Forex Daily Analysis - Friday, June 6th

Daily Forex Outlook: USD/JPY - By Karoll Financial House
The chart shows the movement started from 106.42. Nevertheless of the current sell-off of the dollar across the board, this movement looks like a flat correction which means that one move high above 106.42 is likely. However I do not want to enter long position at the moment because the movement started from 106.42 could turn out to be a complex corrective combination. With an eye on this I prefer to be neutral at the moment. >>

Dollar High Likely In Place - By DailyFX
A significant USD top is in place. The EURUSD is expected to exceed 1.5817 in the next few weeks and the GBPUSD is expected to exceed 1.9850 and probably test 2.02 by mid-July. Regarding the USDJPY (which we have admittedly been wrong on for some time now), we are just as frustrated as many of you probably are... on the bright side, this is often the individual psychology that attends significant turns. >>

Technical Market View - By FX Greece
AUD continues its consolidation above 0,9500, without any clear signs for its next move. Volatility should continue between 0,9500 and 0,9650 for the next days... >>

Technical Analysis Daily: USD/JPY - By iFOREX.bg
The US Dollar continued climbing against the Japanese Yen above the past key resistance at 105.60, and has now open potential of testing the new resistance level, the yesterday's top at 106.40. If the positive trend continues, next resistance further up is expected at 107.00, the break of which would open potential climb towards 107.80. In downward direction first support is yesterday's bottom at 105.20, followed by 104.40, and 103.00. >>

Elliott Wave and Fibonacci Predictions: USD/JPY - By Capital Forex Group
Hey traders. Price missed our entry yesterday on USD/JPY, so I jumped in after the retracement around 105,89 and booked 20 pips in the Sidney session. Ok, today we are expecting the most important number of the month, so I believe that everybody who are already involved are very nervous today. >>

Daily Technical Strategist - By FXTechstrategy
Having tumbled off the 1.5817 high to as low as 1.5364 low Thursday, EUR rose sharply higher off that intra day low to close the session at 1.5603.The pair looks to have begun a corrective recovery following the said decline and should now move towards the 1.5817 high, its May 27'08 high initially ahead of the 1.5895/I 5912 area, its Mar 31'08 high/April 10'08 high and then its YTD high at 1.6018. >>

Currency Technical Report - By FX Greece
Comment : Euro rallied yesterday after the ECB's chairman comments and managed to breach eas-ily the first resistance levels that indicated the reversal. Mr. Trichet said that there is potential for the bank to raise rates in the near future and that was something that the market didn't expect. >>

Currency Pair Daily Forecasts - By Finotec Group
To strengthen our analysis; we use many other indicators, starting with MACD (Moving Averages convergence divergence); we notice the MACD lines after a bearish crossover below the zero line but moving upwards. In order to find the power of the market, we use RSI (Relative Strength Index).With RSI; we can determine that the market is in a bullish direction. Also, MA oscillators indicate a bullish cross on the short MA line. As seen on the chart there are two tops leading upwards to a bullish trend >>

Daily FX Report - By Varengold Bank
The EUR realised hefty gains against the USD and JPY after ECB chairman Trichet hold the interest rates steady at 4% but said that the European Central Bank is on high alert over the inflation and lots of policymakers support rising rates. Finally he added that the Governing Council could raise rates as soon as its July 3rd meeting occurs. The EUR/USD won 1,04% and rebounded the losses from Tuesday by a close at 1,5595. >>

Technical Analysis Daily: GBP/USD - By iFOREX.bg
The British Pound recovered partly against the US Dollar yesterday, rising from yesterday's bottom 1.9465, to today's top at 1.9605, which are the first support and resistance levels respectively for the currency couple today. GBP/USD tested 1.9600, which is 50% Fibonacci correction of the climb from 1.9370 to 1.9840. If the positive sentiment continues, next resistance is expected at 1.9730, followed by 1.9840. In downward direction next support level today is expected at 1.9400, followed by 1.9320. >>

Forex Technical Analysis - By DeltaStock Inc.
After European Central Bank President Jean-Claude Trichet surprised the market with an interest rate hike possibility next month, EUR/USD took off the recent lows at 1.5363 and sharply advanced to 1.5604. In our opinion this marks a beginning of a short-term uptrend towards 1.6017 and beyond, as we have stated in our Midterm Forex Outlook. Intraday next resistance lies at 1.5663 and support can be found above 1.5534. >>

Forex Depth Analysis: USD/JPY - By Finotec Group
Friday saw the 10yr JGB future slide in the Tokyo session as it took its cue from an overnight slide in US and euro zone bonds following the hawkish rhetoric by ECB President Trichet. The 5yr yield touched a 10 month high and ended the day 7bp higher than the previous day's close. >>

