bullish.  
 
Initial resistance still comes at 1.9585.  Above 1.9690, there is distant resistance at 1.9840.

Below 1.9495, support remains at 1.9410.  This is followed by 1.9363. Distant support looms at 1.9185.  
 
Oscillators are declining.

NEAR-TERM: Mixed
MEDIUM-TERM: Bearish
LONG-TERM: Mixed

Dollar/Swiss franc

Dollar/Swiss fell from an over two-month high to close lower on Thursday.  My model is long and the medium-term outlook remains bullish. But the pair is overbought and the short-term outlook is slightly bearish.
 
Immediate support is now seen at 1.0440. Below it, the pair has further support at 1.0375. Distant support is then pegged at 1.0255.

Initial resistance now comes at 1.0545. This is followed by 1.0622.  Distant resistance remains at 1.0795. 

Oscillators are mixed.

NEAR-TERM: Mixed with downside risk
MEDIUM-TERM: Bullish
LONG-TERM: Beari

Source :

This entry was posted on Friday, May 9th, 2008 at 2:22 and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Forex Market Commentary for May 8, 2008 by Cornelius Luca

GFT Daily Market Commentary

The dollar rallied on Wednesday versus the European currencies, as expected, particularly against the pound, but gave back its early gains versus the yen. The US currency should consolidate today, unless the German industrial production is weak and/or the BoE surprises with a rate cut; then it will fly.  
 

Euro/dollar

Euro/dollar slumped on Wednesday to test its recent lows and my model remains short.  The selling pressure should continue today as well     

Immediate support is now seen at 1.5230. Below 1.5200, euro/dollar would test support at 1.5115.  Distant support is pegged at 1.5040.
 
Above 1.5365, resistance is now seen at 1.5420. The euro/dollar then has additional resistance at 1.5515,1.5600 and 1.5685. 

Oscillators are bearish.

NEAR-TERM: Bearish 
MEDIUM-TERM: Bearish 
LONG-TERM: Bullish

Dollar/yen

Dollar/yen failed to break above the 105.60 pivot and went south and slightly below 105.00.  My model is still long and the immediate risk is on the upside.
 
Immediate resistance remains at 105.20. Strong resistance follows at 105.60 from a 50-point pivot that targets 105.10 and 106.10. The next level is at 107.45. Above the 106.75 50-point pivot, which targets 106.25 and 107.25, distant resistance is at 107.95 from another 50-point pivot, which targets 107.45 and 108.45.

Initial and very important support is at 104.50 from a 50-point pivot, which targets 104.00 and 105.00. Strong support follows at 103.40 from a 50-point pivot, which targets 102.90 and 103.90. 

Oscillators are rising.

NEAR-TERM: Mixed to slightly bullish
MEDIUM-TERM: Bullish
LONG-TERM: Bearish

Sterling/dollar

Sterling/dollar collapsed to a 2 ½-month low after weak UK data enhanced expectations for a rate cut. The BoE is meeting today, but the market doesn’t expect a cut. My model is short, but the risk is on the upside if the central bank remains neutral.  
 
Below 1.9495, support is now seen at 1.9410.  This is followed by 1.9363. Distant support looms at 1.9185.  
 
Initial resistance still comes at 1.9585.  Above 1.9690, there is distant resistance at 1.9840.

Oscillators are declining.

NEAR-TERM: Mixed
MEDIUM-TERM: Bearish
LONG-TERM: Mixed

Dollar/Swiss franc

Dollar/Swiss rallied to a new high for the upmove.  My model is long and the medium-term outlook remains bullish. The short-term outlook is bullish.
 
Initial resistance now comes at 1.0627. This is followed by 1.0690.  Distant resistance now comes at 1.0795. 

Immediate support is now seen at 1.0550. This is followed by 1.0510. Below 1.0430, the pair has further support at 1.0375. Distant support is then pegged at 1.0255.

Oscillators are mixed.

NEAR-TERM: Mixed
MEDIUM-TERM: Bullish
LONG-TERM: Bearish

Source :

This entry was posted on Thursday, May 8th, 2008 at 4:28 and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Forex Market Commentary for May 7, 2008 by Cornelius Luca

GFT Daily Market Commentary

The dollar encountered very choppy reading on Tuesday, when it melted versus the commodity currencies, but closed little changed against the majors. The US currency should attempt to advance today.  
 

Euro/dollar

Euro/dollar gave back its early gains to close virtually flat on Tuesday. Thus, my model remains short. The break above 1.5520 amplified the recovery only on in intraday basis.     

Above 1.5565 resistance is now seen at 1.5600. The euro/dollar has additional resistance at 1.5685. 

Immediate support is now seen at 1.5515. Below 1.5410, euro/dollar retains support at 1.5360 from a pivot low.  Distant support is pegged at 1.5220.
 
Oscillators are mixed.

NEAR-TERM: Mixed with downside risk 
MEDIUM-TERM: Slightly bearish 
LONG-TERM: Bullish

Dollar/yen

Dollar/yen recouped intraday losses accelerated by the break below the 104.50 pivot after failing to dislodge the trendline at 104.03.  My model is still long after the semi dark cloud cover failed to work more than on an intraday basis. The immediate risk is on the upside.
 
Immediate resistance is at 105.20. Strong resistance follows at 105.60 from a 50-point pivot that targets 105.10 and 106.10. The next level is at 107.45. Above the 106.75 50-point pivot, which targets 106.25 and 107.25, distant resistance is at 107.95 from another 50-point pivot, which targets 107.45 and 108.45.

Initial support is at 104.50 from a 50-point pivot, which targets 104.00 and 105.00. Strong support follows at 103.40 from a 50-point pivot, which targets 102.90 and 103.90. 

Oscillators are mixed.

NEAR-TERM: Mixed to slightly bullish
MEDIUM-TERM: Bullish
LONG-TERM: Bearish

Sterling/dollar

Sterling/dollar recovered early losses and closed virtually unchanged on Tuesday as well. My model is short, but the risk is on the upside.  
 
Initial resistance still comes at 1.9760.  Above 1.9885, there is a pivot high at 2.0046.

Immediate support is still seen at 1.9655.  This is followed by 1.9624. Below 1.9597, distant support is 1.9495.  
 
Oscillators are mixed.

