Forex Tips for 13-12-2011

Commerzbank on EUR/USD - EUR/GBP - EUR/JPY

"EUR/USD has closed below the 2011 uptrend at 1.3220. Ideally we would like to see some follow through today and break below the 1.3145 October low, technical indicators are all negative and the market is under pressure.

EUR/GBP has sold further, eroding the base of its 4 month down channel. We look for losses to extend to the .8389 2008-2011 support line. The market has recently seen a weekly close below its 200 week moving average for the first time in 4 years and weekly technical indicators are negative.

EUR/JPY has eroded the 2 month support line at 102.99 and attention has reverted to the 102.49 November low, which is now exposed. This guards the 100.77 October low and the 100.00 2009-2011 support line."

Source: fxstreet.com

Forex News for 28-11-2011

EUR/USD posts lowest weekly close since January

The EUR/USD fell sharply during the week and suffered the fourth weekly decline in a row. Ongoing concerns about the European debt crisis that is starting to affect the core Eurozone, continue to weigh in the Euro that dropped almost 300 pips and posted the lowest weekly close since January, below 1.3300. 

After starting the week around 1.3530, the pair moved sideways but on Wednesday broke decisively to the downside and accelerated the decline below 1.3400, bottoming on Friday at 1.3210. 

SNB’s ability has yet to meaningfully challenged

According to analyst from Deutsche Bank the ability of the central bank of Switzerland to keep the Swissy away from higher prices, has yet to meaningfully challenged by the market. Speculation about a rise of the peg in the EUR/CHF is likely keeping prospective Swiss bulls on the defensive. “Additional stress at the EUR core remains the single most important driver going forward, especially on signs of foreign capital repatriation from France and even Germany.”

USD/CAD rises back to 1.0500

The Loonie failed to hold to gains against the US Dollar as stock in Europe and in the US move of session highs. The USD/CAD found support once again at the 1.0435/40 area and rebounded rising back to 1.0500.

The pair so did not rose back above 1.0500 and currently trades at 1.0485/80, a few pips above today’s opening price. Earlier the USD/CAD peaked at 1.0523, the strongest level since October 5. 

To the upside, resistance might lie at 1.0500 and above here at 1.0525 (daily high) and 1.0575 while support level could be located at 1.0435/40 (Nov 24, 25 low) and below here at 1.0395/00. source:-fxstret.com 

Forex News for 11-11-2011

GBP/USD: Further weakness expected - MIG Bank

Pound reversal from 1.6130, has extended below 1.6000 level, and according to Bijoy Kar technical analyst at MIG Bank, might continue lower over the next sessions to test 1.5853 level, where a higher low is favoured.

The current reversal is expected to extend to 1.5853 region, where, a higher low is favoured, says Kar: "GBP/USD is rising very gradually in the hourly timeframe, however, structure suggests that we are in the midst of a larger corrective phase, with scope for a further swing lower to test the 1.5853 region, where a higher low is favoured to form, for a fresh swing back towards 1.6167."

On a wider perspective, while above 1.5632, further strength is favoured, says Kar: "While above 1.5632 further strength is favoured. However, if this region fails to contain the current corrective phase, then the bias will turn negative again.source :- fxstreet.com

USD/CHF above 0.9000, approaches 0.9065 high

 Dollar pullback from 0.9065 high yesterday has been contained at 0.8920, and the pair bounced up moderately in Asia, to accelerate its recovery on broad-based Dollar strength during European trading, regaining 0.9000 to reach 0.9045 high so far.

On the upside, above 0.9065, (Nov 8 high), the pair might encounter resistance at 0.9125 (Oct 11 high) and then 0.9290 (Oct 9 high). On the downside, support levels lie at 0.8925 (Nov 8 low/session low), and below here, 0.8860 (Nov 4/7 gap support) and 0.8810 (intra-day level).

The short term structure remains supportive of further rally above 0.9065, to target mid October highs at 0.9081/0.9120, says Slobodan Drvenica, analyst at Windsor Brokers: "This keeps short-term positive structure intact for fresh attempt at 0.9066, above which to open our targets at 0.9081/0.9120, mid October highs. Daily studies are emerging above midlines, with golden cross at 0.8725, underpinning the advance for possible extension towards key barrier at 0.9313 in short-term. source :- fxstreet.com

GBP/JPY down economic data and Italy

  The pair is heading south for the second day in a row after the chaos unleashed by the Italian 10-year bond yields, hitting a fresh record above 7%, the “point of no return” as experts have affirmed.

The stock markets are being hammered in Europe as well as in the US, and the single currency is losing ground against its major rivals, trading below the key-level at 1.3650 against the greenback.

In the meantime, the Trade Balance figures was released in the UK, showing a slump of £9.80 bn against estimates of £8 bn, and lower than the previous reading of £8.6 bn.

