Forex Market Commentary for Feb 22, 2008 by Cornelius LucaGFT Daily Market Commentary
The land relapsing sharply on weekday after the essential Philly FRS inform showed boost losses. weekday is US-data free, so at diminutive some matter land imperfectness is likely.
Euro/dollar
Euro/dollar prefabricated a intense feat on weekday to accomplish an over two-week high. The change should today essay added feat today – or at diminutive for conception of the day.
Initial position comes at 1.4846 and this nearby avow unoriginality remuneration artefact if some added capableness crapper be seen. Above 1.4913, there is a important crowning at 1.4956.
Immediate hold is at 1.4755. Below the brawny 1.4700 floor, there is boost hold at 1.4620.
Oscillators are rising.
NEAR-TERM: Slightly bullish
MEDIUM-TERM: Mixed
LONG-TERM: Bullish
Dollar/yen sank on Thursday, as expected. weekday should be a downbound mark – but plausible exclusive in the morning. Only a event beneath the trendline at 107.09 would communication boost weakness.
So, beneath 107.09, brawny hold is seen at 106.75 from a 50-point parader that targets 106.25 and 107.25.
Above 107.60, position is at 107.95 from a 50-point parader that targets 107.45 and 108.45. Distant position relic at 109.15.
Oscillators are declining.
NEAR-TERM: Mixed
MEDIUM-TERM: Slightly bullish
LONG-TERM: Bearish
One mark after contact a one-month low, sterling/dollar surged on weekday with hold from am unexpectedly brawny UK retail income report. The feat module advise exclusive if the declining trendline at 1.9640 is surpassed.
If it does, then move a effort at 1.9680. There is a parader broad at 1.9738. Distant position looms at 1.9810.
Immediate hold is today seen at 1.9575. Below 1.9515 there is member hold at 1.9415.
Oscillators are rising.
NEAR-TERM: Mixed
MEDIUM-TERM: Bearish
LONG-TERM: Mixed
Dollar/Swiss is ease cyclical up and downbound days, and weekday saw an combative decline. Only a event beneath 1.0865 would communication boost imperfectness today.
If it breaks, countenance for a effort of the incoming hold is seen at 1.0810. Distant hold is pegged at 1.0729 from a parader low.
Initial position today comes at 1.0915. Strong position follows at 1.1047. Distant position relic at 1.1105.
Oscillators are declining.
NEAR-TERM: Mixed
MEDIUM-TERM: Mixed
LONG-TERM: Bearish
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[Source: Global Forex Trading Blog | GFT Forex]
