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Pivot Calculator


 
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Jun 10, 2008

Daily Forex Market

The dollar made a brutal recovery on Monday against everything but the pound, after the weekend didn't bring any surprise from the Middle East and the oil price (temporarily) tempered its uptrend. Talk of concerted rate hikes gave the buck a reprieve, but I'm not sure it's the start of a big recovery for the dollar. Tuesday should see more strength, by the medium term outlook is negative.

Euro/dollar

The euro/dollar fell from a 1 ½-month high and formed a bearish reversal formation on the daily chart. Be careful of this one, more confirmation is needed if the decline is to pan out, and the current level at 1.5645 is important.

Immediate support is now seen at 1.5560. Strong support follows at 1.5470. Distant support is at 1.5415.

Strong resistance is at 1.5615. Above 1.5655, euro/dollar retains additional resistance at 1.5740. Further resistance is then seen at 1.5842.

Oscillators are falling.

NEAR-TERM: Slightly bearish
MEDIUM-TERM: Slightly bullish
LONG-TERM: Bullish

Dollar/yen

Dollar/yen is trading one day up and one day down, and on Monday it reversed early losses in a dramatic fashion to close at an over tree-month high. My model went long, but I am not too comfortable with the upside.

Initial resistance is at 106.75 from a 50-point pivot, which targets 106.25 and 107.25. Distant resistance is perched at 107.95 from another 50-point pivot, which targets 107.45 and 108.45.

Initial support is seen at 106.25. The next level is 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: Bearish

Sterling/dollar

Sterling/dollar rallied for the third consecutive day on Monday, as horrible inflation numbers make further rate hikes a done deal. My model is long, but the short term outlook is bearish.

Immediate support is now seen at 1.9675. Below 1.9640, the next level is 1.9585.

Good resistance now comes at 1.9760. 1.9801 follows. Above the pivot high at 1.9850, there is further resistance at 1.9960.

Oscillators are rising.

NEAR-TERM: Slightly bearish
MEDIUM-TERM: Mixed
LONG-TERM: Mixed

Dollar/Swiss franc

Dollar/Swiss reversed from the lowest level since April 24, but remains below the bottom of a triangle. More weakness seems to remain in store, but only in the medium term. Short term, it looks strong.

Initial resistance now comes at 1.0340. This is followed by 1.0390 and 1.0490.

Immediate support is now seen at 1.0270. This is followed by 1.0150. Distant support is at 1.0100.

Oscillators are mixed.

NEAR-TERM: Mixed to slightly higher
MEDIUM-TERM: Mixed
LONG-TERM: Bearish

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