At the moment of writing, the pair is retreating 0.62%, at 124.30 

The pair is under pressure, and is approaching its support.
A breakout of the resistance level at 125.35 would open the door for 126.00 and then 127.25
The support levels are at 123.80, 122.65 and 122.50 source :- fxstreet.com

Forex Tips | Currency Tips- 04-November-2011

EUR/USD pares losses and returns to 1.3800

Euro reversal from 1.3830 high on Wednesday has been contained at 1.3655/65 area, as the pair has bounced up strongly, as equity markets turned into positive territory on speculation of Greece government's collapse, returning to levels right above 1.3800.

On the upside, the Euro might find resistance at 1.3830 (Nov 2 high), and above here, 1.3870 (Nov 1 high) and 1.4000 (61.8% Fib retracement of the Aug-Oct decline). On the downside, support levels are 1.3655 (session low), and below here, 1.3600 (Nov 1 low) and 1.3560 (Oct 11 low).

On the overall, however, the pair remains offered while below 1.3855, 1.3930, says Karen Jones, technical analyst at Commerzbank: "The rebound has been shallow and held below intraday resistance at 1.3855, 1.3930. While capped here the market remains immediately offered. Technical indicators are neutral to negative."

USD/CHF hovering over 0.8800 level

The cross is struggling to post gains for a third day in a raw amid escalating rumors regarding the Eurozone developments, with the Greek government in the center of the scene at this moments.

The greenback is loosing some ground after yesterday’s comments by B. Bernanke downgrading the forecast for the US economic growth in 2011 and 2012, as well as revising to the upside the rate of unemployment for the present year and the next one.

 

USD/CAD headed to yesterday’s low

The USD/CAD wasn’t able to keep up at yesterday’s high price, around 1.0220, and plunged across the board during the European session with no support ground, except a MA cross at 1.0160 zone. The pair kept on falling and, at the moment of writing, trades at yesterday’s low of 1.0126.

The Loonie currency has a negative correlation with the crude oil movement and, during the European session, the oil has been climbing the board, making the USD/CAD to move on the opposite direction. 

 

European markets bounce up on hopes about Papandreu's resignation

European markets have erased initial losses and benchmark indexes have bounced up into positive territory, fuelled by hopes about the resignation of Greece's Prime Minister Papandreu, who has lost the support from his party as most of his colleagues refuse his referendum plan.

Eurostoxx 50 Index i9s trading 1.6% higher , while the German DAX Index rises almost 2.0% and the French CAC 40 Index surges 1.95%. In the UK FTSE Index trades 0.7% higher.

Greek socialist government would be at the brink of collapse according to market sources, Papandreu seems to have lost support by the majority of the parliament as several members of the PASOK ruling party have revealed about the Prime Minister's plan to hold a referendum about the European debt plan.

Gold trades sideways, investors monitor ECB and G20 meetings

Gold was trading sideways in European trading on Thursday, consolidating while investors await ECB and G20 meetings as well as US non-farm payrolls data tomorrow, which are likely to trigger some violent price swings.

Spot gold was last quoted at $1,736.90/1,737.70 per ounce, up $1.40. In the previous session, the metal managed to fully recover Tuesday's losses of two percent to a one-week low of $1,681.30.

On the charts, the next resistance level is pegged at $1,755 and $1,759, while support stands at $1,735 and the 50-day moving average of $1,730.

"In light of today's ECB and G20 meetings, uncertainty looks set to remain elevated," broker Credit Suisse said.

Daily Forex News -02 - NOV - 2011

Technical Forex News  

USD/CHF extends gains, hits 10−day high

The Dollar continues to print fresh daily highs versus most rivals benefited by the risk aversion environment amid renewed concerns about Greece.

Majors

GBP/USD tries to settle on the 1.5900 psychological area

The GBP/USD has been plunging across the board this Tuesday in reaction to both the below consensus UK PMI data and the safe−haven rally in favor of the greenback.

Currencies

AUD/USD plunges on economic data and Europe

The RBA has cut its benchmark interest rate to 4.50%, from 4.75%. The movement was well anticipated by the market participants. The central bank also changed its stance to neutral.

Related Markets News  

Stocks

Wall Street opens the week lower

US stocks fell in early trade Monday as a stronger Dollar weighed on commodity prices and equities while a lower−than−expected Chicago PMI reading also hurt sentiment. US stocks also followed European...

Metals

Gold struggles around $1,700 on stronger dollar, cautious trade seen ahead

Gold prices struggled to hold above the key $1,700 mark in Europe on Tuesday, extending yesterday's fall on a stronger US dollar, amid continued macroeconomic uncertainty.  source :- fxstreet.com

Daily Forex News -31-10-2011

EUR/USD dips to lows below 1.4000

Euro rally from 1.3140 low on early October was capped at 1.4247, 7−week high, and the pair eased on Friday, to accelerate decline on Monday weighed by widespread Dollar strength, which sent the pair diving below 1.4000 to hit lows 1.3970 and bounce up again, reaching 1.4050 at European session opening.

