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Politics : Dutch Central Bank Sale Announcement Imminent?
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To: sea_urchin who wrote (926)9/10/1998 8:11:00 PM
From: Broken_Clock  Read Replies (2) of 81901
 
Fasten seat belts...

Thursday September 10, 7:50 pm Eastern Time
Note: this article has a followup with more information.

INSIGHT -- Dollar/mark bulls stampede
for the exits

NEW YORK, Sept 10 (Reuters) - Dollar/mark's sharp Thursday decline
briefly violated a key Fibonacci retracement of its massive rally from historic
lows in the Spring of 1995 and technical analysts said more damage may lie
ahead.

The greenback late Thursday was clinging to support at 1.6820 marks, a
38.2 percent retracement of the rally from 134.40 in early 1995 to 1.8913 in August of 1997. Earlier in the session it got
as low as 1.6795 marks, down from a session high at 1.7168.

''It's unbelievable how fast it happened,'' said Jim Chorek, currency research director at Elliott Wave International.

Dollar/mark hit its lowest point since a May 1997 reading of 1.6680. Chartists said the greenback could hit the
61.8-percent Fibonacci retracement of the big 1995-1997 rally at 1.5535 in the coming weeks.

''People are still bailing out of dollar longs and they are just now switching to short positions. Before it bottoms out,
everybody has to get short and that doesn't look like the case yet,'' Chorek said.

To stave off the bears, the greenback would need to get back above the former support at 1.6935 marks, a November
1997 low, and make a serious run at 1.70, technicians said.

(Note: this article is ''in progress''; there will likely be an update soon.)
biz.yahoo.com
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