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  1. #11
    forexpros
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    Default Forexpros.com Daily Analysis - 30/09/2010

    ForexPros Daily Analysis September 30, 2010


    Free webinar on ForexPros - Top 12 Golden Trading Tips: Start Your Day on the Right Side of the Market
    Expert: Stephanie Radkay
    When: Mon, Thu, Oct 7, 2010, 11:00 ET

    Trading can be as risky as flying a plane. Pilots use a checklist to get off the ground and so should traders. Here is your 12 tip checklist to give you the confidence and the best opportunity for success. In this webinar Stephanie Radkay, CME Floor Broker, Screen Trader and Educator, will address personal vs. market risk like you've never seen it before, her Rotating Directional Trading System (RDS) and 10 other golden nuggets that have been used successfully since 1993.


    Click here to join free

    ---

    Euro Dollar

    The Euro broke the resistance specified in yesterday’s report 1.3589,only to stop on the middle if the road between this level and our suggested target of 1.3690, topping at a new 5-month high of 1.3644. Then, this pair suffered an 80+ pips setback, which could put it under considerable pressure, if it breaks the important short term support levels below 1.36. The first of these support levels is 1.3543, which if broken will force us to put all our attention at the all important 1.3481. This is the level to watch for today, because a break here will be a declaration of a strong falling correction, that is supposed to correct the whole massive move up from 1.2643, which may stop now after achieving 1000 pips of gains. On the other hand, the resistance is at 1.3624, and if broken, the Euro will continue to fly, and will immediately target 1.3717, then at a later time may be will witness a test of the unforgettable top 1.3816. Now let’s take a look at the medium term analysis. Breaking 1.3509 on Tuesday was a solid confirmation of the righteousness of our medium term outlook. Last week, we had analyzed the medium-long term, and after doing all the necessary analysis using classical technical analysis, Elliot & Fibonacci, we found that most probably the first leg up from 1.1875 to 1.3332 is wave A of a 3-wave correction up. We also found that, most probably, the drop which followed is wave B, which stopped at Fibonacci 50% level of wave A with not-so-well kind of accuracy as it bottomed at 1.2586 whereas the Fibonacci level was 1.2604. If this move has stopped closer to the Fibonacci level, we would have expected this current rise from the first step it took around 1.26. So, currently, we are in wave C, which will ideally target the equality level (where wave A = wave C) which is at 1.4043, or the Fibonacci 61.8% level for the massive drop from 1.5143 to 1.1875 which is at 1.3895, or the top of the rising channel on the daily chart, which is currently at 1.3794 and will rise with time. This leaves the area between 1.3895 & 1.4043 as the proffered target area for this wave. We do believe we are heading there on in a matter of weeks. We expect to reach the target area by December, which is a month famous for introducing medium & long term tops for EURUSD. From there we could see the Euro collapsing and dropping to areas below 1.18, but it is too early to talk about this issue now, and we will leave the next stage discussion to a more appropriate time. Keep in mind that breaking 1.3509 confirms this analysis, and it supports the idea that we are heading to the target area suggested in the medium term analysis.

    Support:
    • 1.3571: important intraday level, protecting the short term Fibonacci 38.2% level which is at 1.3543.
    • 1.3481: Fibonacci 61.8% for the rise from 1.3380, and the rising trend line from Sep 10th low on the hourly chart. The single most important support level for the current time.
    • 1.3332: the massive top of Aug 6th.

    Resistance:
    • 1.3624: the falling trend line from yesterday’s top on the intraday charts.
    • 1.3711: Feb 8th high.
    • 1.3816: the unforgettable top of Mar 17th.