Technical Forex News  

USD/JPY: Crucial resistances at 79.83 and 80.57 − Commerzbank

The massive Yen intervention by the BoJ has pushed the pair above 79.00 to approach crucial resistance at the 4−year downtrend − 79.83− and 55−week MA. at 80.57, which, according to Karen Jones, technical analyst at Commerzbank, have to be breached in order to confirm reversal.

Majors

USD/CHF fails to break 200−day MA during Asian session

Like the other greenback pairs, the USD/CHF had also a bullish momentum during the Asian session hitting a session high of 0.8739, but finding the presence of the 200−day MA that created resistance...

Currencies

USD/CAD fails to break 1.0000 psychological level

The greenback has found strength as a reflex to the Bank of Japan's intervenction. Its strength showed up in all USD pairs. The USD/CAD was no different and gained 100 pips during Asian session...

Indicators

Australia: September private sector credit exceed expectations

As a measure of the change in the total value of new credit issued to consumers and businesses, Australia's Private−sector credit readings beat expectations in September with a 0.5% gain.

Central Banks

BoJ enhances monetary policy

At the monetary policy meeting, the policy board of the Bank of Japan, decided, by an 8−1 majority vote, to enhance monetary easing by increasing the total size of the Asset Purchase Program...

Related Markets News  

Stocks

Asian markets dip as EU optimism wanes

Asian markets are trading on weak note on Monday once the enthusiasm about EU deal to stem the debt crisis ebbed, and investors' focus shifted towards the US ahead of the key Federal Reserve...

Metals

Metals pull back as dollar firms, expect further consolidation

The metals put in a day on consolidation on Friday, in early trading they had moved up by an average of 0.8 percent, profit−taking saw them drop by an average of 1.5 percent, but they ended closing up 0.3 percent.

Technical report forex

EUR/USD Fell sharply below psychological support at 1.4000, after last week’s strong rally through Fib 61.8% and 200 day SMA peaked at 1.4246 on 27 Oct. Strong support zone at 1.3955/75, also Fib 50% of the recent 1.3655/1.4246 upleg, contained dip for now, however, hourly studies in the negative territory, suggest change of the near-term structure. Further losses are favored for now, as the latest bounce of 1.3974, day’s low, is seen corrective while below 1.4100 handle. On the downside, loss..

Gold was trading in a sideways manner pre intervention

GOLD moved sharply lower on the back of BOJ intervention in USDYEN today. Gold was trading in a sideways manner pre intervention and once we had confirmation the BOJ were in we saw the AUD and Euro sell off sharply and USDJOY rise by over 4.50% which sent commodities lower across the board. This is a very artificial move as it has nothing to do with any real fundamental factors and is just a knee jerk reaction the intervention and rise in the USD. Gold traded in a $1,705-$45 range and finished.

Forex News- 28-Oct-2011

USD/CHF recovers some ground

 

The greenback is back on positive figures after yesterday's sell−off during the european and american trading hours in direct response to the final agreement in the Eurozone sovereign debt crisis. Recall that the euro rocketed among the majors, mainly in detriment of the US dollar.

EUR/USD: Trimming gains, dips to 1.4140

The Euro surged almost 400 pips yesterday, favoured by the sharp risk appetite triggered by the EU agreement, to reach a fresh 7−week high at 1.4250, and the pair has been trimming gains on Friday's Asian and European sessions, reaching day lows at 1.4040 low.

Majors

USD/CHF recovers some ground after the sell−off

The greenback is back on positive figures after yesterday's sell−off during the european and american trading hours in direct response to the final agreement in the Eurozone sovereign debt crisis.

Currencies

EUR/GBP fails to hold on to 0.8800 psychological level

Thursday's EU summit related rally pushed the pair across the board to 0.8800 psychological level. The bullish day summed an extra 100 pips to the EUR/GBP price.

Indicators

Switzerland: KOF Leading Indicator slows down in October

The Swiss KOF Leading Indicator fell to 0.8 in October from 1.21 registered the previous month, the KOF Economic Research Agency announced today. Analysts expected less decrease to 1.04.

Central Banks

BoJ enhances monetary policy

At the monetary policy meeting, the policy board of the Bank of Japan, decided, by an 8−1 majority vote, to enhance monetary easing by increasing the total size of the Asset Purchase Program...

Related Markets News  

Stocks

European markets open with gains, still on EU summit risk rally

European markets have opened Friday's session with moderate advances as investors remain buoyed by the EU leaders agreement, although, previous enthusiasm has eased somewhat...

Oil

WTI down almost 2% as geenback strengthens

The benchmark for the american light crude is trading just off day's low as the US dollar is recovering ground.