Daily Forex Analysis - By FOREXYARD
The Greenback experienced a mixed day in the trading market, seeing early day gains against major currencies like the JPY and CHF, and losses against the EUR and GBP. The oft traded EUR/USD cross saw a 200+ pip gain yesterday, on the heels of an apparent change in the outlook of Euro interest rates as well as fears over today's upcoming Non Farm Payroll figures from the US. >>

Forex Technical Update - By Rcpl Forex
Euro: Euro surged by 235 pips to touch 1.5600 mark (50% Retracement of the latest fall in daily) as Trichet indicated that ECB may be hawkish enough to hike in July. The 4-Hourly stochastic is overbought while the daily shows strong upmove. The pair is currently taking strong resistance of (21 daily EMA & 100 & 200 4-Hourly EMA and 50% retracement of the latest fall) and a firm break of this resistance will lead Euro to 1.5645 levels (61.80 retracement of the latest fall). (Eur/Usd-1.5582). >>

EURUSD, AUDUSD, EURCHF Daily Outlook - By E-Forex
The Euro recovered its recent losses after a 240 points rally on yesterday following ECB president Trichet who said that an interest-rate hike in July is "possible". The surprising hawkish shift brings the elevated levels on EURUSD back in focus, at least for now. Although technically we are back into a neutral zone >>

Forex Technical Analytics - By FOREX Ltd
The pre-planned buyers' positions from the key support range have been realized with attainment of main assumed targets. Further realization of breakout variant for sales did not have any positive result within previous trading day but the relative rise of bearish activity at the break of key supports revealed by OsMA indicator is an argument to preserve short positions for further rate fall. At present taking into account the ascending direction of indicator chart, we assume a possibility of pair return to the nearest resistance range 1.0410/20 >>

Technical Analysis for Crosses - By Crown Forex
The Pound rose yesterday against the Yen inline with our expectations to acquire the 207.35 target, and today the pair is most likely to continue the bullish wave that targets the 208.52 and then the 209 levels, yet the momentum indicators are showing the pair is in need of a slight correction to gather further upside momentum on intraday basis and the 206.33 could provide a solid base for today as it offers good demand. >>

Technical Analysis for Major Currencies - By Crown Forex
The European currency supported by yesterday 's Trichet speech was able to break from that neutral area and climb above the ascending trend line again, which again gives the euro an edge in trading, and now we can initiate some new targets around 1.5950 if the euro maintained the same level of strength and the sound fundamentals in the up coming period. Today the possible target is around 1.5720 in light with the U.S. jobs report. >>

FX Technical Analysis - By Mizuho Corporate Bank
Comment: Bouncing even more smartly than we could have hoped for from the bottom of the Ichimoku 'cloud'. Today expect random small moves at these higher levels, probably between 1.5500 and 1.5625.
Strategy: Attempt longs at 1.5600 but only if prepared to add to 1.5500; stop below 1.5350. Short term target 1.5625, maybe 1.5700. >>

Technical Analysis Daily: EUR/USD - By iFOREX.bg
The Euro climbed significantly yesterday against the US Dollar from 1.5370 to 1.5603 when ECB's Trichet gave signals for a possible rate hike In July. The above are are the first resistance and support levels respectively for the currency couple today. If the positive trend continues, next resistance is expected at 1.5550, followed by 1.5625. In downward direction next support for today is expected at 1.5300, the break of which would lead to next target 1.5230. >>

Forex and Dow Jones Recommended Levels - By FXtechtrade
Today's support: - 1.5547, 1.5518 and 1.5477(main), where correction is possible. Break would give 1.5452, where correction also may be. Then follows 1.5435. Break of the latter would result in 1.5393. If a strong impulse, we would see 1.5362. Continuation will give 1.5330 and 1.5302. >>

Daily Forex Market Commentary - By Global Forex Trading
The euro/dollar aggressively reversed from a three-week low after ECB President Trichet signaled a possible rise in euro zone interest rates as early as July. The dollar rallied against the yen, but gave up gains versus the pound and franc. Careful today, as the non-farm payrolls are due. If the ADP is of any significance, the report should not be that weak. >>

FX Technical Commentary - By Easy Forex
Euro 1.5590 - Initial support at 1.5366 (Jun 5 low) followed by 1.5288 (May 8 reaction low). Initial resistance is now located 1.5598 (Jun 5 High) at followed by 1.5628 (Jun 3 high).
Yen 105.90 - Initial support is located at 105.21 (June 5 low) followed by 104.54 (Jun 4 low). Initial resistance is now at 106.65 (Feb 28 high) followed by 107.44 (61.8% retracement of the 114.66 to 95.76). >>