Thursday June 15, 2006 - 13:02:56 GMT
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Daily Forex Market Commentary for June 15, 2006
Thursday, June 15, 2006 8:00 GMT
Daily Forex Market Commentary
By: Cornelius Luca, Currencies Analyst, GFT
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The dollar slumped on Wednesday versus the European currencies but trimmed losses by the close and made little overall progress against the yen. The slide against the euro, pound and franc formed a dollar bearish reversal, but it needs confirmation.
One day after sinking to 1 Â½-month low, euro/dollar rallied sharply on Wednesday and formed a potential bullish reversal.
The pair will need to break above the resistance at 1.2630 to confirm this signal. Resistance is seen at 1.2700, which is a major level. Distant resistance is at 1.2760
Below 1.2540, good support remains only at 1.2420. Distant support lies at 1.2300.
Oscillators are mixed.
Dollar/yen recouped early losses and closed virtually unchanged near the high of the uptrend. It must close above 115.50 if this upmove can continue.
Key resistance is at 115.50 from a 50-point pivot that targets 116.00 and 115.00. Above 116.20, distant resistance follows at 117.70.
Below 115.00, support is seen at 114.60. Strong support is pegged at 114.20 from a 50-point pivot that targets 113.70 and 114.70.
Oscillators are rising.
Sterling/dollar rallied from a 1 Â½-month low and formed a potentially bullish reversal, despite a late pullback.
A break above the resistance is at 1.8450 on a closing basis is needed to confirm this strength. The pair would then test 1.8500. If this level gives way as well, then look for a break above 1.8550, but this is still unlikely.
Initial support is at 1.8380. Thatâ€™s followed by 1.8315. Distant support lies at 1.8260.
Oscillators are falling.
Dollar/Swiss franc fell sharply and closed well down, despite reducing losses on the close. It looks a lot like a bearish reversal, but confirmation is needed.
Immediate support is at 1.2265 and this level must give way for confirmation. Below this strong level there is support at 1.2150.
Initial resistance is seen at 1.2360. Above 1.2405, resistance is now seen at 1.2490.
Oscillators are rising.
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