    ---


    USD/JPY

    There is hardly any change to the technical outlook, it is completely negative after breaking 84.03 which was under our spotlight for several days. It was broken on Tuesday, and we have seen the Yen dragging the Dollar to 83.18 so far. This break opened the door wide for a test, and most probably a break, of the 15-year low 82.87. We believe that getting there is only a matter of time. As you probably remember, the importance of 84.03 comes from the fact that it is the 61.8% Fibonacci level for the rise from the 15-year low of 82.87 to the post-intervention top 85.91, therefore, it is the “guardian” of the 15-year bottom. This makes breaking 84.03 the first step in breaking 82.87, and reaching fresh 15-year lows. But the question is will this drop be fast, and we see these levels relatively soon, let’s say before the weekend? Or will it be a slow drop that will consume many days to get there? Short term support is at 85.18, and if broken, the drop will go on, and target areas below 83, we love 82.87 & 81.80 most of them. Short term resistance is a bit far, and it is at 84.48. If broken, we will shoot up to 85.91 & 86.95, very unlikely at the moment, unless we have an intervention.

    Support:
    • 83.18: Asian session low.
    • 82.87: Sep 14th low, and the low for the last 15 years.
    • 81.80: the trend line combining the monthly bottoms of Dec 2008, Jan & Nov 2009, after adjusting it slightly.

    Resistance:
    • 84.48: the falling trend line from May 5th top on the daily chart.
    • 85.91: Sep 16th high.
    • 86.95: Jul 1st low.

    ---


    GBP/USD

    The resistance we offered you yesterday at 1.5880 proved that it deserved the attention we poured on. It managed to stop the rising move yesterday morning, as it failed to break it, and stopped only 7 pips before it (yesterday’s high was 1.5873). The reaction from this important resistance saw the Pound dropping back again below 1.58, which could be a signal that an overdue correction is about to begin! Technically speaking, breaking 1.5871 on Tuesday is definitely a positive sign, indicating strength. It was the second positive sign after breaking 1.5728 last week. Today, we will keep our important resistance at 1.5880, this level could give the green light to moving higher, or decline this attempt. We still believe that breaking this level or failing at it is the single most important factor determining the short term direction. If we break 1.5880, the Pound will not settle for less than 1.60 seen for the first time in months! And may be later 1.6075. On the other hand, failure here will give the Dollar a chance to breathe, and go back down to test 1.5815. If broken, the Pound will suffer a downward correction, targeting Tuesday’s low first 1.5718, then the very important support at 1.5575.

    Support:
    • 1.5815: important intraday level.
    • 1.5718: Yesterday’s low.
    • 1.5575: Aug 30th high.

    Resistance:
    • 1.5880: important intraday level.
    • 1.6000: psychological level.
    • 1.6075: Jan 22th low.

    ---


    Forex trading analysis written by Munther Marji for Forexpros.

    ---

    Disclaimer:
    Trading Futures and Options on Futures and Cash Forex
    transactions involves substantial risk of loss and may not be suitable for
    all investors. You should carefully consider whether trading is suitable for
    you in light of your circumstances, knowledge, and financial resources. You
    may lose all or more of your initial investment. Opinions, market data, and
    recommendations are subject to change at any time.

  2. #12
    forexpros
    Guest

    Default ForexPros Daily News October 5, 2010

    ForexPros Daily News October 5, 2010


    Free webinar on ForexPros - Top 12 Golden Trading Tips: Start Your Day on the Right Side of the Market
    Expert: Stephanie Radkay
    When: Mon, Thu, Oct 7, 2010, 11:00 ET

    Trading can be as risky as flying a plane. Pilots use a checklist to get off the ground and so should traders. Here is your 12 tip checklist to give you the confidence and the best opportunity for success. In this webinar Stephanie Radkay, CME Floor Broker, Screen Trader and Educator, will address personal vs. market risk like you've never seen it before, her Rotating Directional Trading System (RDS) and 10 other golden nuggets that have been used successfully since 1993.


    Click here to join free

    ---

    Forex - USD/JPY erases gains amid Fed stimulus concerns

    Forex Pros – The U.S. dollar erased gains against the yen on Tuesday, retreating from a 4-day high, amid concerns that the Federal Reserve may implement further quantitative easing in the coming months.

    USD/JPY retreated from 83.97, the pair’s highest since September 29, to hit 83.33 during European morning trade, shedding 0.02%.