NEAR-TERM: Mixed
MEDIUM-TERM: Mixed
LONG-TERM: Mixed

Dollar/Swiss franc

Dollar/Swiss reversed early losses to close basically unchanged on Tuesday.  My model is long and the medium-term outlook remains bullish. The short-term outlook is bullish as well.
 
Initial resistance now comes at 1.0550. This is followed by 1.0596.  Above 1.0610, distant resistance now comes at 1.0795. 

Immediate support is now seen at 1.0485. Below 1.0430, the pair has further support at 1.0375. Distant support is then pegged at 1.0255.

Oscillators are mixed.

NEAR-TERM: Slightly bullish
MEDIUM-TERM: Bullish
LONG-TERM: Bearish

Source :

This entry was posted on Wednesday, May 7th, 2008 at 2:45 and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Forex Market Commentary for May 6, 2008 by Cornelius Luca

GFT Daily Market Commentary

The dollar slumped on profit taking on Monday, despite a good non-manufacturing ISM report, after rallying late last week.  With Tokyo and London, it is hard to gauge the significance of the move. But with my model long on the commodity currencies, there is a distinct risk for an across the board decline for the US currency.  
 

Euro/dollar

Between late Friday and the full day on Monday, euro/dollar recovered 23.6% of the slide since April 23. My and my model remains short – but is close to turning.  The candle chart suggests a bullish reversal here. Careful, as a break above 1.5520 would likely amplify the recovery.     

Above 1.5515, resistance is at 1.5540. This followed by 1.5600.  The euro/dollar has additional resistance at 1.5685. 

Immediate support is now seen at 1.5460. Below 1.5410, euro/dollar has support at 1.5360 from a pivot low.  Distant support is pegged at 1.5220.
 
Oscillators are mixed.

NEAR-TERM: Slightly bullish 
MEDIUM-TERM: Slightly bearish 
LONG-TERM: Bullish

Dollar/yen

Dollar/yen fell within an inside range on Monday after coining an over two-month high on Friday.  My model is barely long and the semi dark cloud cover makes me uncomfortable. The risk is on the downside.
 
Initial support is at 104.50 from a 50-point pivot, which targets 104.00 and 105.00. Strong support is at 103.40 from a 50-point pivot, which targets 102.90 and 103.90. 

Immediate resistance is at 105.60 from a 50-point pivot that targets 105.10 and 106.10. The next level is at 107.45. Above the 106.75 50-point pivot, which targets 106.25 and 107.25, distant resistance is at 107.95 from another 50-point pivot, which targets 107.45 and 108.45.

Oscillators are mixed.

NEAR-TERM: Mixed to slightly bearish
MEDIUM-TERM: Bullish
LONG-TERM: Bearish

Sterling/dollar

Sterling/dollar incurred choppy trading and closed virtually unchanged on Monday.  The pair remained within recent ranges.  My model is short, but the risk is on the upside.  
 
Initial resistance still comes at 1.9760.  Above 1.9885, there is a pivot high at 2.0046.

Immediate support is now seen at 1.9655.  This is followed by 1.9624. Below 1.9597, distant support is 1.9495.  
 
Oscillators are mixed.

NEAR-TERM: Mixed
MEDIUM-TERM: Mixed
LONG-TERM: Mixed

Dollar/Swiss franc

Dollar/Swiss slipped in an inside range.  My model is long and the medium-term outlook remains bullish. However, the short-term outlook is bearish.
 
Immediate support is now seen at 1.0510. Below 1.0465 there is further support at 1.0375. Distant support is then pegged at 1.0255.

Initial resistance now comes at 1.0610. This is followed by 1.0795.  Distant resistance now comes at 1.0855.
 
Oscillators are mixed.

NEAR-TERM: Slightly bearish
MEDIUM-TERM: Bullish
LONG-TERM: Bearish

Source :

This entry was posted on Tuesday, May 6th, 2008 at 1:47 and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Forex Market Commentary for May 1, 2008 by Cornelius Luca

GFT Daily Market Commentary

The dollar ended the month of April in choppy or aggressive conditions, depending on the currency pair. It rallied versus the European and the commodity currencies, while reversing gains to close flat against the yen. The Federal Reserve met the market expectations and cut its rates by 25 bps and the dollar should now see more pressure. With the continental Europe closed for May Day, trading should be subdued.
 

Euro/dollar

Euro/dollar reversed from its lowest level since April 3 to close higher on Wednesday. My model remains short, but the upside risk should continue to Friday.

Immediate resistance is at 1.5645. A break above it would signal a more aggressive recovery to 1.5690.  Distant resistance is at 1.5790.

Initial support is at 1.5570. The next level is 1.5480. Distant support is 1.5355.

Oscillators are falling.

NEAR-TERM: Slightly bearish 
MEDIUM-TERM: Bullish
LONG-TERM: Bullish

Dollar/yen

Dollar/yen fell from a two-month high to close basically flat on Wednesday as well. The pair remains in an uptrend, my model is long, but the immediate outlook is still mixed.
 
Immediate resistance is at 104.50 from a 50-point pivot, which targets 104.00 and 105.00. The next levels remain at 105.20 and 105.60 from a 50-point pivot that targets 105.10 and 106.10. 

Strong support s pegged at 103.40 from a 50-point pivot, which targets 102.90 and 103.90. 

Oscillators are rising.

NEAR-TERM: Mixed
MEDIUM-TERM: Mixed to slightly bullish
LONG-TERM: Bearish

Sterling/dollar

Sterling/dollar surged from a two-month low to erase most of its Tuesday’s losses. My model now went long.  The upside is limited.

Initial resistance is at 1.9923 from a declining line.  Above 2.0025, strong resistance is now pegged  at 2.0190.

Strong support comes at 1.9757. Distant support is at 1.9597.

Oscillators are mixed.

NEAR-TERM: Mixed
MEDIUM-TERM: Mixed
LONG-TERM: Mixed

Dollar/Swiss franc

Dollar/Swiss fell from a near two-month high to close lower on Wednesday. Unfortunately, choppy trading is expected today as well. 
 
Immediate support is now seen at 1.0300.  The next level remains at 1.0260.  This is followed by 1.0185. Support is then pegged at 1.0135.

Initial resistance still comes at 1.0400.  The next level is 1.0440. This is followed by 1.0550.  Distant resistance now comes at 1.0625.

Oscillators are rising.

