Daily FX Market Comment 14/2

Discussion in 'Forex Trading' started by nico3725, Feb 14, 2003.

  1. EUR/USD 1.0829. EUR broke convincingly through 1.0775/80 resistance yesterday to test close to 1.0860, which is a minor resistance area. EUR’s short term strength should carry it up to 1.0900/15. Supports are at 1.0805 & 1.0780.

    USD/CHF 1.3553. Break of 1.3595 has dampened Dollar’s short term positive tone. It should now fall to 1.3470/60. Resistances are at 1.3595 & 1.3620.

    USD/JPY 120.53. Dollar went up as expected yesterday, but its rally was cut short under 121.50. Its short term advances are likely to be repulsed near 120.80/85 area for a drift down to 119.95/85.

    GBP/USD 1.6218. Cable moved along suggested lines to test close to 1.6245 yesterday. The corrective activity is likely to continue for a while. Immediate resistances are at 1.6245 & 1.6275. As long as it remains below 1.6350/60, it is likely to test 1.6075/55.

    EUR/CHF 1.4680. EUR should trade in 1.4660-1.4715 range for some time.

    EUR/JPY 130.52.EUR’s break above 130.35 should help it advance to 130.90 or 131.15/20. Supports are at 130.15 & 129.95.

    EUR/GBP 0.6682. Short term upside potential extends up to 0.6710/15 now. Supports are at 0.6660 & 0.6640.

    AUD/USD 0.5954. Expect AUD to hit fresh highs near 0.5995/0.6000. Supports are at 0.5925 & 0.5900.

    USD/CAD 1.5163. Dollar stalled ahead of 1.5325 itself yesterday. Now resistance near 1.5225/30 should hold for a decline to 1.5120/00 in short term.

    Good luck and have a nice week end.