197210 Resource 128469 128655 128655 1202781386154 1202781386154 Controlled GFT Daily Market Commentary

Forex Market Commentary for February 12, 2008 by Cornelius Luca

GFT Daily Market Commentary The dollar was generally lower early on Monday, but there was no significant decline, despite the commodities’ surge and the AIG’s write-offs. Thus, the US currency should encounter choppy trading today while looking for direction, but the downside is favored. Euro/dollar Euro/dollar reversed early gains on Monday to settle in an inside range.  Again, a triple top seems to be in the making, but a confirmation will be only from a close below 1.4400 and Thursday’s and Friday’s lows were on the trendline support.  The downside remains guardedly favored.    Immediate support remains at 1.4440. Below 1.4400, there are two pivot points at 1.4367 and 1.4311. Initial resistance is at 1.4560. Above 1.4620, resistance now comes at 1.4690.  Distant resistance follows at 1.4848.  Oscillators are falling. NEAR-TERM: Mixed with bearish bias MEDIUM-TERM: Mixed LONG-TERM: BullishDollar/yen Dollar/yen fell on Monday but remained in an inside range. The pair should consolidate today.   Initial support is at 106.75 from a 50-point pivot that targets 106.25 and 107.25. Distant resistance follows at 105.50 from a 50-point pivot, which targets 115.00 and 116.00.  Above 107.25, good resistance now comes at 107.95 from a 50-point pivot that targets 107.45 and 108.45.   Oscillators are mixed. NEAR-TERM: Mixed MEDIUM-TERM: Mixed LONG-TERM: BearishSterling/dollar High inflation data failed to extricate sterling/dollar from an inside range on Monday.  The downside pressure should continue, as the medium-term outlook remains negative.   Immediate support is now seen at 1.9428. A pivotal low comes at 1.9338. The next level follows at 1.9185. Distant support moved down to 1.9103.    Initial resistance comes at 1.9555. A break above 1.9575 would signal a further rally to 1.9800. Oscillators are declining. NEAR-TERM: Mixed to slightly bearish  MEDIUM-TERM: Bearish LONG-TERM: Mixed Dollar/Swiss franc Dollar/Swiss recovered early losses, but remained in an inside range and is still looking for direction today. Once again, following some early weakness, the pair should attempt another rally.    Initial resistance remains at 1.1103.  Above 1.1160, resistance comes at 1.1245.     Immediate support is still seen at 1.0970. The next level is 1.0880. Below 1.0770, support is pegged at 1.0729 from a pivot low.Oscillators are mixed. NEAR-TERM: Mixed  MEDIUM-TERM: Bearish LONG-TERM: Bearish 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