Consolidations Continue, Euro Supported by Trichet Speculations Forex pairs are generally engaging in consolidations as markets digest recent moves. DOW closed below 10,000 psychological level at 9908 for the first time in three months but was kept above last week's low of 9835. Asian stocks are mixed which gold and crude oil are still in corrective recovery. There were talk in markets that ECB Trichet will leave central bank meetings in Australia a day earlier in order to attend ECB council meeting. That triggered some speculations that some policy measures directed to fiscal situations in Eurozone countries including Greece, Portugal and Spain would be discussed in the council meeting. Such speculations provided some support to Euro. Full Report Here... |
Trade Idea: USD/CHF - Buy At 1.0585 As the greenback has continued to trade sideways after early rally to 1.0800 (Friday's high), suggesting further consolidation below there would be seen and pullback to the Kijun-Sen (now at 1.0647) is likely, however, dollar should find decent demand around 1.0580/85 (approx. 38.2% Fibonacci retracement of 1.0227 to 1.0800) and the Ichimoku cloud top (now at 1.0567) would hold, bring another rally later. Full Report Here... Trade Idea: GBP/USD - Sell At 1.5800 As cable has recovered after holding above yesterday's low at 1.5535, suggesting further consolidation above there would take place and retracement to 1.5700 is likely, however, renewed selling should emerge around the Kijun-Sen (now at 1.5803) and bring another decline later. Break of said support would extend one more fall to 1.5500, however, loss of near term downward momentum should prevent sharp fall below 1.5450 and reckon 1.5412 (100% projection of 1.6879 to 1.5832 measuring from 1.6459) would hold from here, bring a much-needed rebound later. Full Report Here... |
EUR/USD Daily Outlook Daily Pivots: (S1) 1.3609; (P) 1.3661; (R1) 1.3700; More. EUR/USD's consolidation from 1.3585 is still in progress and further recovery cannot be ruled out. But still, upside is expected to be limited by 1.3852 support turned resistance and bring fall resumption. Below 1.3585 should target 61.8% retracement of 1.2329 to 1.5143 at 1.3404 first. Break will target 161.8% projection of 1.5143 to 1.4217 from 1.4578 at 1.3076 next. Read more... All Technical Outlook Reports | Daily Top Movers | Top 5 | Current | Last | Change
(Pips) | Change
(%) | | NZDJPY | 61.74 | 60.94 | +80 | +1.30% | | AUDJPY | 78.03 | 77.17 | +86 | +1.10% | | CADJPY | 83.77 | 82.94 | +83 | +0.99% | | EURJPY | 123.00 | 121.82 | +118 | +0.96% | | NZDUSD | 0.6895 | 0.6829 | +66 | +0.96% | Last Updated: Feb 09, 08:00 GMT Currency Heat Map Daily View | USD | EUR | JPY | GBP | CHF | CAD | AUD | | USD | | | | | | | | | EUR | | | | | | | | | JPY | | | | | | | | | GBP | | | | | | | | Last Updated: Feb 09, 08:00 GMT |
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