Daily Forex Market Commentary
The dollar marched higher on Thursday and it should attempt to pad its gains today. Careful about Japan’s Tankan and the US’ CPI reports, which could turn the ship quickly.
Euro/dollar
The euro/dollar made another decline on Thursday and should press further don today..
If the pair extends its losses, look for a break below the Fibonacci retracement level at 1.3135. This is a strong level and a break below it could trip the euro/dollar toward its pivotal low at 1.3065. That’s unlikely. Distant support looms at 1.2985.
Above 1.3250, strong resistance follows at 1.3290 and then at 1.3325. Distant resistance is pegged at 1.3367.
Oscillators are mixed.
NEAR-TERM: Mixed
MEDIUM-TERM: Bullish
LONG-TERM: Bullish
Dollar/yen
Dollar/yen marched higher still on Thursday and hit a new high for the uptrend. The pair looks pretty powerful, but watch out for the Tankan report.
Above 117.90, the pair has resistance at resistance remains at 118.25 from a 50-point pivot that targets 117.75 and 118.75. Distant resistance is seen at 119.65.
Below 117.35, good support is from the 50-point pivot at 116.85, which targets 116.35 and 117.35. Below 115.80, dollar/yen has support from the 50-pip pivot at 115.50, which targets 116.00 and 115.00. Strong support is at 114.40, which is 50% mark of a long-term uptrend.
Oscillators are rising.
NEAR-TERM: Slightly bullish
MEDIUM-TERM: Mixed
LONG-TERM: Bearish
Sterling/dollar
Sterling/dollar made another mild decline and closed slightly lower on Thursday. Cable should consolidate more — unless GBP/JPY gets hurt.
Initial support comes at 1.9560. Below 1.9525, there is support at 1.9460. D
Initial resistance is at 1.9650. Above 1.9725, distant resistance is seen at 1.9765.
Oscillators are mixed.
NEAR-TERM: Mixed
MEDIUM-TERM: Bullish
LONG-TERM: Bullish
Dollar/Swiss franc
Dollar/Swiss franc rallied to a near three-week highon Thursday and should attempt to climb higherstill today.
Initial resistance is at 1.2160. Next level is at 1.2210. Distant resistance looms at 1.2330.
Strong support now comes at 1.2095. That’s followed ar 1.2020 by a pivot low. Below 1.1970, distant support is at 1.1895.
Oscillators are mixed.
NEAR-TERM: Mixed
MEDIUM-TERM: Bearish
LONG-TERM: Bearish
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