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Daily Forex Market by FXCC 02Feb2012
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Daily Forex Market by FXCC 02Feb2012 1 year, 3 months ago #8

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Daily Forex Market by FXCC 02Feb2012

MARKET OVERVIEW – FEBRUARY 02 2012
Cable puts on over 600 pips inside two weeks
The dollar was at $1.3169 per euro as of 8:13 a.m. in Tokyo from $1.3161 in New York yesterday. It slid to $1.3234 on Jan. 27, the lowest since Dec. 13. The yen dipped 0.1 percent to 100.35 per euro after losing 0.5 percent yesterday. The Japanese currency was little changed at 76.19 per dollar and within only one yen of a record high set on Oct. 31 suggesting further BOJ intervention (by selling the yen) is only a matter of time. The GB pound traded above the 1.5800 mark, levels not seen since past November 2011. After bottoming at 1.5236 past Jan 13th, the pair has seen a steady winning strike adding over 600 pips during the past 2 weeks. The Swiss Franc bounced from the low of 0.9115 on Wednesday, the lowest level seen since December 2nd and the December 27 low. The pair began to rise at this level to gain 50 pips reaching prices above 0.9150, however, in early Asian trading the pair is now back printing quotes at 0.91340.

UPCOMING EVENTS
2012-02-02 00:30 GMT | Australia Trade Balance (Dec)
2012-02-02 07:00 GMT | Switzerland Trade Balance (Dec)
2012-02-02 10:00 GMT | EU - Producer Price Index (YoY) (Dec)
2012-02-02 10:00 GMT | EU - Producer Price Index (MoM) (Dec)

FOREX NEWS
2012-02-02 05:35 GMT | EUR/USD capped by 1.3200 in Asia
2012-02-02 05:14 GMT | EUR/JPY; bullish key reversal pattern confirmed
2012-02-02 00:33 GMT | Australia Dec Trade Balance 1.71B
2012-02-02 00:32 GMT | Australia Building Permits (MoM) -1% in Dec

EURUSD 1.31752 / 1.31758
DAILY WEEKLY MONTHLY
High: 1.31965 | Low: 1.31583 | Chg: 0.0015 0.11%



Resistance Levels :1.3372 | 1.3332 | 1.3267 | 1.3234
Support Levels : 1.3133 | 1.3075 | 1.3024 | 1.2962

SUMMARY up
TREND up trend
MA10 neutral
MA20 neutral
STOCHASTIC neutral

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MARKET ANALYSIS - Intraday Analysis
EURUSD made a high at 1.3218 just a few pips away from the year high and our first resistance 1.3234 (R1) as it continued its move upwards (since January 13th). Going above the nearest resistance level at 1.3234 (R1) would confirm continuation of the bullish trend, towards the next objective upwards 1.3267 (R1). And if the price holds its momentum on the upside we can expect a further rise towards 1.3332 (R3). On the other hand, if the price does not manage to break above 1.3234 (R1) then we can expect the pair to retest support at 1.3133 (S1) and a further fall will be limited to 1.3075 (S2).

GBPUSD 1.58478 / 1.58493
DAILY WEEKLY MONTHLY
High: 1.58573 | Low: 1.58256 | Chg: 0.0015 0.09%



Resistance Levels : 1.5984 | 1.5967 | 1.5924 | 1.5882
Support Levels : 1.5798 | 1.5704 | 1.5653 | 1.5551

SUMMARY up


TREND up trend
MA10 neutral
MA20 neutral
STOCHASTIC Overbought

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MARKET ANALYSIS - Intraday Analysis
GBPUSD raised sharply yesterday and continued in rise from 1.5704 (S2) forming a top at 15882 (R1). If GBPUSD break above that level, we can expect target at 1.5924 (R2). Further rise will then focus on 1.5967 (R3). On the downside, decline below current support level 1.5798 (S1) will confirm our short positions towards 1.5704 (S2). Deeper fall will be probably be limited at 1.5653 (S3) support.

USDJPY 76.123 / 76.127
DAILY WEEKLY MONTHLY
High: 76.212 | Low: 76.107 | Chg: -0.087 -0.11%



Resistance Levels : 78.67 | 78.13 | 76.79 | 76.42
Support Levels : 76.01 | 75.53 | 75.03 | 74.51

SUMMARY Down
TREND sideway
MA10 bearish
MA20 Bearish
STOCHASTIC overbought

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MARKET ANALYSIS - Intraday Analysis
The USDJPY still trapped in range area of 76.42 – 76.01. A break in either direction will determine the trading bias in today’s session. Break below 76.01 will confirm our short positions targeting 75.53 (S2) and further fall will be limited at 75.03 (S3). On the other hand, a break above the first resistance level 76.42 (R1) will expect t the price to retest 76.79 (R2). In a longer time frame the pair is in a downtrend and both of our Moving Averages are bearish therefore wait for a break below 76.01 (S1) and then open a short position targeting second support level. A stop loss should be placed above 76.79 (R2).

Source: FX Central Clearing Ltd, (www.fxcc.com)
URL: support.fxcc.com/email/technical/02022012
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