Tuesday June 13, 2006 - 12:56:50 GMT
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Daily Forex Market Commentary for June 13, 2006
Tuesday, June 13, 2006 8:00 GMT
Daily Forex Market Commentary
By: Cornelius Luca, Currencies Analyst, GFT
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The dollar ended higher on Monday versus the euro and the yen, slipped against the pound and only consolidated versus the franc. The outlook remains positive, so hold long dollars with a tight stop.
The euro/dollar fell on Tuesday to a 1 Â½-month low of 1.2564 after forming a double top late last week.
Below 1.2564, support is now seen at 1.2520. Distant support is pegged at 1.2420.
Immediate resistance is at 1.2625. Above 1.2650, resistance is seen at 1.2700. Distant resistance is at 1.2760
Oscillators are declining.
NEAR-TERM: Marginally higher
Dollar/yen ended with minor gains on Monday but remained in an inside range. It should see a minor pullback before resuming its upmove. Key level is still 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 edged higher on Monday.
Initial support is at 1.8380. Below 1.8368, support is still seen at 1.8260. Distant support lies at 1.8180.
Immediate resistance is at 1.8460 and 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 and closed virtually unchanged on Monday. 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 1.2290. 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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