NEAR-TERM: Mixed
MEDIUM-TERM: Mixed
LONG-TERM: Bearish

Source :

This entry was posted on Thursday, May 1st, 2008 at 3:21 and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Forex Market Commentary for April 30, 2008 by Cornelius Luca

GFT Daily Market Commentary

The dollar rallied versus the European and the antipodean currencies on Tuesday, while closing flat against the yen. Obviously, the weak US data was ignored. All eyes are on statement from the Federal Reserve after cutting its rates by 25 bps at 14:15, so expect directionless trading until then.

Euro/dollar

Euro/dollar sank to its lowest level since April 3 and the selling pressure continues. My model is short, but this afternoon and Friday AM, there will be upside risk.

Initial support is at 1.5540. The next level is 1.5480. Distant support is 1.5355.

Immediate resistance is at 1.5600. A break above 1.5645 would signal a more aggressive recovery to 1.5690.  Distant resistance is at 1.5790.

Oscillators are falling.

NEAR-TERM: Slightly bearish 

MEDIUM-TERM: Bullish

LONG-TERM: Bullish

Dollar/yen

Dollar/yen recouped early losses to close basically flat on Tuesday. The pair remains in an uptrend, but the immediate outlook is mixed.

Immediate resistance is at 104.50 from a 50-point pivot, which targets 104.00 and 105.00. The next levels remain at 105.20 and 105.60 from a 50-point pivot that targets 105.10 and 106.10. 

Initial support is at 103.85. Strong support follows at 103.40 from a 50-point pivot, which targets 102.90 and 103.90. 

Oscillators are rising.

NEAR-TERM: Slightly bullish

MEDIUM-TERM: Mixed to slightly bullish

LONG-TERM: Bearish

Sterling/dollar

Cable made an aggressive decline that erased the gains made the previous two days and took it to a near two-week low. My model went short, but the pair should bounce first before the next move lower.

Below the trendline at 1.5650, support comes at 1.5597. Distant support is at 1.5490.

Initial resistance is at 1.9760.  Above 1.9820, strong resistance is perched at 1.9964.

Oscillators are mixed.

NEAR-TERM: Mixed

MEDIUM-TERM: Mixed

LONG-TERM: Mixed

Dollar/Swiss franc

Dollar/Swiss struggled higher on Tuesday but remained within recent ranges. Choppy trading is expected today as well, I’m afraid. 

Initial resistance now comes at 1.0400.  The next level is 1.0440. This is followed by 1.0550.  Distant resistance now comes at 1.0625.

Immediate support is now seen at 1.0317.  The next level is 1.0260.  This is followed by 1.0185. Support is then pegged at 1.0135.

Oscillators are rising.

NEAR-TERM: Mixed

MEDIUM-TERM: Mixed

LONG-TERM: Bearish

Source :

This entry was posted on Wednesday, April 30th, 2008 at 2:03 and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Forex Market Commentary for April 29, 2008 by Cornelius Luca

GFT Daily Market Commentary

Dollar struggled higher versus the euro, franc and yen, but slumped versus the pound. Crosses came to the forefront, with the euro crosses stumbling – and remaining on their way down.  The oil price rallied on cue, as adverse events appeared on cue, as not allow for hope to even a return to $100/barrel. The dollar should consolidate on Monday and slowly ease later in the week.
 

Euro/dollar

Euro/dollar added to its Thursday’s losses but at much slower pace. Again, it’s premature to call the end of the major uptrend, and the initial bias is up.  My model remains short but the selling pressure should decelerate.  Don’t leave your guard down, this pair may still bounce. 

Initial resistance is at 1.5680.  The next level is 1.5760. Distant resistance is at 1.5820.

Immediate support is now seen at 1.5600. The next level is 1.5556. Below the important level at 1.5480, euro/dollar has support at 1.5415.  
 

Oscillators are falling.

NEAR-TERM: Slightly bearish 
MEDIUM-TERM: Bullish
LONG-TERM: Bullish

Dollar/yen

Dollar/yen struggled higher last week, but managed to finally exit from an inside range to reach a two-month high.  My system is long. Today should see consolidation, as the risk on the upside looks limited. 
 
Immediate resistance is at 105.00. The next levels remain at 105.20 and 105.60 from a 50-point pivot that targets 105.10 and 106.10. 

Initial support is at 104.50 from a 50-point pivot, which targets 104.00 and 105.00. Strong support follows at 103.40 from a 50-point pivot, which targets 102.90 and 103.90. 

Oscillators are rising.

NEAR-TERM: Slightly bullish
MEDIUM-TERM: Mixed to slightly bullish
LONG-TERM: Bearish

Sterling/dollar

Sterling/dollar rallied on Friday due to sales in euro/sterling and demand from an M&A, and with my model was forced to go long. The initial move should be up.  
  
Immediate support is seen at 1.9815.  This is followed by 1.9760.

Initial resistance now comes at 1.9865.  The next level is 1.9915.  Above 2.0000, there is a pivot high at 2.0046. Distant resistance looms at 2.0190. 

Oscillators are mixed.

NEAR-TERM: Slightly bullish
MEDIUM-TERM: Mixed
LONG-TERM: Mixed

Dollar/Swiss franc

Dollar/Swiss climbed to a seven-week high of 1.0430 on Friday and my model remains long. However, choppy trading with only some upside bias is expected today. 
 
Initial resistance now comes at 1.0430. This is followed by 1.0550.  Distant resistance now comes at 1.0625.

Immediate support is now seen at 1.0260.  This is followed by 1.0185. Support is then pegged at 1.0135.

Oscillators are rising.

NEAR-TERM: Slightly bullish
MEDIUM-TERM: Mixed
LONG-TERM: Bearish

Source :

This entry was posted on Tuesday, April 29th, 2008 at 2:41 and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Forex Market Commentary for April 28, 2008 by Cornelius Luca

GFT Daily Market Commentary

Dollar struggled higher versus the euro, franc and yen, but slumped versus the pound. Crosses came to the forefront, with the euro crosses stumbling – and remaining on their way down.  The oil price rallied on cue, as adverse events appeared on cue, as not allow for hope to even a return to $100/barrel. The dollar should consolidate on Monday and slowly ease later in the week.

Euro/dollar

Euro/dollar added to its Thursday’s losses but at much slower pace. Again, it’s premature to call the end of the major uptrend, and the initial bias is up.  My model remains short but the selling pressure should decelerate.  Don’t leave your guard down, this pair may still bounce.  