    The pair was likely to find support at 82.92, the low of September 15 and a 15-year low and resistance at 84.33, the high of September 28.

    Earlier in the day, the Bank of Japan announced that it had lowered its benchmark interest rate to a range of between 0.0% to 0.1%, the lowest level since 2006.

    The bank said that, “although Japan's economy still shows signs of a moderate recovery, the pace of recovery is slowing down partly due to the slowdown in overseas economies and the effects of the yen's appreciation on business sentiment”.

    Meanwhile, the yen was down against the euro, with EUR/JPY gaining 0.64% to hit 114.82.

    Late Monday, while addressing a forum in Rhode Island, Federal Reserve Chairman Ben Bernanke said that that the central bank’s first round of large-scale asset purchases improved the economy and that further buying will probably help more.

    ---

    Daily
    Forex News Provided By Forexpros

    ---

    Disclaimer:
    Trading Futures and Options on Futures and Cash Forex
    transactions involves substantial risk of loss and may not be suitable for
    all investors. You should carefully consider whether trading is suitable for
    you in light of your circumstances, knowledge, and financial resources. You
    may lose all or more of your initial investment. Opinions, market data, and
    recommendations are subject to change at any time.

  3. #13
    forexpros
    Guest

    Default ForexPros Daily News October 6, 2010

    ForexPros Daily News October 6, 2010


    Free webinar on ForexPros - Top 12 Golden Trading Tips: Start Your Day on the Right Side of the Market
    Expert: Stephanie Radkay
    When: Mon, Thu, Oct 7, 2010, 11:00 ET

    Trading can be as risky as flying a plane. Pilots use a checklist to get off the ground and so should traders. Here is your 12 tip checklist to give you the confidence and the best opportunity for success. In this webinar Stephanie Radkay, CME Floor Broker, Screen Trader and Educator, will address personal vs. market risk like you've never seen it before, her Rotating Directional Trading System (RDS) and 10 other golden nuggets that have been used successfully since 1993.


    Click here to join free

    ---

    Forex - GBP/USD hits fresh 2-month high as dollar slumps

    Forex Pros – The pound edged higher against the U.S. dollar on Wednesday, rising to a fresh 2-month high as concerns that the Federal Reserve will begin fresh monetary easing to stimulate U.S. growth weighed on the dollar.

    GBP/USD hit 1.5940 during European morning trade, the pair’s highest since August 9; the pair subsequently consolidated at 1.5990, gaining 0.07%.

    Cable was likely to find support at 1.5751, Tuesday’s low and resistance at 1.5995, the high of August 9.

    The Bank of Japan's decision on Tuesday to cut interest rates to near zero and embark on a monetary easing program further added to fears that the Fed would follow suit.

    On Monday, Fed Chairman Ben Bernanke said that the bank aided the U.S. economy through its USD 1.75 trillion purchases of mortgage debt and Treasuries that ended in March 2010 and that more buying would help further.

    Meanwhile, the pound was down against the euro, with EUR/GBP gaining 0.10% to hit 0.8717.

    Later in the day, the U.S. was to release ADP non-farm payrolls data.

    ---

    Daily
    Forex News Provided By Forexpros

    ---

    Disclaimer:
    Fusion Media will not accept any liability for loss or damage as a result of reliance on the information contained within this website including data, quotes, charts and buy/sell signals. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible. Currency trading on margin involves high risk, and is not suitable for all investors Before deciding to trade foreign exchange or any other financial instrument you should carefully consider your investment objectives, level of experience, and risk appetite. Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All stock prices, indexes, futures and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn’t bear any responsibility for any trading losses you might incur as a result of using this data.

  4. #14
    forexpros
    Guest

    Default ForexPros Daily News October 7, 2010

    ForexPros Daily News October 7, 2010


    Forex - USD/JPY tumbles to new 15-year low as intervention sidelined

    Forex Pros – The U.S. dollar tumbled to a fresh 15-year low against the yen on Thursday, as the threat of renewed Japanese intervention was sidelined ahead of Friday’s Group of 20 Washington summit.

