Monday June 19, 2006 - 14:22:43 GMT
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Daily Forex Market Commentary for June 19, 2006
Monday, June 19, 2006 8:00 GMT
Daily Forex Market Commentary
By: Cornelius Luca, Currencies Analyst, GFT
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The dollar slumped slipped on Friday versus the European currencies, as expected, but advanced against the yen. Monday should see the dollar rebound amid expectations for higher rates by the end of the month and then again in August.
Euro/dollar struggled higher on Friday after forming a bullish reversal signal on Wednesday. It should now head lower.
Support is seen at 1.2529. Below 1.2470 key support follows at 1.2405.
Strong resistance is at 1.2650. Above the vital 1.2700, euro/dollar would be on its up at a fast pace
Oscillators are falling.
Dollar/yen recovered early losses and remained stuck in an inside range on Friday. The break above 115.50 confirms that the upmove can continue.
Above 116.00, resistance comes at 116.85 from another 50-point pivot, which targets 116.35 and 117.35.
Immediate support is provided by a 50-point pivot at 115.50, which targets 116.00 and 115.00. The next important level is 114.20.
Oscillators are bullish.
Sterling/dollar struggled higher on Friday as well after forming a bullish reversal on Wednesday. It should now resume its decline.
Initial support is now seen at 1.8405. Below this level there is support at 1.8350 from a Fibonacci retracement level.
Initial resistance is at 1.8475. Thatâ€™s followed by 1.8525. Above 1.8560, strong resistance remains at 1.8607
Oscillators are declining.
Dollar/Swiss franc edged lowed on Friday but should now recover.
Initial resistance is at 1.2406. Above this level, strong resistance now comes at 1.2298. Next cap is at 1.2530.
Immediate support is at 1.2320. Below 1.2265, strong support is seen at 1.2210 from a Fibonacci retracement level.
Oscillators are bullish.
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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