Initial resistance is at 1.5680.  The next level is 1.5760. Distant resistance is at 1.5820.

Immediate support is now seen at 1.5600. The next level is 1.5556. Below the important level at 1.5480, euro/dollar has support at 1.5415.  

Oscillators are falling.

NEAR-TERM: Slightly bearish 

MEDIUM-TERM: Bullish

LONG-TERM: Bullish

Dollar/yen

Dollar/yen struggled higher last week, but managed to finally exit from an inside range to reach a two-month high.  My system is long. Today should see consolidation, as the risk on the upside looks limited. 

Immediate resistance is at 105.00. The next levels remain at 105.20 and 105.60 from a 50-point pivot that targets 105.10 and 106.10. 

Initial support is at 104.50 from a 50-point pivot, which targets 104.00 and 105.00. Strong support follows at 103.40 from a 50-point pivot, which targets 102.90 and 103.90. 

Oscillators are rising.

NEAR-TERM: Slightly bullish

MEDIUM-TERM: Mixed to slightly bullish

LONG-TERM: Bearish

Sterling/dollar

Sterling/dollar rallied on Friday due to sales in euro/sterling and demand from an M&A, and with my model was forced to go long. The initial move should be up.   

Immediate support is seen at 1.9815.  This is followed by 1.9760.

Initial resistance now comes at 1.9865.  The next level is 1.9915.  Above 2.0000, there is a pivot high at 2.0046. Distant resistance looms at 2.0190. 

Oscillators are mixed.

NEAR-TERM: Slightly bullish

MEDIUM-TERM: Mixed

LONG-TERM: Mixed

Dollar/Swiss franc

Dollar/Swiss climbed to a seven-week high of 1.0430 on Friday and my model remains long. However, choppy trading with only some upside bias is expected today. 

Initial resistance now comes at 1.0430. This is followed by 1.0550.  Distant resistance now comes at 1.0625.

Immediate support is now seen at 1.0260.  This is followed by 1.0185. Support is then pegged at 1.0135.

Oscillators are rising.

NEAR-TERM: Slightly bullish

MEDIUM-TERM: Mixed

LONG-TERM: Bearish

Source :

This entry was posted on Monday, April 28th, 2008 at 3:32 and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Forex Market Commentary for April 25, 2008 by Cornelius Luca

GFT Daily Market Commentary

The Ifo was really nasty and the euro really overbought, so the dollar surged on Thursday. The oil fell for a while and this got people excited, but let’s face it: it remains in stratosphere.  The dollar should slow down its gains and then consolidate on Monday.
 

Euro/dollar

Euro/dollar fell sharply after the Ifo report and gave back 23.6% of the uptrend since February 7. It’s premature to call the end of the uptrend while the ECB talk non-sense about hiking rates.  My model remains short but the selling pressure should decelerate. 
 
Initial support is seen at 1.5637. Below 1.5570, euro/dollar has distant support is at 1.5363.

Above 1.5760, the next level is 1.5850.  Distant resistance is still seen at 1. 6080.

Oscillators are falling.

NEAR-TERM: Slightly bearish 
MEDIUM-TERM: Bullish
LONG-TERM: Bullish

Dollar/yen

Dollar/yen rallied on Thursday as well to close at the highest level since late February, but remained within last Friday’s range.  My system is long. Today should see mild strength.
 
Immediate resistance is at 104.50 from a 50-point pivot, which targets 104.00 and 105.00. Distant resistance is at 106.50.

Initial support is at 103.80.   The next level is 103.40 from a 50-point pivot, which targets 102.90 and 103.90..  

Oscillators are rising.

NEAR-TERM: Slightly bullish
MEDIUM-TERM: Mixed to slightly bullish
LONG-TERM: Bearish

Sterling/dollar

Sterling/dollar stumbled on Thursday as well, and with my model short, this was fine. The initial move should still be down.  
  
Immediate support is seen at 1.9690.  This is followed by 1.9595. Distant support looms at 1.9365.

Initial resistance now comes at 1.9760. This is followed by 1.9840.  Above 1.9910 there is a pivot high at 2.0025. 

Oscillators are falling.

NEAR-TERM: Slightly bearish
MEDIUM-TERM: Mixed
LONG-TERM: Mixed

Dollar/Swiss franc

Dollar/Swiss surged to a 1 ½-month high on Thursday and my model remains long. Choppy trading with upside bias is expected today as well. 
 
Initial resistance now comes right at Thursday’s high at 1.0385. If the trendline gives way, look for a test at 1.0440. This is followed by 1.0545. Distant resistance looms at 1.0620. 

Immediate support is now seen at 1.0285.  Good support follows at 1.0200. This is followed by 1.0115.

Oscillators are rising.

NEAR-TERM: Slightly bullish
MEDIUM-TERM: Mixed
LONG-TERM: Bearish

Source :

This entry was posted on Friday, April 25th, 2008 at 2:11 and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Forex Market Commentary for April 24, 2008 by Cornelius Luca

GFT Daily Market Commentary

The dollar has been traversing unusually murky waters in the past couple of days, as two trading days in the same direction have become a luxury.  It’s basically trading in very fast and choppy conditions but remains within inside ranges. The oil remains in stratosphere, but gold is heading lower; EUR/USD and USD/JPY and USD/CHF are in short-term upmoves, while GBP/USD is consolidating. That’s sort of what I’ve been saying all along though.  The dollar should consolidate today as well, and trade only if you got a strong feeling, can watch your position continuously and can trade very, very quickly.  EUR/USD has downside risk due to an expected soft Ifo report.
 

Euro/dollar

Euro/dollar fell from above 1.6000 but remained in an inside range.  My model went short in a timely manner and remains short. The uptrend remains in place for as long as 1.5793 holds, but choppy trading should prevail. 
 
Initial support is seen at 1.5836. Below 1.5793, euro/dollar has support at 1.5760.  Distant support is at 1.5670.

Above 1.5950, the next levels are 1.6018 and 1.6080.  Distant resistance is still seen at 1.6185.

Oscillators are falling.

NEAR-TERM: Mixed 
MEDIUM-TERM: Bullish
LONG-TERM: Bullish

Dollar/yen

Dollar/yen rallied on Wednesday to reverse Tuesday’s losses but remained comfortably within Friday’s range.  My system is long. Today should see consolidation.
 
