Daily Forex Market Commentary

Daily Forex Technicals | Written by Global Forex Trading | Jul 21 08 01:13 GMT |

The dollar edged higher on Friday in quiet trading. We need to see if there will be another recovery in the equity indices and a decline in the oil price. The medium-term outlook remains negative, but the dollar should attempt another upmove today. Euro/dollar Euro/dollar consolidated on Friday but this my model went short. The short-term outlook is slightly bearish, but the medium-term outlook remains bullish. Immediate resistance is still at 1.5890. The next levels are 1.5910 and 1.5970. A pivot high now follows at 1.6036. Above 1.6055, distant resistance is at 1.6135. Below 1.5830, support is remains at 1.5765. The next good level remains at 1.5685. Distant support is 1.5630. Oscillators are mixed. NEAR-TERM: Slightly bearish MEDIUM-TERM: Bullish LONG-TERM: Bullish Dollar/yen Dollar/yen struggled higher on Friday, but failed to test the declining trendline. The short-term outlook is cautiously positive. Immediate resistance is at 107.10 from this line. Further resistance still comes at 107.95 from a 50-point pivot, which targets 107.45 and 108.45. . Initial support is at 106.75 from a 50-point pivot, which targets 106.25 and 107.25. Below 105.85, support is at 105.60 from a 50-point pivot that targets 105.10 and 106.10. Oscillators are rising. NEAR-TERM: Slightly bullish MEDIUM-TERM: Mixed LONG-TERM: Mixed Sterling/dollar Sterling/dollar is alternating up and down days, so rallied Monday should be an up day! My model remains long. The medium-term outlook remains positive. Initial resistance now comes at 2.0040. This is followed by 2.0085. A pivot high follows 2.0155. Distant resistance is at 2.0250. Immediate support is seen at 1.9935. Below 1.9905, support is now seen at 1.9850. Oscillators are mixed. NEAR-TERM: Slightly bearish MEDIUM-TERM: Bullish LONG-TERM: Mixed Dollar/Swiss franc Dollar/Swiss consolidated in an inside range on Friday. My model went long, and the risk is on the upside today. Immediate resistance is at 1.0245. Above it, resistance now comes at 1.0315. This is followed by 1.0390. Initial support remains at 1.0175. This is followed by 1.0135. Below 1.0095, support is now seen at 1.0013 and .9984. Oscillators are mixed. NEAR-TERM: Slightly bullish MEDIUM-TERM: Slightly bearish LONG-TERM: Mixed Cornelius Luca Global Forex Trading http://www.gftforex.com DISCLAIMER: This forum and the information provided here should not be relied on as a substitute for extensive independent research before making your investment decisions. Global Forex Trading is merely providing this column for your general information. The views of the author are not necessarily those of Global Forex Trading, its owners, officers, agents or employees. In addition, any projections or views of the market provided by the author may not prove to be accurate. Global Forex Trading and Cornelius Luca will not be responsible for any losses incurred on investments made by readers and clients as a result of any information contained in this column. Global Forex Trading and Cornelius Luca do not render investment, legal, accounting, tax, or other professional advice. If investment, legal, tax, or other expert assistance is required, the services of a competent professional should be sought.