Monday June 12, 2006 - 13:49:09 GMT
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Daily Forex Market Commentary for June 12, 2006
Monday, June 12, 2006 8:00 GMT
Daily Forex Market Commentary
By: Cornelius Luca, Currencies Analyst, GFT
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Expect for a brief spike up following the less-terrible-than expected US trade deficit report, the dollar consolidated on Friday. The outlook should remain guardedly positive, but a pull back is more likely now.
The euro/dollar marked time on Friday after forming a double top a day before.
Below 1.2625, support is now seen at 1.2600. Next supports are at 1.2555 and 1.2520. Distant support is pegged at 1.2420.
Immediate resistance is at 1.2700. Above 1.2760, resistance is seen at 1.2840.
Oscillators are declining.
NEAR-TERM: Marginally higher
Dollar/yen slipped on Friday but remained in an inside range.
rallied to its highest level since April 27 and reached. It should see a minor pullback before resuming its upmove. Key level
is pegged at 114.20 from a 50-point pivot that targets 113.70 and 114.70.
Above 114.70, the top of the rally so far and the upside target of the 114.20 Gann pivot, resistance lies at 115.50.
Below 113.70, strong support remains at 112.90 from a 50-point pivot, which targets 113.40 and 112.40.
Oscillators are rising.
Sterling/dollar consolidated on Friday after hitting a one-month low on Thursday.
Below 1.8368, support is still seen at 1.8260. Distant support lies at 1.8180.
Immediate resistance is at 1.8450. Thatâ€™s followed by 1.8500. If this level gives way, look for a break above 1.8550 and an unlikely test of 1.8650.
Oscillators are falling.
Dollar/Swiss franc marked time after rallying to a one-month high on Thursday. Following a brief pullback, it should resume its upmove.
Initial resistance remains at 1.2365. Above 1.2400, resistance is now seen at 1.2490.
Immediate support is at 1.2280. Below 1.2240 there is support at 1.2180. There is a strong level at 1.2060.
Oscillators are rising.
DISCLAIMER: This forum and the information provided here should not be relied on as a substitute for extensive independent research before making your investment decisions. Global Forex Trading is merely providing this column for your general information. The views of the author are not necessarily those of Global Forex Trading, its owners, officers, agents or employees. In addition, any projections or views of the market provided by the author may not prove to be accurate. Global Forex Trading and Cornelius Luca will not be responsible for any losses incurred on investments made by readers and clients as a result of any information contained in this column. Global Forex Trading and Cornelius Luca do not render investment, legal, accounting, tax, or other professional advice. If investment, legal, tax, or other expert assistance is required, the services of a competent professional should be sought.
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