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Daily Forex Market by FXCC 08Feb2012
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Daily Forex Market by FXCC 08Feb2012 1 year, 2 months ago #11

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Daily Forex Market by FXCC 08Feb2012

The euro was 0.1 percent from an eight-week high..

The euro traded at $1.3252 as of 8:30 a.m. in Tokyo from $1.3261 in New York yesterday, when it climbed to as high as $1.3270, the most since Dec. 12. The shared currency was little changed at 101.80 yen after advancing 1.3 percent to 101.79 yen yesterday. The yen was at 76.80 per dollar from 76.76. GBP/USD ranged below 1.5900, the British pound hit a fresh 3-month high versus the greenback, peaking at 1.5903 from an earlier low of 1.5786 before experiencing a slight pullback to end the American session at 1.5894, up circa 0.47% on the day. EUR/CHF rose more than 40 pips throughout Tuesday and hit its highest rate since Jan 25 at 1.2100 before retreating. Interim head of the SNB, Thomas Jordan, confirmed Tuesday that the SNB is determined to maintain the minimum exchange rate at circa 1.20.
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UPCOMING EVENTS
2012-02-08 05:01 GMT Japan Eco Watchers Survey: Current (Jan)
2012-02-08 05:01 GMT Japan Eco Watchers Survey: Outlook (Jan)
2012-02-08 06:45 GMT Switzerland Unemployment Rate n.s.a (MoM) (Jan)
2012-02-08 07:00 GMT GermanyTrade Balance s.a. (Dec)

FOREX NEWS
2012-02-08 06:32 GMT EUR/USD breaks higher ahead of London
2012-02-08 05:10 GMT Japan Jan Eco Watchers Survey: Outlook 47.1
2012-02-08 00:01 GMT United Kingdom Jan BRC Shop Price Index (MoM) 1.4%
2012-02-08 00:00 GMT Japan Trade Balance - BOP Basis ¥-145.8B in Dec

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EURUSD 1.32725 / 1.32729
DAILY WEEKLY MONTHLY
High: 1.32866 | Low: 1.32414 | Chg: 0.0013 0.09%



1.3398 | 1.3371 | 1.3340 | 1.3313
1.3205 | 1.3096 | 1.3026 1.2979

SUMMARY : up
TREND : up trend
MA10 : bullish
MA20 : bullish
STOCHASTIC : overbought


MARKET ANALYSIS - Intraday Analysis

EURUSD has successfully broken above yesterday's resistance of 1.3141 and took out our 2 targets that were set below 1.3205. The price broke above that level and this is a valid breakout of the trading range (H4). Traders that held their positions as per yesterday’s analysis, saw gains of +150. The price now seems to be heading towards 1.3313 (R1). If the pair fails to reach that level we can expect the price to retest 1.3241 and then to continue its upward move as we are in a clear uptrend in the intraday timeframe since the beginning of February. Look for long positions as the momentum is upwards.

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GBPUSD 1.59098 / 1.59106
DAILY WEEKLY MONTHLY
High: 1.59179 | Low: 1.58859 | Chg: 0.0017 0.11%



1.6137 | 1.6014 | 1.5987 | 1.5940
1.5860 | 1.5831 | 1.5788 | 1.5729

SUMMARY : up
TREND : up trend
MA10 : Bullish
MA20 : bullish
STOCHASTIC : overbought


MARKET ANALYSIS - Intraday Analysis

GBPUSD saw a sharp rise yesterday and broke above 1.5882, the second target in yesterday’s analysis (+80) and continued to rise from 1.5788 (S3) forming a top at 1.5900 . If the GBPUSD holds above that level we can expect a target at 1.5940 (R1). A further rise will then focus on 1.5987 (R3). On the other hand, if the price does not manage to hold above 1.5884 we can expect the price to move downwards and retest the first support level at 1.5860 (S1) a technical and psychological level for the bulls. We believe the upward momentum will continue.

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USDJPY 77.082 / 77.087
DAILY WEEKLY MONTHLY
High: 77.155 | Low: 76.739 | Chg: 0.325 0.42%



78.32 | 77.92 | 77.68 | 77.15
76.49 | 76.25 | 76.01 | 75.54

SUMMARY : up
TREND : up trend
MA10 : Bullish
MA20 : bullish
STOCHASTIC : neutral


MARKET ANALYSIS - Intraday Analysis

USDJPY gained momentum yesterday and made a top at 77.15 (S1) penetrating all of our resistance levels. A break above 77.15 (R1), our first resistance level, will give us a proper confirmation for long positions targeting 77.92 (R3). On the downside, if the price rebounds from the current resistance level we can expect retesting at 76.49 (S1). A further fall will then bring focus to the next support level at 76.25 (S2) and 76.01 (S3) a technical and psychological level.

Source: FX Central Clearing Ltd, (www.fxcc.com)
URL: support.fxcc.com/email/technical/08022012
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