Forex Daily Analysis - Tuesday, June 3nd

US Dollar Bear Trend Resumes - By DailyFX
The EURUSD and GBPUSD are breaking higher from their respective bases that had formed over the past few days. Both pairs are in the early stages of larger bull moves. The USDJPY downtrend has resumed and are preferred count has the pair coming under 95.72 with 1.0586 remaining intact. The only currency that is expected to weaken against the US dollar in the coming days/weeks is the CAD. >>

Elliott Wave and Fibonacci Predictions: EUR/USD - By Capital Forex Group
Hey traders, did you booked profit on EUR/USD or what, I hope you did. My orders have been reached almost to the last the pip, so I exit after 50 pips move, in the wave (c) we could say. However, I didn't go short after this move up, price missed my orders for 16 pips. But I am very calm right know, cause it looks like the bulls are not over yet. >>

Technical Analysis Daily: USD/JPY - By iFOREX.bg
The US Dollar deepened its downward trend today against the Japanese Yen, reaching 103.90, which is are the first support level for the currency couple today, and also 61.5% correction of the descent 108.50 - 103.10. If the negative trend deepens, next support further down is expected at 103.00, the break of which would open potential drop towards 102.20. First resistance upwards is yesterday's top at 105.50, followed by 106.30, and 107.20. >>

Daily Technical Strategist - By FXTechstrategy
EUR was seen recovering from its decline off the 1.5818 high in early trading today. While prices continue to trade below the 1.5817 level the odds of a resumption of its short term weakness remains exposing the 1.5510 level, its April 03'08 low ahead of the 1.5360/41 area, its May 02'08/Mar 24'08 lows/.382 Ret (1.4438-1.6018 rally) with a loss of there if seen driving prices lower towards its May 08'08 low at 1.5283. >>

Today's Market Outlook - By Windsor Brokers Ltd
Gains from 1.5285, 08 May low were capped by 1.5814/18, 22/27 May highs. Reversal from there reached 1.5461 on 30 May, marking over 61.8% retracement of the 1.5285/1.5818 upleg. Bounce higher was followed by consolidation phase above 1.5487/1.5520 support, with the latest push higher having cleared 1.5607 resistance and extending to 1.5628 so far. This averts immediate fears of fresh slide below 1.5461 and turns focus towards 1.5660/67 instead. >>

Daily Forex Analysis - By FOREXYARD
Yesterday the greenback experimented with high volatility as it opened the trading day with a bullish trend against the Euro after the release of the ISM Manufacturing Index saw a positive improvement of 49.6 in May. The Manufacturing indices sent the EUR/USD pair down to as low as 1.5487 from 1.5513. However the USD rally didn't last much longer as several hours later the Euro experienced >>

Currency Technical Report - By FX Greece
Comment : Euro consolidated as it remained within the ranges we had set in our yesterday's analysis. There are not much to add, as the trend remains bearish and first important resistance is found at 1.5590-5620. >>

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. 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 bearish direction. Also, MA oscillators indicate a bearish cross on the short MA line. As seen on the chart there are two tops leading downwards to a selling trend, although slightly over sold according to Bollinger. >>

Technical Analysis Daily: GBP/USD - By iFOREX.bg
The British Pound descended significantly against the US Dollar yesterday from 1.9817, broke the past support level at 1.9645 and went down to 1.9600, which are the first resistance and support levels respectively for the currency couple today. But today the GBP/USD forms a recovery trend from yesterday's losses. If the negative sentiment continues, next support is expected at 1.9540, followed by 1.9480. In upward direction next resistance level today is expected at 1.9850, followed by 1.9930. >>

Daily FX Report - By Varengold Bank
The surging oil price drove the Swiss consumer price inflation to a 14 ½ year high in May about 0,8% in relation to April which makes an annual inflation rate of 2,9%. That leaves the SNB without leeway to cut interest rates soon. The USD/CHF reacted with a loss of 0,49% at 1,0371 at closing and the session low at 1,0323. >>

Forex Technical Analysis - By DeltaStock Inc.
Still in the broad consolidation above the local bottom at 1.5459. Although the minimum price requirement was filled with yesterday's 1.5591 we will expect further advance towards 1.5637 before completion of the current correction and renewing of the downtrend towards 1.5283. >>

Forex Depth Analysis: GBP/USD - By Finotec Group
Sterling headed for its biggest daily fall against the dollar in a month on Monday, hit by a slowing housing market, a manufacturing sector on the brink of contraction and a profit warning from a major mortgage lender. >>

