Forex Market Commentary for April 14, 2008 by Cornelius LucaGFT Daily Market Commentary

The dollar fell across the board on Friday, except against the pound. The dollar should see some weakness today, but choppy trading should prevail.

Euro/dollar

Euro/dollar struggled higher on Friday, but my model remains short. Only a break below 1.5720 signals a further decline.

Initial resistance is at 1.5853. The next level is 1.5914.
Immediate support is at 1.5740. Below 1.5625, euro/dollar has support at 1.5540.

Oscillators are mixed.

NEAR-TERM: Slightly bullish
MEDIUM-TERM: Mixed
LONG-TERM: Bullish

Dollar/yen

Dollar/yen fell on Friday. This weakness prompted my model to go short
Initial support is 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.
Immediate resistance is at 101.25 from a 50-point pivot which targets 100.75 and 101.75. The next level is at 102.30 from another 50-point pivot, which targets 101.80 and 102.80.
Oscillators are mixed.

NEAR-TERM: Mixed
MEDIUM-TERM: Mixed to slightly bullish
LONG-TERM: Bearish

Sterling/dollar

Sterling/dollar resumed its decline on Friday. My model is still short and the bias is downward.

Immediate support is now seen at 1.9650. This is followed by 1.9610. Distant support is at 1.9504.

Initial resistance now comes at 1.9760. There is a pivot high at 1.9842 and another one at 2.0046. This is followed by 2.0190.
Oscillators are falling.

NEAR-TERM: Mixed with downside bias
MEDIUM-TERM: Bearish
LONG-TERM: Mixed

Dollar/Swiss franc

Dollar/Swiss slipped on Friday and my model went short. Choppy trading is favored today.

Immediate support is now seen at 0.9965. This is followed by 0.9875. Support is then pegged at 0.9790.

Initial resistance now comes at 1.0190. This is followed by 1.0251.
Oscillators are falling.

NEAR-TERM: Mixed
MEDIUM-TERM: Mixed
LONG-TERM: Bearish



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