The dollar gained against the major currencies
The dollar traded at the highest level in at least three weeks against currencies of commodityproducing nations from Australia to Norway after prices of raw materials tumbled on speculation the global economy is slowing.
Norway's krone, Canada’s and Australia’s dollar extended their losses to a second day after commodities had their biggest weekly drop in more than 50 years. On Thursday, gold posted its largest weekly loss in 25 years, while oil and base metal prices extended falls on fears of a decline in global demand if the United States slips into recession.
US currency gained against the Canadian dollar to 1.0293, which is the highest level since January. The “aussie” dropped versus the dollar and close below the psychological 0.9000 level.
The euro fell the most since January versus the greenback, as breaking the support at 1.5560 and close at 1.5429. The dollar rose form the historic low against the euro reached on Monday, as gaining 3 percent.
The US currency gained against theyen as well, after the markets in Japan were closed because of the national holiday.
Today the markets in Australia, New Zealand, Switzerland, Eurozone, England, Canada and United States will be closed by the reason of celebrating Good Friday.
TECHNICAL OVERVIEW
EUR/USD
The euro fell against the dollar as breaking the supports at 1.5560 and 1.5450. Today the first support level will be expected at 1.5345, which is 38.2% Fibo of the 1.4440-1.5902 movement. If this level gets passed, next supports will be expected at 1.5260 and 1.517, as the last one is 50.0% Fibo of the already mentioned movement. In positive trading the resistances of the euro are seen at 1.5500, 1.5650 and 1.5780.
EUR/USD (chart)
| Support | 1, 5345 | 1,5260 | 1,5170 |
| Resistance | 1.5500 | 1.5650 | 1,5780 |
USD/JPY
The dollar gained against the yen, as reaching the resistance at 100.20. But the close price was at 99.30 so today in positive direction the resistances are expected at 100.20, 102.10 and 103.70, as the first one is also 23.6% Fibo retracement of the 114.63-95.75 movement. On the downside the supports remain at 96.60, 91.00 and 88.40.
USD/JPY (chart)
| Support | 96.60 | 91.10 | 88.40 |
| Resistance | 100.20 | 102.10 | 103.70 |
GBP/USD
In the beginning of the yesterday’s session, the dollar had gained versus the pound and tested the support at 1.9745. However through the rest of the day the sterling managed to recover and closed with small gain at 1.9843. In positive direction the sterling will meet resistances at 1.9910, 2.0090 and 2.0230, as the first two are also 38.2% and 50.0% Fibo retracement of the 2.0831-1.9337 movement. On downside th pound will expect support from 1.9745, 1.9610 and 1.9400.
GBP/USD (chart)
| Support | 1.9985 | 1.9910 | 1.9750 |
| Resistance | 2.0260 | 2.0400 | 2.0480 |
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FX daily review 21.03.2008.pdf, 167 Kb
