Forex Daily Analysis - Thursday, June 5th

Chart Of The Day: USD/CAD - By FX Solutions
6/05/2008 - USD/CAD - Within the current long-term downtrend channel on the USD/CAD daily chart, as shown, price has just reached a critical resistance level. The most recent upturn initiated last week has pushed price up against two significant resistance factors. The first factor is represented by the short-term descending channel (shown on the chart by the short parallel red lines). >>

Australian Dollar Crosses Consolidate - By DailyFX
If 1.0823 holds, then the count in black is valid. That count indicates that the AUDCHF is in wave C of a large correction that will eventually come under .8882. However, with price so close to breaching 1.0823, we are presenting the alternate (in red); which suggests that the advance from .8882 is wave B of a triangle. >>

Dollar Still Flexing...but Key Levels Well Defined - By DailyFX
The EURUSD has broken to multi-day lows but the larger bullish bias is valid as long as price is above 1.5283. The decline from 1.5817 is labeled as a W-X-Y (complex) correction. The minimum bullish objective is one pip above 1.5817. Even if a larger more complex correction is unfolding from 1.6018 (such as a flat or a triangle), price is still expected to exceed 1.5817. >>

Today's Market Outlook - By Windsor Brokers Ltd
Continues reversal from 1.5818, 27 May lower top, to nearly fully retrace 1.5285/1.5818 upleg. 1.5461 low was reached initially, with subsequent bounce being capped by 1.5828/26, ahead of sharp sell-off. Loss of 1.5461 and the recent 1.5410 low, has opened way for fresh weakness that reached 1.5365 today. Correction higher is underway, expected to leave a lower top below 1.5582 for fresh attempt towards 1.5285. Only sustained break above 1.5628 to improve the outlook. >>

FX Thoughts for the Day - By Kshitij Consultancy Services
Dollar-Swiss rose to once again test the crucial Resistance at 1.0520, but retreated from there. While that Resistance holds, there are at least 50% (possibly 60%) chances of a fall back towards 1.0435 and lower, later in the day. >>

Elliott Wave and Fibonacci Predictions: USD/JPY - By Capital Forex Group
We are in impulsive move from yesterday after huge wave (II) with 104,52 low. Right now we are 250 pips higher and you know what, I still see around 50 pips free space for todays prices. In the market we are always looking for supports and resistances, and if we also include EW counting to these points, then I believe that there are a lot of traders out there who would trade this possible move from 105,91 up to the end of the blue wave iii. >>

Technical Analysis Daily: USD/JPY - By iFOREX.bg
The US Dollar continued climbing against the Japanese Yen today, from yesterday's bottom at 104.57 to today's top 106.22, which are the first support and resistance levels respectively for the currency couple today. 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 next support for today is expected at 103.90, followed by 103.00. >>

Daily Technical Strategist - By FXTechstrategy
EUR maintained its current weakness Wednesday trading and closing lower at 1.5434.Risks continue to point to the downside as evidenced by its short term bearishness and declining daily studies suggesting a move towards the next downside objective at its May 08'08 low at 1.5283 is likely where a clean break will put the pair on the part to further lower prices towards its .50 Ret (1.4309-1.6018 high) at 1.5164. >>

Forex Technical Analytics - By FOREX Ltd
The assumed test of the key resistance range for realization of the pre-planned short positions has not been confirmed and further realization of breakout variant for short-term positions with the features of oversold factor because of chosen strategy is a negative moment for further preservation of these opened positions. >>

Currency Technical Report - By FX Greece
Comment : Euro keeps its downtrend making new lows during Asia Session, breaking the area of 1.5400 (low 1.5385). Very important news releases are expected today and high volatility is possible.
The targets we had set were in the area of 1.5350-00 and after yesterday's lows, they are being reached. We remain cautious regarding the move resumption to lower levels than the 1.5330-50 area, and we wait for reversal signs. >>

Forex Technical Analysis - By DeltaStock Inc.
As expected, the pair reached an intraday high at 1.5482, finalizing the consolidation above 1.5411 and renewed the downtrend, aiming at 1.5283. Allow some choppy trading below 1.5482 before ECB releases its interest rate decision, today at 07:45 NYT. >>

Forex Depth Analysis: EUR/JPY - By Finotec Group
The dollar hit a three-month high against the yen on Thursday, supported by comments from Federal Reserve Chief Ben Bernanke who emphasized inflation concerns the previous day.
The comments coupled with stronger than expected U.S. services and jobs data have helped bolster the currency and helped lift risk appetite which undermines the yen, a popular destination for the carry trade. >>

Technical Analysis Daily: GBP/USD - By iFOREX.bg
The British Pound continued its short term descending against the US Dollar from yesterday's top at 1.9638, to today's bottom at 1.9492, which are the first resistance and support levels respectively for the currency couple today. GBP/USD overcame 1.9600, which is 50% Fibonacci correction of the climb from 1.9370 to 1.9840. If the negative sentiment continues, next support is expected at 1.9400, followed by 1.9320. In upward direction next resistance level today is expected at 1.9730, followed by 1.9840. >>

EURUSD, AUDUSD, EURCHF Daily Outlook - By E-Forex
The dollar holds firm across the board on yesterday and minor Euro rallies of 30-50 points have met fast offers so it failed to approach the more decent selling regions above the 1.55 mark. Bearish structure of short-term studies is encouraging further decline towards the mid-term support zone at 1.5345 formed by an upward trendline then the fib support at 1.5230. >>

Technical Analysis Daily: EUR/USD - By iFOREX.bg
The Euro continued descending insignificantly yesterday against the US Dollar from 1.5477 to 1.5385, which are the first resistance and support levels respectively for the currency couple today. If the negative trend continues, next support is expected at 1.5300, followed by 1.5230. In upward direction next resistance for today is expected at 1.5550, the break of which would lead to next target 1.5625. >>

Technical Analysis for Crosses - By Crown Forex
The Pound declined slightly against the yen yesterday yet the pair managed to close above the 38.2% correctional level at 205.68 and is trading around this level now, the pair must consolidate for a while before start rising noticeably, since the momentum indicators are showing the pair needs a slight correction on intraday basis in order to successfully breach the 206.15 resistance level which would lead the pair up to the 207.35 at least, while the point at 204.53 offers strong demand for the pair should the 205.68 be breached. >>

Pro FX Commentary: EURUSD - By Global Forex Trading
We have seen the decline to the 76.4% retracement at 1.5409 perfectly and this now provides the next test as to whether we are seeing a triangle within a larger consolidation or whether we could see a move all the way down to 1.5283 again in a possible flat correction. I can't even rule out loses beyond should the 1.5817 high have been Wave (b). >>

Technical Analysis for Major Currencies - By Crown Forex
The European currency is still in a neutral territory waiting for either the 1.5380 or the 1.5535 to get breached and define a trend for the currency, while technical indicators are also giving mixed up signals the short term to intermediate trend remains vague, waiting for confirmation to initiate any new targets, yet for today and as the currency is on a major support at 1.5380 and it is way over sold we can say there is a potential for a slight upside movement. >>

British Pound Crosses: Watch For Bullish Reversals - By DailyFX
The GBPCHF remains entrenched in a 4th wave correction that will probably complete as a triangle. The rally from 1.9421 to 2.0963 is in 3 waves and would be wave A of the triangle. Wave B is underway now and will likely end near 1.97/99. In summary, expect the GBPCHF to range for the next few months. Beware though that we do expect a new low (below 1.9421) in a 5th wave (which could happen without a triangle unfolding). >>