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Daily Forex Market by FXCC 17Feb2012
Daily Forex Market by FXCC 17Feb2012
USD/CHF plunges due to Fed’s Ben Bernanke speech.. The euro rose 0.5 percent to $1.3130 at 5 p.m. in New York after sliding to $1.2974, the lowest level witnessed since Jan. 25. The shared seventeen nation common currency rose 1.1 percent to 103.65 yen after touching 103.84 yen, the highest level since Dec. 12. The dollar appreciated 0.7 percent to 78.95 yen after hitting 78.97 yen, the strongest level since Nov. 1 reaching 78.95 from an earlier session low of 78.34 before ending trade in NY at 78.92, 50 pips above its daily starting price. From key resistance at 0.9300, the USD/CHF plunged on the improved sentiment and is now around 0.9250. Sterling rose 0.2 percent to 83.13 pence per euro and gained 0.7 percent to $1.5800. Read More UPCOMING EVENTS 2012-02-17 07:00 GMT | Germany Producer Price Index (MoM) (Jan) 2012-02-17 07:00 GMT | Germany Producer Price Index (YoY) (Jan) 2012-02-17 08:55 GMT | Germany Purchasing Manager Index Services (Feb) Preliminar 2012-02-17 08:58 GMT | EU - Purchasing Manager Index Services (Feb) Preliminar FOREX NEWS 2012-02-17 07:08 GMT | Germany: PPI grows more than expected in January 2012-02-17 07:02 GMT | Germany: PPI (MoM) grows 0.6% in Jan; (YoY) increases 3.4% 2012-02-17 02:06 GMT | USD weakens on healthy appetite for risk 2012-02-17 00:10 GMT | BoJ Minutes: Caution over Europe remains necessary --------------- EURUSD : 1.31423 / 1.31432 DAILY WEEKLY MONTHLY 1.3322 | 1.3284 | 1.3216 | 1.3159 1.3080 | 1.2973 | 1.2904 | 1.2865 SUMMARY : up TREND : up trend MA10 : Bullish MA20 : bullish STOCHASTIC : neutral MARKET ANALYSIS - Intraday Analysis EURUSD has reached a significant support level at 1.2973 (S2) it bounced from that level and rose subsequently to form a high at 1.3159 (R1). A break above that level would suggest a target of 1.3216 (R2) and a further rise will then focus on the next target at 1.3284 (R3). On the downside, if the price does manage to stay below current resistance level1.1.3159 (R1) we can expect retesting of 1.3080 (S1). A further decline will then bring focus to the next support level at 1.2973 (S2) a strong technical support level. We expect the price to retest first resistance level and then to move upwards targeting first and second resistance level. Look for long positions in today trading session with a stop los below 1.2973 (S2). -------------- GBPUSD : 1.58056 / 1.58073 DAILY WEEKLY MONTHLY 1.5928 | 1.5885 | 1.5848 | 1.5827 1.5770 | 1.5735 | 1.5654 | 1.5613 SUMMARY : up TREND : up trend MA10 : Bullish MA20 : bullish STOCHASTIC : neutral MARKET ANALYSIS - Intraday Analysis GBPUSD rose sharply yesterday from 1.5654 (S3) and made a top at 1.5815. If it breaks above that level we can expect the price to retest 1.5885 (R3), a significant strong support level. Be on the alert for a correction downwards towards 1.1.5735 (S2) and then a continuation to an upward move. Both of our Moving Averages are pointing to a bullish signal. We believe that the bullish pressure will continue. Look for long positions around 1.5735 (S2) with a stop loss below 1.5654 (S3). -------------- USDJPY : 79.108 / 79.116 DAILY WEEKLY MONTHLY 82.20 | 81.43 | 80.13 | 79.74 78.19 | 77.36 | 76.53 | 76.02 SUMMARY : up TREND : up trend MA10 : Bullish MA20 : bullish STOCHASTIC : neutral MARKET ANALYSIS - Intraday Analysis USDJPY is forming higher bottoms and we are in a clear uptrend move, as it rises for 2 consecutive weeks penetrating successfully yesterday’s resistance level 78.63. Both of our moving averages are giving a strong support to the pair in its uptrend move and are both bullish. Look for long positions targeting 79.74 (R1) a significant technical and psychological level for the bears. A stop loss should be placed below 78.60. Source: FX Central Clearing Ltd, (http://www.fxcc.com) URL: https://support.fxcc.com/email/technical/17022012 |
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