    USD/JPY hit 82.25 during European morning trade, the pair’s lowest since May 29, 1995; the pair subsequently consolidated at 82.39, tumbling 0.64%.

    The pair was likely to find support at 80.75, the low of April 20, 1995 and resistance at 83.26, Wednesday’s high.

    Japanese intervention ahead of Friday’s meeting of financial ministers and central bankers from the G20 nations would create difficult questions for Japanese authorities, forcing them to explain that they are not just pushing the yen lower to gain a trade advantage against other nations.

    The yen was also up against the euro, with EUR/JPY shedding 0.24% to hit 115.23.

    Later in the day, the U.S. was to release key weekly data on initial jobless claims.

    ---

    Daily
    Forex News Provided By Forexpros

    ---

    Disclaimer:
    Fusion Media will not accept any liability for loss or damage as a result of reliance on the information contained within this website including data, quotes, charts and buy/sell signals. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible. Currency trading on margin involves high risk, and is not suitable for all investors Before deciding to trade foreign exchange or any other financial instrument you should carefully consider your investment objectives, level of experience, and risk appetite. Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All stock prices, indexes, futures and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn’t bear any responsibility for any trading losses you might incur as a result of using this data.

  5. #15
    forexpros
    Guest

    Default ForexPros Daily News October 11, 2010

    ForexPros Daily News October 11, 2010


    Forex - Euro retreats from 1.40 as dollar firms up

    Forex Pros – The euro was down against the U.S. dollar on Monday, retreating from a daily high, as the dollar stabilized despite expectations of further monetary easing by the Federal Reserve.


    EUR/USD retreated from 1.4010, the daily high to hit 1.3936 during early European trade, shedding 0.52%.

    The pair was likely to find support at 1.3832, last Friday’s low and short-term resistance at 1.4028, last Thursday’s high.

    Data released on Friday showed that U.S. non-farm payrolls fell unexpectedly in September, down for the fourth consecutive month. The weak data reinforced expectations that the Federal Reserve will announce new quantitative easing asset buying in order to boost the flagging U.S. economy.

    The euro was also down against the pound, with EUR/GBP shedding 0.23% to hit 0.8747.

    Also Friday, Jean-Claude Juncker, the head of the euro zone’s finance ministers, said that the euro was too strong and the single currency’s strength did not reflect the region's economic fundamentals.

    ---

    Daily
    Forex News Provided By Forexpros

  6. #16
    forexpros
    Guest

    Default ForexPros Daily News October 12, 2010

    ForexPros Daily News October 12, 2010


    Forex - USD/JPY resumes slide as Japan poised for intervention

    Forex Pros – The U.S. dollar was down against the yen on Tuesday, re-approaching Friday’s 15-year low, as Japanese authorities indicated that they were poised to take “bold” action if the yen continued to strengthen.

    USD/JPY hit 81.81 during European morning trade, a fresh daily low; the pair subsequently consolidated at 81.95, shedding 0.13%.

    The pair was likely to find support at 81.38, Friday’s low and a 15-year low and resistance at 83.02, the high of October 7.

    Earlier in the day, Japanese Finance Minister Yoshihiko Noda said his government “will watch currencies with great interest and will take bold action, which includes intervention, if needed.”

    The message was reiterated by Economy Minister Banri Kaieda who said that an abrupt strengthening of the yen could hurt the nation’s recovery and that there was no change in the government’s stance to take decisive measures when necessary.

    The yen was also up against the euro, with EUR/JPY falling 0.64% to hit 113.14.

    Also Tuesday, official data showed that Japanese consumer confidence fell unexpectedly in September, down for the third consecutive month.

    ---


    Forex - GBP/USD edges lower ahead of key U.K. inflation data

    Forex Pros – The pound edged lower against the U.S. dollar on Tuesday, falling to hit a 2-day low, ahead of the release of a key report on U.K. consumer prices.

    GBP/USD hit 1.5859 during early European trade, the pair’s lowest since October 8; the pair subsequently consolidated at 1.5874, shedding 0.07%.

