Forex Market Commentary for September 25, 2007 by Cornelius Luca
GFT Daily Market Commentary
The dollar traded sideways versus the European currencies on Friday while dollar/yen edged lower in an inside range. While all eyes will be on this European cross and on shorting yen on the crosses, be on the lookout for the US data. The consumer confidence and the existing home sales reports can be market movers in this shaky financial environment.
Euro/dollar
The euro/dollar edged up to a new all-time high the day on Monday as well but closed unchanged. The overbought pair should see some pullback on profit taking before the next move higher. Again, sell only on a stop loss basis. Above 1.4140, strong resistance is seen only at 1.4260. Next resistance is pegged at 1.4305. Below 1.4050, euro/dollar still has support at 1.3980. The next level is 1.3895.
Oscillators are rising.
NEAR-TERM: Mixed with downside biasMEDIUM-TERM: Bullish LONG-TERM: Bullish
Dollar/yen
Dollar/yen […]