Daily Forex Technicals | Written by Global Forex Trading The dollar rallied unexpectedly hard on Monday to reverse all or most of the gains made a day earlier. My model went long dollars against some of the European currencies, but with the S&P returning all of their gains, the US currency should come under pressure today.
Euro/dollar
The euro/dollar fell from its highest level since May 1 but had trouble at 1.5500. Are we still facing an interim inversed head-and-shoulders? Hard to tell as yet, but the rising channel remains in place.
Initial resistance is at 1.5540. the next level remains 1.5600. Above 1.5645, euro/dollar has additional resistance at 1.5685.
Immediate support is now seen at 1.5450. The next level is d 1.5415. This is followed by 1.5287.
Oscillators are bullish.
NEAR-TERM: MixedMEDIUM-TERM: Mixed to slightly bearishLONG-TERM: BullishDollar/yenDollar/yen struggled higher on Monday, but got stuck in an inside range. My model remains short. The downside remains favored.
Initial support is at 104.00. Strong support follows at 103.40 from a 50-point pivot, which targets 102.90 and 103.90. The next big level is 102.30 from another 50-point pivot, which targets 101.80 and 102.80. Distant support is at 101.25 from a 50-point pivot, which targets 100.75 and 101.75.
Immediate resistance is at 104.50 from a 50-point pivot, which targets 104.00 and 105.00.
Oscillators are mixed.
NEAR-TERM: Slightly bearishMEDIUM-TERM: BullishLONG-TERM: BearishSterling/dollarSterling/dollar surrendered all of its gains made on Friday and this forced my model to go short. I don't like this and I need convincing that the pound is so weak here.
Immediate support is now seen at 1.9440. This is followed by 1.9400 and 1.9363. Only a break below 1.9363 spells trouble for cable.
Initial resistance now moved to 1.9520. Above 1.9570, there is further resistance at 1.9633. This is followed by 1.9695.
Oscillators are mixed.
NEAR-TERM: MixedMEDIUM-TERM: BearishLONG-TERM: Mixed
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