    Cable was likely to find support at 1.5751, the low of October 5 and resistance at 1.5964, the high of October 8.

    Late Monday, industry data from the British Retail Consortium said that retail sales rose at an annualized rate of 0.5% in September, after rising by 1.0% in August.

    Also Monday, the Royal Institution of Chartered Surveyors said that house prices in the U.K. fell more-than-expected in September as oversupply in the British property market continued to act as a drag on prices.

    Meanwhile, the pound was up against the euro, with EUR/GBP shedding 0.32% to hit 0.8710.

    Later in the day, the U.K. was to publish official data on consumer price inflation. This is considered the U.K.'s most important inflation data because it's used as the central bank's inflation target.

    ---

    Daily
    Forex News Provided By Forexpros

  7. #17
    forexpros
    Guest

    Default ForexPros Daily News October 13, 2010

    ForexPros Daily News October 13, 2010


    Forex - USD/JPY edges higher as Fed signals move towards easing

    Forex Pros – The U.S. dollar edged higher against the yen on Wednesday, after minutes of the most recent meeting of Federal Reserve policy makers indicated that many believe fresh economic stimulus measures could become necessary.

    USD/JPY hit 82.00 during European morning trade, a daily high; the pair subsequently consolidated at 81.89, gaining 0.21%.

    The pair was likely to find support at 81.37, the low of October 11 and a 15-year low and resistance at 83.02, the high of October 7.

    On Tuesday, the minutes revealed of the September 21 meeting of Federal Open Market Committee revealed that while officials thought it unlikely the U.S. economy would fall into recession again, several were concerned that growth would not be strong enough to reduce unemployment for some time.

    "Several members noted that unless the pace of economic recovery strengthened or underlying inflation moved back toward a level consistent with the [Fed's] mandate, they would consider it appropriate to take action soon," the minutes said.

    The yen was also down against the euro, with EUR/JPY gaining 0.69% to hit 114.59.

    Earlier in the day, official data showed that Japanese core machinery orders jumped unexpectedly in August.

    ---


    Forex - GBP/USD hits daily high amid stronger Fed easing prospects

    Forex Pros – The pound was up against the U.S. dollar on Wednesday, rising to a daily high, after minutes of the most recent meeting of Federal Reserve policy makers revealed that many believed fresh economic stimulus would be necessary.

    GBP/USD hit 1.5869 during early European trade, a daily high; the pair subsequently consolidated at 1.5852, gaining 0.27%.

    Cable was likely to find support at 1.5753, Tuesday’s low and resistance at 1.6017, the high of October 7.

    "Several members noted that unless the pace of economic recovery strengthened or underlying inflation moved back toward a level consistent with the [Fed's] mandate, they would consider it appropriate to take action soon," the minutes said.

    Officials thought it unlikely the U.S. economy would fall into recession again, but several were concerned that growth would not be strong enough to reduce unemployment for some time.

    Meanwhile, the pound was down against the euro, with EUR/GBP gaining 0.02% to hit 0.8811.

    Later in the day, the U.K. was to publish official data on claimant count change and the country’s unemployment rate.

    ---

    Daily
    Forex News Provided By Forexpros

  8. #18
    forexpros
    Guest

    Default ForexPros Daily News October 14, 2010

    ForexPros Daily News October 14, 2010


    Greenback Tumbles as Dollar Selling Intensifies


    ---

    Forex - USD/JPY tumbles to 15-year low amid intervention fears

    Forex Pros – The U.S. dollar tumbled to a fresh 15-year low against the yen on Thursday, as selling pressure on the dollar intensified following a surprise decision by Singapore’s central bank to tighten monetary policy.

    USD/JPY hit 81.04 during European morning trade, the pair’s lowest since April 20 1995; the pair subsequently consolidated at 81.12, tumbling 0.83%.

    The pair was likely to find support at 79.75, the low of April 19, 1995 and the all time low and resistance at 82.34, Wednesday’s high.

    Earlier Thursday, the Monetary Authority of Singapore tightened policy, broadening the range of the Singapore dollar's trading band. At the same time, the authorities said they were maintaining a policy of "modest and gradual appreciation" of the local dollar.

