196322 Resource 128469 128655 128655 1202099664555 1202099664555 Controlled GFT Daily Market Commentary

Forex Market Commentary for February 4, 2008 by Cornelius Luca

<p>GFT Daily Market Commentary </p><p><br />A horrible non-farm payrolls report failed to buckle the dollar for long and the US currency closed higher versus the European currencies and flat against the yen.&nbsp; More dollar strength is likely here.</p><p><br />Euro/dollar </p><p><br />Euro/dollar fell sharply on Friday after failing to coin a new record high.&nbsp; The downside is guardedly favored.&nbsp; <br />&nbsp;<br />Immediate support is at 1.4760.&nbsp; The next levels are 1.4710 and 1.4640. These are followed by 1.4580.&nbsp; <br />&nbsp;<br />Above 1.4880, resistance now comes at 1.4956.&nbsp; Strong resistance follows at 1.4966 from a pivot high.</p><p>Oscillators are mixed.</p><p><br />NEAR-TERM: Mixed with bearish bias<br />MEDIUM-TERM: Bullish <br />LONG-TERM: Bullish</p><p /><p>Dollar/yen</p><p><br />Dollar/yen consolidated on Friday. Mixed trading should prevail.<br />&nbsp;<br />Immediate resistance is at 106.80.&nbsp; The next good level is 107.30. Above it, strong resistance remains at 107.95 from a 50-point pivot that targets 107.45 and 108.45.&nbsp;&nbsp; </p><p>Initial support comes at 106.00.&nbsp; Strong support follows at 105.50 from a 50-point pivot, which targets 115.00 and 116.00.&nbsp; Distant support lies at 104.25.</p><p>Oscillators are mixed.</p><p><br />NEAR-TERM: Mixed<br />MEDIUM-TERM: Bearish <br />LONG-TERM: Bearish</p><p /><p>Sterling/dollar </p><p><br />Sterling/dollar melted away on Friday, when it gave back half of the gains made between January 22 and 30. The risk remains on the downside. Only a close below 1.9645 would warrant further losses.<br />&nbsp;<br />Immediate support is now seen at 1.9575. The next level follows at 1.9500. Distant support moved down to 1.9415.&nbsp;&nbsp; <br />&nbsp;<br />Initial resistance comes at 1.9720. A break above 1.9800 would be quite bullish and suggest a further rally to 1.9940.</p><p>Oscillators are rising. </p><p><br />NEAR-TERM: Mixed with downside risk<br />MEDIUM-TERM: Bearish<br />LONG-TERM: Mixed </p><p /><p>Dollar/Swiss franc </p><p><br />Dollar/Swiss closed the week with only mild losses after recovering from a new record low on Friday.&nbsp; The medium term trend is bearish, but some pull back is likely.<br />&nbsp;<br />Initial resistance now comes at 1.0925.&nbsp; This is followed by 1.1060.&nbsp; The next level is 1.1125.&nbsp; <br />&nbsp;<br />Immediate support is seen at 1.0825. Below 1.0770, support is pegged at 1.0729 from a pivot low. </p><p>Oscillators are declining. </p><p><br />NEAR-TERM: Mixed with upside risk&nbsp; <br />MEDIUM-TERM: Bearish <br />LONG-TERM: Bearish</p><p /><p /> 10 application/xml false currency Forex FX Mozilla/4.0 (compatible; MSIE 7.0; Windows NT 5.1; Q312461; .NET CLR 1.1.4322; .NET CLR 2.0.50727; InfoPath.1) 127.0.0.1 127.0.0.1 luca 69.118.109.245 false true false false true 128469 blog blogsite/GFTForex/web