Forex Technical Analytics - By FOREX Ltd
The pre-planned breakout variant for sales has been realized but with a loss of several points in attainment of minimal assumed target. OsMA trend indicator having marked the advantage of bearish activity at the break of key supports gives support to priority of bearish planning for today. Hence we assume a possibility of pair return to the nearest resistance range 1.9650/70, where it is recommended to evaluate the activity development according to the charts of shorter time interval. For short-term sales on condition of formation of topping signals the targets will be 1.9590/1.9610, 1.9520/40 and/or further breakout variant up to 1.9440/60, 1.9380/1.9400. An alternative for buyers will be above 1.9720 with the targets 1.9760/80, 1.9820/40. >>

EURUSD, AUDUSD, EURCHF Daily Outlook - By E-Forex
The 61.8% retracement of the recent 1.5285-1.5819 swing at 1.5488 remained intact and provided an intra-day reversal, the Euro catching a bid since the dollar failed to drag it lower towards the mid 1.54 zone on yesterday. The Euro rally doesn't suggest much as the pair failed to close higher on yesterday. Short term sentiment remains unchanged while the range of 1.5485-1.5615 is valid. An intra-day upward channel is formed on the hourly charts by the previous 2 days highs and lows. More ranging action is likely to be seen while the market is looking for direction. Downside bias favors selling on rallies while a potential break on the upside past 1.5640 would resume the uptrend and we will focus towards the 1.58 zone once again. Current quote is 1.5555 @06:30 GMT >>

Technical Analysis for Crosses - By Crown Forex
The Pound declined against the Yen yesterday to break through the short term upside channel but the pair is still trading within the medium term ascending channel, the momentum indicators are showing that the pair is being traded within an oversold area on intraday basis and once the correction is over we should witness an upside reversal, the level at 203.79 represented by the 50 days moving average could prove to be a good demand, while strong support can be seen around 202.90 the support level for the medium term upside channel. >>

FX Technical Analysis - By Mizuho Corporate Bank
Comment: Difficult as we trade in a small range roughly in the middle of the range since March. Expect more of the same today. Rallies will probably be capped by the very large Ichimoku 'cloud'. Intermediate highs and lows will be hard to spot. >>

Technical Analysis for Major Currencies - By Crown Forex
The European currency has turned positive today closing above 1.5520 yesterday and bypassing the 1.5540 level since the early morning, technical indicators are pointing higher as well, as the currency remains above the major trend line and consolidates above the retracement points, it looks like we are going to see another trial on the upside targets maybe this time the currency will be able to break through.

Technical Analysis Daily: EUR/USD - By iFOREX.bg
The Euro traded within the 1.5496 - 1.5578 range yesterday against the US Dollar, which are the first support and resistance levels for the currency couple today. If the negative trend continues, next support is expected at 1.5400, followed by 1.5330. In upward direction next resistance for today is expected at 1.5660, the break of which would lead to next target 1.5750. >>

Forex Technical Update - By Rcpl Forex
Euro: Euro surged by 103 from the day's low of 1.5486 to touch an intraday high of 1.5489 before closing lower at 1.5536. The daily stochastic is close to the oversold region while the 4-Hourly hourly shows a downmove. Look for opportunities to long at 1.5490 levels (61.8% Retracement of the latest rise) for an intraday gain of 50 pips.(Eur/Usd-1.5533). >>

Pro FX Commentary: EURJPY - By Global Forex Trading
The wave structure remained very messy but the low at 163.07 was a 38.2% expansion of the recovery from 163.29 to 164.21 and the recovery back to this high argues for an expanded flat which means we should now see losses. >>

Forex and Dow Jones Recommended Levels - By FXtechtrade
Today's support: - 1.5514, 1.5483, 1.5465 and 1.5432(main), where correction is possible. Break would give 1.5413, where correction also may be. Then follows 1.5389. Break of the latter would result in 1.5364. If a strong impulse, we would see 1.5322. Continuation will give 1.5305 and 1.5284. >>

Daily Technical Analysis - By FX Instructor
After bottomed at 1.5486, the EURUSD made an upside movement and topped at 1.5588 yesterday. However, my bearish hourly channel is still valid, so my model remains short targeting 1.5450. Immediate support seen at 1.5486 (yesterday's low). Initial resistance at 1.5600. CCI in neutral area on daily chart. >>

Daily Forex Market Commentary - By Global Forex Trading
The dollar had a choppy day of trading on Monday, as the Standard and Poor's downgrading of 3 major US investment banks triggered long liquidation in carry trades. Dollar fell sharply against the yen, less against the Swiss, but rallied against the weak pound. Expect more consolidation today. >>

FX Technical Commentary - By Easy Forex
Euro 1.5545 - Initial support at 1.5462 (May 30 low) followed by 1.5410 (May 6 resistance). Initial resistance is now located 1.5589 (Jun 2 High) at followed by 1.5669 (May 29 high).
Yen 104.50 - Initial support is located at 104.02 (June 2 low) followed by 103.89 (May 28 low). Initial resistance is now at 105.54 (June 2 high) followed by 105.88 (May 29 high). >>