Morning Forex Comments
Friday July 17 1998

Thursday, July 16, 1998

11:00 PM

On the Frenzied Forex Front

Sept. J-Yen

Nearby Support is 7206 then 7170 and 7149/7143 . Beneath that support is 7088 and 7074 to 7063. A close under 7074 augurs for a slip towards 7030 and the 7003 to 6990 region.

Resistance is at 7242 to 7256 and 7268. A close over 7249 augurs for a pop to resistance at 7328 to 7342.

Sept. Swiss Recommended Position Long at 6540

Resistance is at 6707 then 6720 to 6730 . The close over 6673 is friendly for a test of 6741 beyond that resistance is at 6756 and 6770.

Support is at 6673 and 6658, below that support is 6630 to 6620

Sept. British Pound:

Support is at 1.6326 and 1.6280 then 1.6150 to 1.6090. Traders can Buy at 1.6150 for a bounce, and hold for higher prices. Below that support should appear at 1.6090 and 1.5936.

Resistance is at 1.6420. A close over 1.6420 augurs for a test of 1.6550. Traders can sell at 1.6510, risk a close over 1.6550 for three days in a row.

Sept. D-Mark Recommended Position long at 5490

Nearby Resistance is at 5619 and 5640 to 5653. The  close over 5615 is friendly for an eventually rise to 5640. However a trade over 5653 augurs for a test of 5688. Traders should go short at 5688 for a quick turn lower. Risk a close over 5729 for two days in a row.

Support is at 5614 then 5577/ 5569 to 5553 which should contain a break today.

Trade accordingly.

Sept. Canadian Dollar Recommended Position long at 6836,6856 and 6847

Support should appear near the 6705 and 6700. A close under 6700 indicates a test of 6673.

Resistance is at 6731 to 6741. A close over 6731 is friendly and indicates a test of 6755.