    MAS sets policy by managing the Singapore dollar in a secret trade-weighted band against a basket of currencies, instead of setting interest rates.

    The move increased pressure on the greenback which has already weakened broadly amid expectations that the Federal Reserve will begin to implement further monetary easing in an effort to stimulate growth.

    Meanwhile, the yen was down against the euro, with EUR/JPY gaining 0.14% to hit 114.35.

    Earlier in the day, Japanese Finance Minister Yoshihiko Noda refused to comment on the yen's sharp appreciation.On Tuesday, Minister Noda said his government would take "bold action, which includes intervention, if needed.”

    ---

    Forex - Euro soars to 10-month high against broadly weaker dollar

    Forex Pros – The euro surged to a 10-month high against the U.S. dollar on Thursday, after a surprise decision by the Monetary Authority of Singapore to tighten monetary policy intensified selling pressure on the U.S. dollar.


    EUR/USD hit 1.4101 during late Asian trade, the pair’s highest since January 26; the pair subsequently consolidated at 1.4094, soaring 0.93%.

    The pair was likely to find support at 1.3911, Wednesday’s low and resistance at 1.4294, the high of January 20.

    Earlier in the day, Singapore’s central bank tightened policy, broadening the range of the Singapore dollar's trading band. At the same time, the authorities said they were maintaining a policy of "modest and gradual appreciation" of the local dollar.

    MAS sets policy by managing the Singapore dollar in a secret trade-weighted band against a basket of currencies, instead of setting interest rates.

    The move increased pressure on the greenback which has already weakened broadly amid expectations that the Federal Reserve will begin to implement further monetary easing in an effort to stimulate growth.

    The euro was also up against the pound, with EUR/GBP gaining 0.08% to hit 0.8789.

    Later in the day, the U.S. was to publish official data on initial jobless claims, as well as data on inflation and the country's trade balance.

    ---

    Daily
    Forex News Provided By Forexpros

    ---

    Disclaimer:
    Fusion Media will not accept any liability for loss or damage as a result of reliance on the information contained within this website including data, quotes, charts and buy/sell signals. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible. Currency trading on margin involves high risk, and is not suitable for all investors Before deciding to trade foreign exchange or any other financial instrument you should carefully consider your investment objectives, level of experience, and risk appetite. Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All stock prices, indexes, futures and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn’t bear any responsibility for any trading losses you might incur as a result of using this data.

  9. #19
    forexpros
    Guest

    Default ForexPros Daily News October 20, 2010

    ForexPros Daily News October 20, 2010


    Forex - USD/JPY moves lower, re-approaching 15-year low

    Forex Pros – The U.S. dollar was down against the yen on Wednesday, re-approaching a 15-year low as market focus returned to the prospect of further monetary easing by the Federal Reserve.

    USD/JPY hit 81.20 during European morning trade, a daily low; the pair subsequently consolidated at 81.26, shedding 0.39%.

    The pair was likely to find support at 80.87, last Friday’s low and a 15-year low and resistance at 82.55, the high of October 8.

    Earlier in the day, Bank of Japan deputy governor Kiyohiko Nishimura said the strong yen could erode corporate sentiment and lower consumer prices, exacerbating deflation and restricting economic growth.

    “The fact that the recent appreciation of the yen is deteriorating business sentiment” is a “big factor in putting downward pressure on economic activity,” Nishimura said. He added that the bank will continue to pursue “strong” monetary policy measures and stands ready to take appropriate monetary action.

    Meanwhile, the yen was down against the euro, with EUR/JPY gaining 0.17% to hit 112.17.

    Later in the day, the Federal Reserve was to release its Beige Book, a summary of the data the bank examines before setting the benchmark interest rate.

    ---


    Forex - EUR/USD rebounds from 11-day low as focus returns to Fed

    Forex Pros – The euro was up against the U.S. dollar on Wednesday, rebounding from an 11-day low as focus turned back onto the prospect of further monetary easing by the Federal Reserve.