Immediate resistance is at 103.40 from a 50-point pivot, which targets 102.90 and 103.90. The next levels are at 104.50 and 105.20. Distant resistance is at 106.50.

Initial support is at 102.70.  The next level is 102.30 from another 50-point pivot, which targets 101.80 and 102.80.  

Oscillators are mixed.

NEAR-TERM: Mixed
MEDIUM-TERM: Mixed to slightly bullish
LONG-TERM: Bearish

Sterling/dollar

Sterling/dollar keeps on alternating up and down days (in wide ranges), and on Wednesday it reversed its previous day’s gains. My model went short. The initial move should be down.  
  
Immediate support is seen at 1.9745.  This is followed by 1.9690 and 1.9595. Distant support looms at 1.9365.

Initial resistance now comes at 1.9840.  Above 1.9910 there is a pivot high at 2.0025. This is followed by 2.0085.  Distant resistance is at 2.0260.

Oscillators are mixed.

NEAR-TERM: Mixed 
MEDIUM-TERM: Mixed
LONG-TERM: Mixed

Dollar/Swiss franc

Dollar/Swiss held the trendline support and rallied to erase most of the losses encountered earlier in the week. My model remains long. Choppy trading with upside bias is expected today. 
 
Initial resistance now comes at 1.0200. This is followed by 1.0283.  The next level is 1.0390. 

Immediate support is now seen at 1.0100.  This is followed by 1.0000 and .9875.

Oscillators are rising.

NEAR-TERM: Mixed 
MEDIUM-TERM: Mixed
LONG-TERM: Bearish

Source :

This entry was posted on Thursday, April 24th, 2008 at 5:17 and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Forex Market Commentary for April 24, 2008 by Cornelius Luca

GFT Daily Market Commentary

The dollar has been traversing unusually murky waters in the past couple of days, as two trading days in the same direction have become a luxury.  It’s basically trading in very fast and choppy conditions but remains within inside ranges. The oil remains in stratosphere, but gold is heading lower; EUR/USD and USD/JPY and USD/CHF are in short-term upmoves, while GBP/USD is consolidating. That’s sort of what I’ve been saying all along though.  The dollar should consolidate today as well, and trade only if you got a strong feeling, can watch your position continuously and can trade very, very quickly. EUR/USD had downside risk due to expectations for a sofy Ifo report.
 

Euro/dollar

Euro/dollar fell from above 1.6000 but remained in an inside range.  My model went short in a timely manner and remains short. The uptrend remains in place for as long as 1.5793 holds, but choppy trading should prevail. 
 
Initial support is seen at 1.5836. Below 1.5793, euro/dollar has support at 1.5760.  Distant support is at 1.5670.

Above 1.5950, the next levels are 1.6018 and 1.6080.  Distant resistance is still seen at 1.6185.

Oscillators are falling.

NEAR-TERM: Mixed 
MEDIUM-TERM: Bullish
LONG-TERM: Bullish

Dollar/yen

Dollar/yen rallied on Wednesday to reverse Tuesday’s losses but remained comfortably within Friday’s range.  My system is long. Today should see consolidation.
 
Immediate resistance is at 103.40 from a 50-point pivot, which targets 102.90 and 103.90. The next levels are at 104.50 and 105.20. Distant resistance is at 106.50.

Initial support is at 102.70.  The next level is 102.30 from another 50-point pivot, which targets 101.80 and 102.80.  

Oscillators are mixed.

NEAR-TERM: Mixed
MEDIUM-TERM: Mixed to slightly bullish
LONG-TERM: Bearish

Sterling/dollar

Sterling/dollar keeps on alternating up and down days (in wide ranges), and on Wednesday it reversed its previous day’s gains. My model went short. The initial move should be down.  
  
Immediate support is seen at 1.9745.  This is followed by 1.9690 and 1.9595. Distant support looms at 1.9365.

Initial resistance now comes at 1.9840.  Above 1.9910 there is a pivot high at 2.0025. This is followed by 2.0085.  Distant resistance is at 2.0260.

Oscillators are mixed.

NEAR-TERM: Mixed 
MEDIUM-TERM: Mixed
LONG-TERM: Mixed

Dollar/Swiss franc

Dollar/Swiss held the trendline support and rallied to erase most of the losses encountered earlier in the week. My model remains long. Choppy trading with upside bias is expected today. 
 
Initial resistance now comes at 1.0200. This is followed by 1.0283.  The next level is 1.0390. 

Immediate support is now seen at 1.0100.  This is followed by 1.0000 and .9875.

Oscillators are rising.

NEAR-TERM: Mixed 
MEDIUM-TERM: Mixed
LONG-TERM: Bearish

Source :

This entry was posted on Thursday, April 24th, 2008 at 5:08 and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Forex Market Commentary for April 23, 2008 by Cornelius Luca

GFT Daily Market Commentary

The dollar made a sharp decline versus all the majors on Tuesday, as attempts of a mild recovery failed early.  With the price of oil entering a crisis area, this seems to be the only outcome. The EUR/USD barriers at 1.6000 were obliterated.  The dollar should consolidate today.
 

Euro/dollar

Euro/dollar finally broke above 1.6000 in a very choppy manner and my model was forced to turn long again.  The uptrend remains in place, but choppy trading should prevail. 
 
Above 1.6020, the next levels are 1.6040 and 1.6080.  Distant resistance is now seen at 1.6185.

Initial support is seen at 1.5945. Below 1.5874, euro/dollar has support at 1.5815 and 1.5760.  Distant support is at 1.5715.

Oscillators are rising.

NEAR-TERM: Mixed 
MEDIUM-TERM: Bullish
LONG-TERM: Bullish

Dollar/yen

Dollar/yen struggled lower still in an inside range after surging on Friday.  My system is long. Today should see consolidation.
 
Initial support is at 102.70.  The next level is 102.30 from another 50-point pivot, which targets 101.80 and 102.80.  

Immediate resistance is at 103.40 from a 50-point pivot, which targets 102.90 and 103.90. The next levels are at 104.50 and 105.20. Distant resistance is at 106.50.

Oscillators are edging lower.

NEAR-TERM: Mixed
MEDIUM-TERM: Mixed to slightly bullish
LONG-TERM: Bearish

Sterling/dollar

Sterling/dollar is alternating up and down days, and on Tuesday it reversed its previous day’s losses. My model went long now, as choppy trading is taking its toll. The initial move should be down.  
  
