Posted: 08 Jun 2011 06:45 AM PDT

Commodities had made quite a comeback just before US opening, as the OPEC meeting breaks up with no deal on raising the quota, with oil jumping back above $ 100 a barrel. gold recovered $ 10 in less than an hour, back above $ 1540/oz after reaching $ 1530 daily low. Dollar is then erasing recent gains across the board, although still limited against yen and swissy.

Here is the majors' outlook for current American session:

http://www.fxstreet.com/technical/analysis-reports/currency-majors-technical-perspective/2011/06/08/02/

USD/CHF seeking for fresh lows

Posted: 08 Jun 2011 05:10 AM PDT

USD/CHF continues its long term bearish trend, with no signs of reversing; funny, when we saw risk aversion the pair sunks, yet on risk appetite times, the upside remains quite limited, a great reason to support further falls. Dollar is not attractive, less after yesterday's comments from Ben Bernanke, FED´s President, talking about monetary policy remaining acommodative, and a slow and hard growth road for the US economy.

Daily chart shows an acceleration of the bearish momentum over the last few weeks, as you can see here:

For today, here are the key levels to watch:

http://www.fxstreet.com/technical/forex-strategy/the-best-pair-to-trade-now/2011/06/08/02/

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Starting the day

Posted: 08 Jun 2011 03:49 AM PDT

Hi everyone! Was thinking of how to start this post, without stating that the market continues searching for a clear direction; early year bearish dollar momentum is not over, yet unable to resume. Risk sentiment dominates the currency market, with most majors dancing at the swing of stocks and commodities, with the exception of Swiss Franc and Yen that hold their long term bullish trends against the dollar.

Recent recovery in Euro was capped by 1.4700 price zone, and despite the common currency holds some technical strength, investors are hurrying to profit ahead of tomorrow's ECB monetary policy meeting. Guess the Euro is not as attractive as price action is telling us.

Commodity currencies are sinking today, with AUD/USD testing 1.0600; below this last, the long term key support at 1.0500 will come into play. USD/CAD rose back above 0.9800, with indicators pointing for a correction towards parity that still won't affect the long term bearish trend.

Meanwhile, USD/JPY quotes around 79.70, looking for a retest of 79.55, past month low in the short term, but heading probably towards 76.40 record low again. USD/CHF, may reach 0.8150/0.8200 area, while 0.8440 should be the upward limit of the cross. Will post about Euro and Pound, in separated posts.

Here is the link for today's calendar:

http://www.fxstreet.com/fundamental/economic-calendar/

Have a great trading day!