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Wednesday June 21, 2006 - 13:09:18 GMT
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Daily Forex Market Commentary for June 21, 2006

Wednesday, June 21, 2006 8:00 GMT
Daily Forex Market Commentary
By: Cornelius Luca, Currencies Analyst, GFT
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The dollar failed to pad its gains on Tuesday and closed little changed against the European currencies. However, it fell versus the yen on expectations for rate hikes in Japan. With North Korea easing threats threatening to launch a long-range missile (while its citizens starve), being short dollars is fine.

Euro/dollar
Euro/dollar recovered early losses to close virtually unchanged on Tuesday. It held below the trendline resistance, which is negative, but the market also tries to pull a double bottom.

Below 1.2575, pivotal support remains at 1.2529. Next support is pegged at 1.2470 and a key support follows at 1.2405.

Strong resistance remains at 1.2650. Above the vital 1.2700, euro/dollar would be on its way up at a fast pace

Oscillators are mixed.

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

Dollar/yen
One day after hitting a near two-month high of 115.76, dollar/yen fell sharply on heightened expectations the BoJ will abandon its long-held ZIRP. Meanwhile, the gap opened in April between 115.96 and 116.56 remains safe. The risk is on the downside.

Immediate support is at 114.20, a 50-pip pivot that targets 113.70 and 114.70.

Initial resistance is at 114.75. Above 115.15, strong resistance is provided by the 50-point pivot at 115.50, which targets 116.00 and 115.00. Above 115.76, resistance comes at 116.00.

Oscillators are mixed.

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

Sterling/dollar
Sterling/dollar trotted in place on Tuesday. It practically formed a bearish continuation pattern, but it’s now back in a trading range.

Immediate resistance is at 1.8480. That’s followed by 1.8525. Above 1.8560, strong resistance remains at 1.8607

Initial support is seen at 1.8420. Below 1.8367 there is nearby support at 1.8350 from a Fibonacci retracement level. Further support is at 1.8304. Distant support is at 1.8220

Oscillators are mixed.

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

Dollar/Swiss franc
Dollar/Swiss franc consolidated on Wednesday at the top of its range, but should now edge lower.

Immediate support is seen at 1.2330. Below 1.2295, strong support is seen at 1.2210 from a Fibonacci retracement level.

Initial resistance is at 1.2385. Above the 1.2440 area, strong resistance remains in place at 1.2490. Next cap is at 1.2530.

Oscillators are mixed.

NEAR-TERM: Mixed to slightly bearish
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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