Initial resistance now comes at 2.0005.  There is a pivot high at 2.0025. This is followed by 2.0085.  Distant resistance is at 2.0260.

Immediate support is seen at 1.9910.  This is followed by 1.9860 and 1.9745. Distant support looms at 1.9597.

Oscillators are rising.

NEAR-TERM: Mixed 
MEDIUM-TERM: Mixed
LONG-TERM: Mixed

Dollar/Swiss franc

Dollar/Swiss fell for the second consecutive day but my model remains (barely) long. Choppy trading with upside bias is expected today. 
 
Immediate support is now seen at 1.0010.  This is followed by 0.9965 and .9875.

Initial resistance now comes at 1.0085. This is followed by 1.0135 and 1.0230.  The next level is 1.0283. 

Oscillators are declining.

NEAR-TERM: Mixed 
MEDIUM-TERM: Mixed
LONG-TERM: Bearish

Source :

This entry was posted on Wednesday, April 23rd, 2008 at 2:04 and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Forex Market Commentary for April 22, 2008 by Cornelius Luca

GFT Daily Market Commentary

The dollar made a corrective decline versus all the majors on Monday, but surged against the pound as a result of the BoE’ efforts to alleviate the credit crunch. The dollar should attempt to rally today.

Euro/dollar

Euro/dollar recovered Friday’s losses, but held below 1.6000 and my model remains short.  The risk is on the downside, but choppy trading should prevail. 
 
\Above 1.5950, the next levels are 1.6000 and 1.6040.  Distant resistance is now seen at 1.6185.

Initial support is seen at 1.5874. Below 1.5815, euro/dollar has support at 1.5760.  Distant support is at 1.5715.

Oscillators are falling.

NEAR-TERM: Mixed with downside risk
MEDIUM-TERM: Bullish
LONG-TERM: Bullish

Dollar/yen

Dollar/yen edged lower in an inside range after surging to the highest level since the end of February a day earlier.  My system is long. The risk is now on the upside.
 
Immediate resistance is at 103.80. The next levels are at 104.50, 105.20 and 105.50. Distant resistance is at 107.45.

Initial support is right here at 103.40 from a 50-point pivot, which targets 102.90 and 103.90.

Oscillators are rising.

NEAR-TERM: Mixed to slightly bullish
MEDIUM-TERM: Mixed to slightly bullish
LONG-TERM: Bearish

Sterling/dollar

Sterling/dollar reversed from a new high for the upmove to take out Friday’s gains – and some of Thursday’s as well. My model went short. But the initial move should be up.  
  
Initial resistance now comes at 1.9870.  There is a pivot high at 1.9930. This is followed by 2.0085. 

Immediate support is seen at 1.9775.  This is followed by 1.9690 and 1.9557.

Oscillators are falling.

NEAR-TERM: Mixed with upside risk
MEDIUM-TERM: Mixed
LONG-TERM: Mixed

Dollar/Swiss franc

Dollar/Swiss fell in an inside range but my model remains long. Choppy trading with upside bias is expected today. 
 
Initial resistance now comes at 1.0135. This is followed by 1.0230.  The next level is 1.0283. 

Immediate support is now seen at 1.0040.  This is followed by 0.9965 and .9875.

Oscillators are mixed.

NEAR-TERM: Mixed with upside risk
MEDIUM-TERM: Mixed
LONG-TERM: Bearish

Source :

This entry was posted on Tuesday, April 22nd, 2008 at 3:40 and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Forex Market Commentary for April 21, 2008 by Cornelius Luca

GFT Daily Market Commentary

Once again, the dollar closed higher on Friday against all majors, save the pound, amid budding hopes that the worst is over in the US financial disaster; it’s premature. Cable marched higher on the wings of Thursday’s gains. Again, I’m not sure that the dollar has bottomed yet, so jab the market until confirmation comes your way.

Euro/dollar

Euro/dollar fell sharply on Friday and my model went short.  Even though it trimmed losses, the close below 1.5830 suggests more weakness. 
 
Initial support is seen at 1.5780. Below 1.5715, euro/dollar has support at 1.5670.  Distant support is at 1.5590.

Initial resistance is at 1.5860.  Above 1.5950, the next level is still in place at 1.6040.  Distant resistance is now seen at 1.6185.

Oscillators are falling.

NEAR-TERM: Mixed with downside risk
MEDIUM-TERM: Bullish
LONG-TERM: Bullish

Dollar/yen

Dollar/yen surged to the highest level since the end of February and my system is long. The risk is now on the upside.
 
Immediate resistance is at 104.64. The next levels are at 105.20 and 105.50. Distant resistance is at 107.45.

Initial support is at 103.40 from a 50-point pivot, which targets 102.90 and 103.90.

Oscillators are rising.

NEAR-TERM: Mixed to slightly bullish
MEDIUM-TERM: Mixed to slightly bullish
LONG-TERM: Bearish

Sterling/dollar

Sterling/dollar rallied on Friday as well. My model is long and for as long as 1.9853 holds, the upside is in good shape. But the initial move should be down.  
 
Initial resistance now comes at 2.0000.  There is a pivot high at 2.0046. This is followed by 2.0190. 

Immediate support is seen at 1.9920.  This is followed by 1.9860.

Oscillators are rising.

NEAR-TERM: Mixed
MEDIUM-TERM: Mixed
LONG-TERM: Mixed

Dollar/Swiss franc

Dollar/Swiss rallied to its highest level since March 12 and my model is long. Choppy trading with upside bias is expected again. 
 
Initial resistance now comes at 1.0250. This is followed by 1.0283.  The next level is 1.0375. 

Immediate support is now seen at 1.0090.  This is followed by 0.9965 and .9875.

Oscillators are rising.

NEAR-TERM: Mixed with upside risk
MEDIUM-TERM: Mixed
LONG-TERM: Bearish

Source :

This entry was posted on Saturday, April 19th, 2008 at 3:16 and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Forex Market Commentary for April 18, 2008 by Cornelius Luca

GFT Daily Market Commentary

The dollar closed higher on Thursday against all majors, save the pound, amid renewed hope the worst is over in the US financial disaster; keep on hoping. Cable rose after a UK Treasury source said authorities could announce as early as next week details of a plan to alleviate tight conditions in the UK mortgage market. I’m not sure that the dollar bottomed yet, so jab the market until confirmation comes your way.

