Mon, Mar 3 2008, 13:25 GMT
by Cornelius Luca
The dollar remains under pressure versus the low yielding currencies and hold its own against the high yielding ones. Expect the dollar to consolidate on a bearish bias today.
Euro/dollar
Euro/dollar struggled to a fresh record high on Friday. My model remains long since February 14, but with the pair overbought, there is a risk of a significant decline. Reverse long positions only on a confirmed decline. Initial resistance is at 1.5237. Above this pivot high, resistance comes at 1.5355. Distant resistance is now seen at 1.5575. Immediate support is at 1.5105. Below 1.5040, there is further support at 1.4965.
Oscillators are rising.
NEAR-TERM: Slightly bullish
MEDIUM-TERM: Bullish
LONG-TERM: Bullish
Dollar/yen
Dollar/yen tumbled further into Monday to hit a three-year low. Mixed to lower trading is likely today. With the pair already below a line declining since November 26 at 103.30, support is now seen at 103.05. Distant support is at 102.30 from a 50-point pivot, which targets 101.80 and 102.80. Immediate resistance is now seen at 103.70. Strong resistance is at 104.50 from a 50-point pivot that targets 104.00 and 105.00.
Oscillators are declining.
NEAR-TERM: Bearish
MEDIUM-TERM: Bearish
LONG-TERM: Bearish
Sterling/dollar
Sterling/dollar consolidated in an in side range and made little progress since Wednesday. My model remains long since February 21, but I like to remain square here. Immediate support is now seen at 1.9805. Below 1.9765, the next level follows at 1.9645. Initial resistance comes at 1.9895. A break above the pivotal level at 1.9971 would signal another further rally above the 2 mark. This is followed by 2.0040.
Oscillators are rising.
NEAR-TERM: Mixed
MEDIUM-TERM: Bearish
LONG-TERM: Mixed
Dollar/Swiss franc
Dollar/Swiss remains under pressure - and my model remains short as well. Mixed to lower trading is likely today. Immediate support is now seen at 1.0290. Below it, support is now pegged at 1.0170. Initial resistance now comes at 1.0510. The next level is 1.0615. Above 1.0650, resistance comes at 1.0725.
Oscillators are declining.
NEAR-TERM: Bearish
MEDIUM-TERM: Bearish
LONG-TERM: Bearish
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