    EUR/USD hit 1.3801 during late Asian trade, a daily high; the pair subsequently consolidated at 1.3792, gaining 0.46%.

    The pair was likely to find support at 1.3636, the low of October 5 and resistance at 1.4155, last Friday’s high and a 10-month high.

    On Tuesday, three regional Fed presidents reinforced that the central bank will begin a second round of asset purchases with two saying asset purchases must be big enough to aid the economy.

    Chicago Fed president Charles Evans said the bank would need to buy securities on a large scale several times in order to temporarily to raise inflation. Meanwhile, Atlanta Fed president Denis Lockhart said that a rate of USD 100 billion of purchases per month is “in the range of numbers one might consider.”

    The euro was also up against the pound, with EUR/GBP gaining 0.38% to hit 0.8775.

    Later in the day, the Federal Reserve was to release its Beige Book, a summary of the data the bank examines before setting the benchmark interest rate.

    ---

    Daily
    Forex News Provided By Forexpros

    ---

    Disclaimer:
    Fusion Media will not accept any liability for loss or damage as a result of reliance on the information contained within this website including data, quotes, charts and buy/sell signals. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible. Currency trading on margin involves high risk, and is not suitable for all investors Before deciding to trade foreign exchange or any other financial instrument you should carefully consider your investment objectives, level of experience, and risk appetite. Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All stock prices, indexes, futures and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn’t bear any responsibility for any trading losses you might incur as a result of using this data.

  10. #20
    forexpros
    Guest

    Default ForexPros Daily News October 21, 2010

    ForexPros Daily News October 21, 2010


    Forex - EUR/USD edges higher after Geithner remarks

    Forex Pros – The euro edged higher against the U.S. dollar on Thursday, erasing early losses, following remarks by U.S. Treasury Secretary Timothy Geithner.

    EUR/USD hit 1.3975 during late Asian trade, a daily high, the pair subsequently consolidated at 1.3973, gaining 0.07%.

    The pair was likely to find support at 1.3636, the low of October 5 and resistance at 1.4155, last Friday’s high and a 10-month high.

    In an interview with the Wall Street Journal Geithner said he believes major currencies are "roughly in alignment now," suggesting he sees no need for further dollar falls against the euro and yen.

    He also called on G20 finance leaders to agree to "norms" on exchange rate policy ahead of the weekend G20 meetings and said he would seek out targets for "sustainable" trade surpluses and deficits as a way to help rebalance the global economy.

    The euro was also up against the pound, with EUR/GBP gaining 0.50% to hit 0.8856.

    On Tuesday, the Federal Reserve’s Beige Book reported that "national economic activity continued to rise, albeit at a modest pace" from September through early October.

    This was in contrast with the previous beige book, released in early September, which reported "widespread signs of deceleration compared with previous periods."

    ---


    Forex - USD/JPY erases gains, re-approaching 15-year low

    Forex Pros – The U.S. dollar erased gains against the yen on Thursday, falling to a fresh daily low, following remarks by Japan’s Chief Cabinet Secretary.

    USD/JPY retreated from 81.81, the pair’s highest since Tuesday, to hit 80.97 during European morning trade, shedding 0.12%.

    The pair was likely to find short-term support at 80.87, the low of October 15 and a 15-year low and resistance at 82.34, the high of October 12.

    Earlier in the day, Japan’s Chief Cabinet Secretary Yoshito Sengoku said Japan hadn’t set a line to defend its currency at 82 yen per dollar after the country’s prime minister and finance minister held a meeting to discuss the yen’s gains.

    “It wasn’t about whether 82 yen was the line, but that the Finance Ministry will monitor the currency markets and we’ll take decisive measures appropriately at an appropriate timing,” Sengoku said.

    Meanwhile, the yen was down against the euro, with EUR/JPY gaining 0.07% to hit 113.33.

    The dollar’s earlier gains came after U.S. Treasury Secretary Timothy Geithner said he believed major currencies are "roughly in alignment now," suggesting he sees no need for further dollar falls against the euro and yen.

    ---

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