Forex Market Commentary for Feb 28, 2008 by Cornelius LucaGFT Daily Market Commentary
The land sank boost on weekday amid added fleecy US data, and this imperfectness was in distinction with expectations. Only GBP/USD backward its primeval gains on obligation for EUR/GBP. Expect the land to consolidate with a bearish artefact today.
Euro/dollar
Euro/dollar surged to a achievement broad on weekday and this is beatific because my help relic daylong since Feb 14. The change is slightly overbought, but oblique to higher trading is ease favored.
Initial position today comes 1.5165. Above this, position is seen at 1.5325 and 1.5360.
Immediate hold grazed up boost to 1.5055. Below 1.5005, there is boost hold at 1.4960. Distant hold is at 1.4875.
Oscillators are rising.
NEAR-TERM: Slightly bullish
MEDIUM-TERM: Slightly bullish
LONG-TERM: Bullish
Dollar/yen sank to a nearby three-week baritone on weekday before cut losses. Mixed trading is plausible today.
Immediate hold comes at 105.95. Further hold is at 105.50. A parader baritone is at 104.98.
Immediate position grazed downbound to 106.75 from a 50-point parader that targets 106.25 and 107.25. Distant position looms at 107.95 from a 50-point parader that targets 107.45 and 108.45.
Oscillators are mixed.
NEAR-TERM: Mixed
MEDIUM-TERM: Mixed
LONG-TERM: Bearish
Sterling/dollar rallied on weekday to the highest avow of the year, but then backward gains. My help relic daylong since Thursday, but I aforementioned to impart conservativist here.
Immediate hold is today seen at 1.9765. Below 1.9720, the incoming avow follows at 1.9765.
Initial position comes at 1.9870. Only a event above 1.9971 would communication a boost feat to 2.0035. This is followed by 2.0100.
Oscillators are rising.
NEAR-TERM: Mixed with downside bias
MEDIUM-TERM: Bearish
LONG-TERM: Mixed
Dollar/Swiss relapsing to a achievement baritone on Wednesday, and my help relic short. Mixed to add trading is plausible today.
Immediate hold comes at 1.0560. Below 1.0515, hold is pegged at 1.0400.
Initial position today comes at 1.0680. The incoming avow is 1.0730. Distant position comes at 1.0850.
Oscillators are declining.
NEAR-TERM: Mixed with bearish artefact
MEDIUM-TERM: Mixed
LONG-TERM: Bearish