Euro/dollar

Euro/dollar made a mild decline from a new record high and my model is about to get short.  I prefer to remain square, and join only under a break below 1.5830. 
 
So, good support is seen at 1.5830. Below 1.5810, euro/dollar has support at 1.5750.  Distant support is at 1.5670.

Initial resistance is at 1.5950.  The next level is still in place at 1.6040.  Distant resistance is now seen at 1.6185.

Oscillators are rising.

NEAR-TERM: Mixed
MEDIUM-TERM: Bullish
LONG-TERM: Bullish

Dollar/yen

Dollar/yen rallied on Thursday and my model remains long. Expect another range-bound day, as the highs are a tad too high.

Immediate and very resilient resistance is still seen at 102.80. The next level is at 103.40. Distant resistance is at 104.20.

Good support is at 102.30 from a 50-point pivot, which targets 101.80 and 102.80.  At 101.25 there is another 50-point pivot, which targets 100.75 and 101.75. 

Oscillators are mixed.

NEAR-TERM: Mixed
MEDIUM-TERM: Mixed to slightly bullish
LONG-TERM: Bearish

Sterling/dollar

Sterling/dollar rallied big on Thursday and closed above the resistance from its declining trendline. My model went long and for as long as 1.9853 holds, the upside is in good shape. But the initial move should be down.  
 
Immediate support is now seen at 1.9853.  This is followed by 1.9795. Below 1.9695, distant support is at 1.9597 from a pivot low. 
 
Initial resistance is at 1.9995.  Above 2.0046 there is a pivot high at 2.0192. 

Oscillators are mixed.

NEAR-TERM: Mixed
MEDIUM-TERM: Mixed
LONG-TERM: Mixed

Dollar/Swiss franc

Dollar/Swiss is alternating up and down day, and its gains on Thursday were confined to an inside range.  My model remains long. Choppy trading is favored today as well, and the downside is initially preferred.
 
Immediate support is seen at 1.0015.  This is followed by 0.9965 and 0.9875. Distant support is then pegged at 0.9790.
 
Initial resistance now comes at 1.0105.  Above it, there is resistance at 1.0140 and 1.0190. This is followed by 1.0251. 

Oscillators are rising.

NEAR-TERM: Mixed with downside risk
MEDIUM-TERM: Mixed
LONG-TERM: Bearish

Source :

This entry was posted on Friday, April 18th, 2008 at 0:17 and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Forex Market Commentary for April 17, 2008 by Cornelius Luca

GFT Daily Market Commentary

Decent US data failed to help the dollar advance versus the European currencies on Wednesday, but the yen edged lower. With the European currencies alternating up and down days, one can only expect choppy trading again.  Keep an eye on the Philly Fed, but it will be released late enough to make much difference.

Euro/dollar

Euro/dollar surged to a new record high on renewed expectations that the Fed may cut rates before the ECB does.  My model went long again.  I still prefer to remain square, as euro/dollar remains uncomfortably high.
 
Initial resistance is at1.5975.  The next level is 1.6040.  Distant resistance is now seen at 1.6185.

Immediate support is seen at 1.5900. Below 1.5860, euro/dollar has support at 1.5810.  Distant support is at 1.5670.

Oscillators are rising.

NEAR-TERM: Mixed
MEDIUM-TERM: Bullish
LONG-TERM: Bullish

Dollar/yen

Dollar/yen edged further on Wednesday.  My model is long, so this is cool. Expect another range-bound day.

Immediate resistance is still seen at 102.30 from another 50-point pivot, which targets 101.80 and 102.80.  The next level is at 102.95.

Good support is at 101.25 from a 50-point pivot, which targets 100.75 and 101.75. At 100.25 there is another 50-point pivot, which targets 99.75 and 100.75.  This is followed by 99.25 from a 50-point pivot, which targets 98.75 and 99.75. 

Oscillators are mixed.

NEAR-TERM: Mixed
MEDIUM-TERM: Mixed to slightly bullish
LONG-TERM: Bearish

Sterling/dollar

Sterling/dollar reversed from a new low for the downmove to close higher on Wednesday. My model is still short while the bias remains on the downside. 
 
Immediate support is now seen at 1.9620.  This is followed by 1.9504. Distant support is at 1.9370. 
 
Initial resistance is at 1.9750.  Above it there is a pivot high at 1.9842 and another one at 2.0046. 

Oscillators are falling.

NEAR-TERM: Mixed
MEDIUM-TERM: Bearish
LONG-TERM: Mixed

Dollar/Swiss franc

Dollar/Swiss had on outside day and closed lower on Wednesday, but my model remains long. Choppy trading is favored today as well, and the upside is initially preferred.
 
Initial resistance now comes at 1.0050.  Above 1.0105, there is resistance at 1.0140 and 1.0190. This is followed by 1.0251. 

Immediate support is seen at 0.9965.  This is followed by 0.9875. Support is then pegged at 0.9790.
 
Oscillators are rising.

NEAR-TERM: Mixed with upside risk
MEDIUM-TERM: Mixed
LONG-TERM: Bearish

Source :

This entry was posted on Thursday, April 17th, 2008 at 4:18 and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Forex Market Commentary for April 16, 2008 by Cornelius Luca

GFT Daily Market Commentary

The dollar recovered versus the European currencies and against the yen on Tuesday. The Empire state economic report was positive and this provided false hope about the state of the US economy. My model went long dollars across the board. Expect choppy trading again, it’s too early to call the dollar up. 

Euro/dollar

Euro/dollar made a weak inside range pullback but remains close to its record highs.  My model went short.  I prefer to be square here, as it remains uncomfortably high.
 
Immediate support is still at 1.5765. Below 1.5625, euro/dollar has distant support at 1.5540. 

Initial resistance is at1.5825.  The next levels are 1.5885 and 1.5914. Above them, resistance remains at 1.5985.  Distant resistance is seen at 1.6040.

Oscillators are rising.

NEAR-TERM: Mixed
MEDIUM-TERM: Bullish
LONG-TERM: Bullish

Dollar/yen

Dollar/yen rallied on Tuesday and this prompted my model to go long! Expect another range-bound day.

Immediate resistance is at 102.30 from another 50-point pivot, which targets 101.80 and 102.80.  The next level is at 102.95.

