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Daily Forex Market by FXCC 01Feb2012
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Daily Forex Market by FXCC 01Feb2012 1 year, 3 months ago #7

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Daily Forex Market by FXCC 01Feb2012

MARKET OVERVIEW – FEBRUARY 01 2012
EUR/USD slips to five day lows due to a flight to safety

The euro traded at $1.3090 as of 8:00 a.m. in Tokyo from $1.3084 in New York yesterday where it slid by 0.5 percent. The seventeen nation shared common currency was little changed at 99.88 yen after touching 99.55 yesterday, the lowest price seen since Jan. 23. The dollar bought 76.31 yen from 76.27. USD/JPY dipped to as low as 76.15 on Tuesday, extending its decline to a fresh 3-month low. GBP/USD rallied to a zone at circa 1.5795 on Tuesday, reaching fresh 2-month highs from an earlier low of 1.5697. The pair ended the American session at 1.5754, 0.3% above its opening price. The amount of retail FX traders who are long Euro vs the Swissy has hit record highs according to the team at Daily FX, most expect that the Swiss National Bank will defend their stated Euro/Swiss Franc exchange rate at SFr 1.2000. Over 96% of retail traders are long.

NZD/USD opened Wednesday’s Asia-Pacific session with a bid appearance after peaking and closing at its highest price in four months. The pair climbed to the 0.8300 price zone overnight, up from a low of 0.8176. NZD/USD ended the American session at 0.8259, 0.85% up on the day. The Australian dollar surrendered most of its earlier gains versus the U.S. dollar on Tuesday, retreating sharply from the 1.0680 price zone. AUD/USD ended trade in New York at 1.0618, gaining 0.20% on the day.. The USD/CAD ended Tuesday with modest gains. The pair leapt from 3-month lows at 0.9962 to 1.0051.

UPCOMING EVENTS
2012-02-01 01:00 GMT | China NBS Manufacturing PMI (Jan)
2012-02-01 07:00 GMT | UK - Nationwide Housing Prices n.s.a (YoY) (Jan)
2012-02-01 08:53 GMT | Germany Purchasing Manager Index Manufacturing (Jan)
2012-02-01 09:00 GMT | EU - Purchasing Manager Index Manufacturing (Jan)

FOREX NEWS
2012-02-01 06:25 GMT | USD/JPY investors patiently await cues from BoJ
2012-02-01 01:09 GMT | Aussie underpinned after 50.5 China Manuf PMI
2012-02-01 01:01 GMT | China Jan NBS Manufacturing PMI up to 50.5
2012-02-01 00:03 GMT | Australia Dec HIA New Home Sales (MoM) -4.9%

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EURUSD 1.30373 / 1.30380
High: 1.30906 | Low: 1.30325 | Chg: -0.0044 -0.34%
SUMMARY: Up
INTRADAY TREND: Upward penetration
MA10: Bullish
MA20: Bearish
STOCHASTIC: Overbought



Resistance Levels: 1.3274 | 1.3233 | 1.3161 | 1.3090
Support Levels: 1.3050 | 1.2988 | 1.2931 | 1.2877

Intraday Analysis: EURUSD made a sharp move downwards and formed a bottom at 1.3050 (S1) a strong technical support level. It now seems that it is going to retest 1.3050 (S1). A break below that level will be suggesting target at 1.2988 (S2) as we are in a correction phase of our uptrend. On the other hand if the price manages to break above 1.3090 (R1) we will then expect the price to retest 1.3161 (R2) and then further rise will then approach towards 1.3233 (R3).

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GBPUSD 1.57329 / 1.57334
High: 1.57666 | Low: 1.57277 | Chg: -0.0027 -0.17%
SUMMARY: Down
INTRADAY TREND: Downtrend
MA10: Bearish
MA20: Bearish
STOCHASTIC: Neutral



Resistance Levels: 1.6027 | 1.5945 | 1.5860 | 1.5726
Support Levels: 1.5626 | 1.5656 | 1.5552 | 1.5515

Intraday Analysis: GBPUSD has successfully broke above yesterday resistance 1.5726 and formed a top at 1.5796 (R1) and now it seems that it is heading towards 1.5656 (S2) for a correction. Fail to break below first support level then we will expect the price to retest 1.5796 (R1) and then further rise will limit to 1.5860 (S2). Our recommendations for today’s session is short positions targeting 1.5656 (S2) with a stop loss above 1.5796 (R1).

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USDJPY 76.225 / 76.230
High: 76.308 | Low: 76.145 | Chg: -0.037 -0.05%
SUMMARY: Neutral
INTRADAY TREND: Side way
MA10: Bearish
MA20: Bearish
STOCHASTIC: Neutral



Resistance Levels: 78.28 | 77.84 | 77.28 | 76.63
Support Levels: 75.54 | 75.04 | 74.58 | 74.13

Intraday Analysis: USDJPY it is moving in trading range between the levels of 76.41 and 76.14. A break above upper level we be suggesting target at 77.28 (R2). On the other hand if the price breaks below lower level 76.14 then it will confirm our short position targeting 75.54 (S1) a technical and psychological level as it is a record low since 20 Oct. 2011.

Source: FX Central Clearing Ltd, (https://www.fxcc.com)
URL: https://support.fxcc.com/email/technical/01022012
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