201880 Resource 128469 128655 128655 1208398731791 1208398731791 Controlled GFT Daily Market Commentary

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: BullishDollar/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: BearishSterling/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 10 application/xml false currency Forex FX Mozilla/4.0 (compatible; MSIE 6.0; Windows NT 5.1; SV1; .NET CLR 1.1.4322; .NET CLR 2.0.50727) 127.0.0.1 127.0.0.1 luca 208.138.42.3 false true false false true 128469 blog blogsite/GFTForex/web