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Friday June 16, 2006 - 13:02:48 GMT
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Daily Forex Market Commentary for June 16, 2006

Friday, June 16, 2006 8:00 GMT
Daily Forex Market Commentary
By: Cornelius Luca, Currencies Analyst, GFT
Visit GFT to learn more

The dollar slumped further on Thursday following ‘s bearish reversal versus the European currencies but trimmed losses by the close against the franc. Dollar/yen marked time amid mixed data. Friday should see the dollar in choppy to lower trading.

Euro/dollar
Euro/dollar struggled higher on Thursday after forming a bullish reversal signal a day earlier. It should do more of the same today.

The pair has initial resistance at 1.2657. Further resistance is still seen at 1.2700, which is a major level. Distant resistance is at 1.2760.

Immediate support is at 1.2610. Below 1.2540, good support remains only at 1.2420. Distant support lies at 1.2300.

Oscillators are mixed.

NEAR-TERM: Mixed to slightly higher
MEDIUM-TERM: Bearish
LONG-TERM: Bullish

Dollar/yen
Dollar/yen marked time and got stuck in an inside range. 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 114.60, strong support is pegged at 114.20 from a 50-point pivot that targets 113.70 and 114.70.

Oscillators are mixed.

NEAR-TERM: Mixed to slightly lower
MEDIUM-TERM: Bullish
LONG-TERM: Bearish

Sterling/dollar
Sterling/dollar surged to a one-week high of 1.8544 on Thursday after forming a potentially bullish reversal a day earlier. Despite its late pullback, prepare for an encore today.

A break above the resistance at 1.8560 on a closing basis is needed to confirm this strength. The pair would then test 1.8600. If this level gives way as well, then look for a break above 1.8760, but this is unlikely to be seen before next week.

Initial support is at 1.8450. That’s followed by 1.8410. Distant support lies at 1.8315.

Oscillators are mixed.

NEAR-TERM: Mixed to slightly higher
MEDIUM-TERM: Bearish
LONG-TERM: Bullish

Dollar/Swiss franc
Dollar/Swiss franc made a marginally new low on Thursday but recovered all of its losses by the close.

Immediate support is at 1.2256 and this level must give way for confirmation. Below 1.2210 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 mixed.

NEAR-TERM: Mixed to slightly lower
MEDIUM-TERM: Bullish
LONG-TERM: Bearish

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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  • POTENTIAL PRICE RISK: HIGH Tue-- 08:30 GMT GB- CPI top tier confirmation of Inflation.

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John M. Bland, MBA
co-founding Partner, Global-View.com

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