202157 Resource 128469 128655 128655 1208909049158 1208909049158 Controlled GFT Daily Market Commentary

Forex Market Commentary for April 23, 2008 by Cornelius Luca

GFT Daily Market Commentary The dollar made a sharp decline versus all the majors on Tuesday, as attempts of a mild recovery failed early.  With the price of oil entering a crisis area, this seems to be the only outcome. The EUR/USD barriers at 1.6000 were obliterated.  The dollar should consolidate today.  Euro/dollar Euro/dollar finally broke above 1.6000 in a very choppy manner and my model was forced to turn long again.  The uptrend remains in place, but choppy trading should prevail.    Above 1.6020, the next levels are 1.6040 and 1.6080.  Distant resistance is now seen at 1.6185.Initial support is seen at 1.5945. Below 1.5874, euro/dollar has support at 1.5815 and 1.5760.  Distant support is at 1.5715.Oscillators are rising. NEAR-TERM: Mixed  MEDIUM-TERM: Bullish LONG-TERM: BullishDollar/yen Dollar/yen struggled lower still in an inside range after surging on Friday.  My system is long. Today should see consolidation.   Initial support is at 102.70.  The next level is 102.30 from another 50-point pivot, which targets 101.80 and 102.80.   Immediate resistance is at 103.40 from a 50-point pivot, which targets 102.90 and 103.90. The next levels are at 104.50 and 105.20. Distant resistance is at 106.50. Oscillators are edging lower. NEAR-TERM: Mixed MEDIUM-TERM: Mixed to slightly bullish LONG-TERM: BearishSterling/dollar Sterling/dollar is alternating up and down days, and on Tuesday it reversed its previous day’s losses. My model went long now, as choppy trading is taking its toll. The initial move should be down.      Initial resistance now comes at 2.0005.  There is a pivot high at 2.0025. This is followed by 2.0085.  Distant resistance is at 2.0260.Immediate support is seen at 1.9910.  This is followed by 1.9860 and 1.9745. Distant support looms at 1.9597.Oscillators are rising. NEAR-TERM: Mixed  MEDIUM-TERM: Mixed LONG-TERM: Mixed Dollar/Swiss franc Dollar/Swiss fell for the second consecutive day but my model remains (barely) long. Choppy trading with upside bias is expected today.    Immediate support is now seen at 1.0010.  This is followed by 0.9965 and .9875.Initial resistance now comes at 1.0085. This is followed by 1.0135 and 1.0230.  The next level is 1.0283.  Oscillators are declining. NEAR-TERM: Mixed  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 69.118.109.245 false true false false true 128469 blog blogsite/GFTForex/web