Daily Forex News

In early deals on Wednesday, the Canadian dollar slumped to a 2-week low against the US currency as the crude oil prices fell over 2% toward $48 a barrel in Asian trading today, dragged down by a bearish industry report showing a larger-than-expected rise in U.S. crude stocks and a slew of weak economic data. The loonie also tumbled to a 9-day low against the euro and showed modest weakness against the yen.

Wednesday morning in Asia, the South Korean won strengthened to a 2-day high against its US and Japanese counterparts on higher stock prices and positive economic reports from South Korea.

EUR/CHF fall from 1.5446 is still in progress and at this point, intraday bias remains on the downside as long as 1.5193 minor resistance holds. Break of 38.2% retracement of 1.4577 to 1.5446 at 1.5114 could now bring deeper fall towards 61.8% retracement level at 1.4909. Nevertheless, the choppy look…

EUR/GBP weakens mildly today but after all it’s still staying in range of 0.9144/9494 as well as inside near term rising channel. Price actions from 0.9494 is treated as consolidation to rise from 0.8725 only and further rally is still expected after completing the consolidation. Above 0.9319 minor resistance will…

EUR/JPY retreats mildly today but after all, intraday bias remains on the upside as long as 129.32 minor support holds. Further rise should be seen to 134.50 resistance next. As discussed before, EUR/JPY was supported above mentioned 126.06 cluster support (38.2% retracement of 112.10 to 134.50 at 125.94) and is…

No change in GBP/JPY’s outlook. Intraday bias remains on the upside as long as 139.49 minor support holds. Further rise should be seen to 145.07 high first. As discussed before, GBP/JPY drew strong support from the near term rising rising channel. Also, the three wave structure of the fall from…

USD/CAD’s rally extends further to as high as 1.2713 so far today and at this point, intraday bias remains on the upside as long as 1.2500 minor support holds. As discussed before, decline from 1.3063 should have completed at 1.2191 already. Also, consider that fall from 1.3063 is viewed as…

With an intraday low in place at 1.3112, outlook remains neutral in EUR/USD and some more consolidation could be seen. Though, intraday risk remains on the downside as long as 1.3417 minor resistance holds. Below 1.3112 will suggest that fall from 1.3737 has resumed for 1.2928 cluster support (61.8% retracement…

USD/CHF recovers mildly after retreating to 1.1355. Nevertheless, with an intraday top in place at 1.1547, outlook remains neutral and some more consolidation could be seen. Though, rise from 1.1158 is still expected to resume and above 1.1547 will target 61.8% retracement of 1.1963 to 1.1158 at 1.1655 first. As…

With an intraday low in place at 1.4109, further recovery is still in favor but after all upside should be limited by 1.4514 resistance and bring another fall. Below 1.4109 will indicate that decline from 1.4778 has resumed for lower trend line support at 1.3725). However, break of 1.4514 will…