Good support is at 101.25 from a 50-point pivot, which targets 100.75 and 101.75. At 100.25 there is another 50-point pivot, which targets 99.75 and 100.75.  This is followed by 99.25 from a 50-point pivot, which targets 98.75 and 99.75. 

Oscillators are mixed.

NEAR-TERM: Mixed
MEDIUM-TERM: Mixed to slightly bullish
LONG-TERM: Bearish

Sterling/dollar

Sterling/dollar sank broadly on Tuesday to reverse all of the Monday’s gains. My model is short again and the bias remains on the downside. 
 
Immediate support is now seen at 1.9595.  This is followed by 1.9504. Distant support is at 1.9370. 
 
Initial resistance is at 1.9695.  Above 1.8750 there is a pivot high at 1.9842 and another one at 2.0046. 

Oscillators are falling.

NEAR-TERM: Bearish
MEDIUM-TERM: Bearish
LONG-TERM: Mixed

Dollar/Swiss franc

Dollar/Swiss rallied on Tuesday and my model went long. Choppy trading is favored today as well, and the upside is initially preferred.
 
Initial resistance now comes at 1.0105.  Above it, there is resistance at 1.0140 and 1.0190. This is followed by 1.0251. 

Immediate support is seen at 1.0060.  The next one is at 0.9965.  This is followed by 0.9875. Support is then pegged at 0.9790.
 
Oscillators are rising.

NEAR-TERM: Mixed with upside risk
MEDIUM-TERM: Mixed
LONG-TERM: Bearish

Source :

This entry was posted on Wednesday, April 16th, 2008 at 1:04 and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Forex Market Commentary for April 15, 2008 by Cornelius Luca

GFT Daily Market Commentary

The dollar fell pretty big against the euro and the pound, but closed flat versus the low yielding yen and franc. My model is getting chopped around in this market. More of the same today, as the dollar looks weak as a kitten. 

Euro/dollar

Euro/dollar surged from a very weak opening to challenge its record highs.  My model was forced to go long.  I’d rather take profit on longs here, as it’s uncomfortably high.
 
Initial resistance is at 1.5885.  The next level is 1.5914. Above it, resistance remains at 1.5985.  Distant resistance is seen at 1.6040.

Immediate support is now at 1.5765. Below 1.5625, euro/dollar has distant support at 1.5540. 
 
Oscillators are rising.

NEAR-TERM: Mixed
MEDIUM-TERM: Bullish
LONG-TERM: Bullish

Dollar/yen

Dollar/yen encountered choppy trading on Monday and closed little changed. This weakness prompted my model to go short. Expect another range-bound day.

Good support is at 100.25 there is another 50-point pivot, which targets 99.75 and 100.75.  This is followed by 99.25 from a 50-point pivot, which targets 98.75 and 99.75. 

Immediate resistance remains at 101.25 from a 50-point pivot which targets 100.75 and 101.75.  The next level is at 102.30 from another 50-point pivot, which targets 101.80 and 102.80. 

Oscillators are mixed.

NEAR-TERM: Mixed
MEDIUM-TERM: Mixed to slightly bullish
LONG-TERM: Bearish

Sterling/dollar

Sterling/dollar surged on Monday, but failed to take out the declining trendline resistance and gave up about half of its gains. In early Asian trading the pound is getting sold off and the risk is now on the downside. My model is short again and the bias is downward. 
 
Immediate support is still seen at 1.9650.  This is followed by 1.9610. Distant support is at 1.9504. 
 
Initial resistance remains at 1.9760.  There is a pivot high at 1.9842 and another one at 2.0046. This is followed by 2.0190.

Oscillators are falling.

NEAR-TERM: Mixed with downside bias
MEDIUM-TERM: Bearish
LONG-TERM: Mixed

Dollar/Swiss franc

Dollar/Swiss traded in choppy conditions and my model remains short. Choppy trading is favored today as well, I’m afraid.
 
Immediate support is still seen at 0.9965.  This is followed by 0.9875. Support is then pegged at 0.9790.
 
Initial resistance now comes at 1.0060.  Above 1.0090 there is resistance at 1.0140 and 1.0190. This is followed by 1.0251. 

Oscillators are falling.

NEAR-TERM: Mixed  
MEDIUM-TERM: Mixed
LONG-TERM: Bearish

Source :

This entry was posted on Tuesday, April 15th, 2008 at 2:02 and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Forex Market Commentary for April 14, 2008 by Cornelius Luca

GFT Daily Market Commentary

The dollar fell across the board on Friday, except against the pound.  The dollar should see some weakness today, but choppy trading should prevail. 

Euro/dollar

Euro/dollar struggled higher on Friday, but my model remains short. Only a break below 1.5720 signals a further decline.
 
Initial resistance is at 1.5853.  The next level is 1.5914.

Immediate support is at 1.5740. Below 1.5625, euro/dollar has support at 1.5540. 
 
Oscillators are mixed.

NEAR-TERM: Slightly bullish
MEDIUM-TERM: Mixed
LONG-TERM: Bullish

Dollar/yen

Dollar/yen fell on Friday. This weakness prompted my model to go short

Initial support is at 100.25 there is another 50-point pivot, which targets 99.75 and 100.75.  This is followed by 99.25 from a 50-point pivot, which targets 98.75 and 99.75. 

Immediate resistance is at 101.25 from a 50-point pivot which targets 100.75 and 101.75.  The next level is at 102.30 from another 50-point pivot, which targets 101.80 and 102.80. 

Oscillators are mixed.

NEAR-TERM: Mixed
MEDIUM-TERM: Mixed to slightly bullish
LONG-TERM: Bearish

Sterling/dollar

Sterling/dollar resumed its decline on Friday.  My model is still short and the bias is downward. 
 
Immediate support is now seen at 1.9650.  This is followed by 1.9610. Distant support is at 1.9504. 
 
Initial resistance now comes at 1.9760.  There is a pivot high at 1.9842 and another one at 2.0046. This is followed by 2.0190.

Oscillators are falling.

NEAR-TERM: Mixed with downside bias
MEDIUM-TERM: Bearish
LONG-TERM: Mixed

Dollar/Swiss franc

Dollar/Swiss slipped on Friday and my model went short. Choppy trading is favored today.
 
Immediate support is now seen at 0.9965.  This is followed by 0.9875. Support is then pegged at 0.9790.
 
Initial resistance now comes at 1.0190. This is followed by 1.0251. 

Oscillators are falling.

NEAR-TERM: