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Daily Forex Market by FXCC 26Jan2012

Discussion in 'Market Predictions and Reports' started by alayoua, Jan 26, 2012.

  1. alayoua

    alayoua Banned

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    Daily Forex Market by FXCC 26Jan2012

    MARKET OVERVIEW – JANUARY 26 2012
    Cable continues it's eighth day of gains
    The dollar traded at $1.3112 per euro as of 8:31 a.m. in Tokyo from $1.3106 in New York yesterday, when it dropped to $1.3121, the lowest level since Dec. 21. Japan’s currency dropped to 101.98 yen per euro, the weakest since Dec. 26, before trading little changed at 101.93. The yen was at 77.76 per dollar from 77.78 yesterday, when it reached 78.28, the weakest since Nov. 29. GBP/USD traded in a wide range between circa 1.5525 and 1.5780 during Wednesday's sessions, ending trade in New York at 1.5654 reaching an eighth successive positive day, 0.20% higher on the day.

    New Zealand’s dollar traded little changed at 81.69 U.S. cents and 63.48 yen. Australia’s dollar fetched $1.0601 from $1.0597. It traded at 82.39 yen from 82.43 yen. Canada’s currency, nicknamed the loonie, appreciated 0.5 percent to C$1.0043 per U.S. dollar at 5 p.m. Toronto time, the strongest level on a closing basis since Oct. 31. The currency earlier dropped as much as 0.6 percent. One Canadian dollar purchases 99.57 U.S. cents.

    UPCOMING EVENTS
    2012-01-26 07:00 GMT | Germany Gfk Consumer Confidence Survey (Feb)
    2012-01-26 08:30 GMT | Italy Consumer Confidence (Jan)
    2012-01-26 10:00 GMT | Italy Wage Inflation (YoY) (Dec)
    2012-01-26 11:00 GMT | United Kingdom CBI Distributive Trades Survey - Realized (MoM) (Jan)

    FOREX NEWS
    2012-01-26 05:21 GMT | EUR/USD frozen above 1.3100 in Asia
    2012-01-26 02:04 GMT | EUR/JPY poised to test 102.50
    2012-01-26 02:04 GMT | USD/CHF consolidating above 0.9200
    2012-01-26 02:03 GMT | GBP/USD steady around 1.5650 in early Asia


    EURUSD 1.31184 / 1.31190
    High: 1.31335 | Low: 1.30901 | Chg: 0.0013 0.1%
    SUMMARY: Up
    INTRADAY TREND: Uptrend
    MA10: Bullish
    MA20: Bullish
    STOCHASTIC: Overbought

    [​IMG]

    Resistance Levels: 1.3319 | 1.3287 | 1.3268 | 1.3204
    Support Levels: 1.3050 | 1.2952 | 1.2877 | 1.2813

    Intraday Analysis: After the pair formed a bottom at 1.2930 –Fibonacci 23.6%, the EURUSD was able to break above yesterday’s resistance at 1.3050 (S1) and we now expect the price to find a strong resistance around 1.3150 – September low. A break above the 1.3150 level would suggest a target of 1.3204 (R1). On the other hand if the price fails to break above 1.3150, we can expect the pair to retest 1.3050 (S1). If we consider that the price is forming a top at the current level or the top is around 1.3150 then we should expect a correction downwards and then the continuation of the uptrend.



    GBPUSD 1.56637 / 1.56646
    High: 1.56755 | Low: 1.56481 | Chg: 0.0007 0.05%
    SUMMARY: Up
    INTRADAY TREND: Uptrend
    MA10: Bullish
    MA20: Bullish
    STOCHASTIC: Neutral

    [​IMG]

    Resistance Levels: 1.5881 | 1.5775 | 1.5715 | 1.5680
    Support Levels: 1.5627 | 1.5552 | 1.5515 | 1.5449

    Intraday Analysis: GBPUSD is forming higher bottoms and is now moving towards 1.5680 (R1) to retest that level again, as it is considered a technical and psychological resistance level for the bears. A break above that level will concentrate our focus at 1.5715 (R2). On the downside, if the price declines below 1.5627 (S1) we can expect the price to retest 1.5552 (S2) and then to bounce upwards for a continuation of the uptrend (intraday).


    USDJPY 77.532 / 77.537
    High: 77.807 | Low: 77.522 | Chg: -0.246 -0.32%
    SUMMARY: Down
    INTRADAY TREND: Downtrend
    MA10: Bearish
    MA20: Bearish
    STOCHASTIC: Neutral

    [​IMG]

    Resistance Levels: 79.86 | 79.21 | 78.75 | 78.28
    Support Levels: 77.34 | 76.54 | 75.98 | 75.58

    Intraday Analysis: USDJPY made a sharp move upwards and formed a top at 78.28 (R1) and then fell and was supported at 77.53. It now seems that it is going to retest our first support level at 77.34 (S1). If it breaks below that level, we can expect the price to retest our second support at 76.54 (S2). As we mentioned in yesterday’s analysis, a break above 77.28 (R1) brings the possibility of a trend reversal into play. As long as the pair remains below that level, the price remains trapped in a trading range on the daily timeframe and a downtrend on the weekly.

    Source: FX Central Clearing Ltd, (ECN Forex Trading | ECN Forex Broker | Forex Trading Accounts | FXCC)
    URL: https://support.fxcc.com/email/technical/26012012
     

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