Daily Forex Market by FXCC 30Jan2012

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Daily Forex Market by FXCC 30Jan2012

MARKET OVERVIEW – JANUARY 30 2012
Be mindful of SNB moves on the Swiss franc this coming week
The euro traded at $1.3213 as of 8:40 a.m. in Tokyo from $1.3220 on Jan. 27 in New York. It strengthened 2.2 percent against the dollar last week. It reached a low of circa 13190.5 in early trading. The common currency was little changed at 101.130 yen, following a 0.1 percent drop on Jan. 27. The dollar fetched 76.74 yen from 76.70. EUR/CHF is now quoted around its session high of 1.2065, up from an earlier low of 1.2058 and up 0.05% so far on the day. GBP/USD has traded in a tight range of 1.5710-35 in Asia, last at circa 1.5720, down approx. 0.08% so far today.

AUD/USD is virtually unchanged in early Asia-Pacific trade, holding slightly below the multi-month high of 1.0685, the pair is last quoted at 1.0610 after opening below past Friday’s closing price of 1.0637.

UPCOMING EVENTS
2012-01-30 All day | European Monetary Union EU Economic Summit
2012-01-30 | Germany Consumer Price Index (YoY) (Jan) Preliminar
2012-01-30 | Germany Consumer Price Index (MoM) (Jan) Preliminar
2012-01-30 08:00 GMT | Spain - Gross Domestic Product (QoQ) (Q4)

FOREX NEWS
2012-01-27 05:54 GMT | EUR/JPY dips to 101.00
2012-01-27 05:32 GMT | EUR/USD below 1.3200 in Asia
2012-01-27 01:39 GMT | Aussie struggling to hold above 1.0600 in Asia-Pacific
2012-01-27 00:49 GMT | USD/JPY recovering from oversold levels

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EURUSD 1.31532 / 1.31539
High: 1.32241 | Low: 1.31487 | Chg: -0.0065 -0.49%
SUMMARY: Up
INTRADAY TREND: Uptrend
MA10: Bearish
MA20: Bearish
STOCHASTIC: Oversold



Resistance Levels: 1.3388 | 1.33311 | 1.3268 | 1.3223
Support Levels: 1.3093 | 1.3050 | 1.2952 | 1.2877

Intraday Analysis: The EURUSD continued to rise from 1.3093 (S1) and reached a high this morning at 1.3223 (R1). Following that we can see now that the price is heading for a correction towards the second support level at 1.3050 (S2). A break below that level will be suggesting target at 1.2952(S3). On the other hand, If the price will have enough momentum we can expect a rise and retest towards 1.3223 (R1) and break above that level will be suggesting target at 1.3268 (R2).

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GBPUSD 1.56816 / 1.56828
High: 1.57309 | Low: 1.56781 | Chg: -0.0044 -0.28%
SUMMARY: Up
INTRADAY TREND: Uptrend
MA10: Bearish
MA20: Bearish
STOCHASTIC: Oversold



Resistance Levels: 1.5894 | 1.5861 | 1.5775 | 1.5741
Support Levels: 1.5621 | 1.5552 | 1.5515 | 1.5449

Intraday Analysis: GBPUSD broke above 1.5621 (S1) level and formed a top at 1.5741 (R1). It now seems to be heading towards the first support level 1.5621 for a retest. A break below that level would suggest a target of 1.5552 (S2) and a further decline will then focus on the next target at 1.5515 (S3). On the upside, if the price rebounds from the first support level we can expect retesting of 1.5741 (R1), a technical and psychological level. A further rise will then bring focus to the next resistance level at 1.5775 (R2). Look for short positions with a stop loss above 1.5741 (R1) as we expect the pair to move downwards.

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USDJPY 76.686 / 76.691
High: 76.775 | Low: 76.652 | Chg: -0.015 -0.02%
SUMMARY: Down
INTRADAY TREND: Downtrend
MA10: Bearish
MA20: Bearish
STOCHASTIC: Neutral



Resistance Levels: 79.86 | 78.75 | 78.28 | 77.28
Support Levels: 76.53 | 76.06 | 75054 | 75.04

Intraday Analysis: USDJPY fell sharply and formed a strong support level close to 76.53 (S1) .A break below that level we suggest further decline towards 76.06 (S2). On the other hand if the price manages to stay above our first support level of 76.53(S1) then the expected target is at 77.28 (R1). Our recommendation for today is long positions with a stop loss below 76.53 (S1)- (-35 pips).


Source: FX Central Clearing Ltd, (ECN Forex Trading | ECN Forex Broker | Forex Trading Accounts | FXCC)
URL: https://support.fxcc.com/email/technical/30012012