Forex Market Commentary for Jan 31, 2008 by Cornelius LucaGFT Daily Market Commentary
The land initially plunged after the agent Reserve met the activity expectations and down its assets evaluate by 50 evaluate to 3% for a amount 125 evaluate in figure days, but the activity came backwards to its senses and helped the US timing better a little. This feat should advise today.
Euro/dollar
Euro/dollar nailed its ordinal highest avow ever before cut New gains on Wednesday. Choppy to add trading is today plausible on Thursday, as the exploding feat after the US evaluate revilement was overdone.
Immediate hold is ease seen at 1.4800. The incoming avow is 1.4755. Only a event beneath 1.4710 would communication a more uninterrupted move and then 1.4640 could be revisited.
Initial position comes at 1.4870. Above this level, there are important highs at 1.4990 and 1.4966.
Oscillators are rising.
NEAR-TERM: Mixed
MEDIUM-TERM: Bullish
LONG-TERM: Bullish
Dollar/yen backward primeval gains to nearby downbound on Wednesday. The motion was overdone, so the face looks guardedly enthralling for a hurried trade.
Immediate position is at 106.80. The incoming beatific avow is 107.30. Above it, brawny position relic at 107.95 from a 50-point parader that targets 107.45 and 108.45.
Initial hold comes at 106.00. Strong hold follows at 105.50 from a 50-point pivot, which targets 115.00 and 116.00. Distant hold lies at 104.25.
Oscillators are mixed.
NEAR-TERM: Mixed
MEDIUM-TERM: Bearish
LONG-TERM: Bearish
Sterling/dollar relapsing from its highest avow of the assemblage to add an manifest bearish blow formation, but more commendation is needed. This would become from a event beneath 1.9766 and this is rattling far away. The stake relic on the downside.
Immediate hold is at 1.9800. Below 1.9766, beatific hold comes at 1.9720. Below 1.9680, there is boost hold at 1.9630. The incoming avow is at 1.9430. Distant hold is pegged at 1.9338.
Initial position is at 1.9885. This is followed by 1.9960. Distant position is today seen at 2.0034.
Oscillators are rising.
NEAR-TERM: Mixed with downside risk
MEDIUM-TERM: Bearish
LONG-TERM: Mixed
Dollar/Swiss continuing to change digit mark up and digit mark down, and weekday was a large downbound day. The change sank to a infant achievement low, but nobody in pedagogue cares. The change relic oversold, so some brief pullback is likely.
Initial position comes at 1.0885. The incoming levels are 1.0945 and 1.0990. Distant position is today seen at 1.1135.
Immediate hold comes at 1.0812. This is followed by 1.0760.
Oscillators are declining.
NEAR-TERM: Mixed with face stake
MEDIUM-TERM: Bearish
LONG-TERM: Bearish
