Daily Forex News

In early deals on Thursday, the euro surged up to a 3-day high against the dollar and the franc after Credit Suisse Group AG, the biggest Swiss bank by market value, said it returned to profit in the first quarter, spurring demand for higher-yielding currencies.

Thursday in Asia, the Singapore dollar showed mixed trading against its major counterparts. While the Singapore dollar rose against the US and Hong Kong dollars, it pared recent gains against the euro and the pound.

Euro extends its recovery against dollar and yen. While better than expected PMIs from Eurozone is cited as the reason, it’s believed that receding risk aversion is the main driver in the markets today so far with stabilizing stocks in Europe. Futures also point to higher open in US stocks…

During early Asian deals on Thursday, the Japanese yen traded higher against the currencies of US, Europe, UK and Switzerland.

Thursday morning in Asia, the Australian dollar edged down against its major counterparts despite a rise in local shares.

EUR/GBP’s consolidation from 0.8785 is still in progress and is now pressing falling channel resistance. While some more consolidation might still be seen, upside is still expected to be limited by 0.9019 cluster resistance (38.2% retracement of 0.9416 to 0.8785 at 0.9026). Below 0.8785 bring fall resumption to 0.8635 support…

GBP/JPY recovers after dipping to 140.58 and at this point, some sideway trading might be seen. But another fall is still in favor with 145.16 resistance intact and below 140.58 will bring fall resumption. As discussed before, prior break of mentioned rising channel support serves as an important alert that…

USD/CAD continues to be bounded in sideway trading in tight range below 1.2503 today and further consolidation might still be seen. But after all, the break of falling trend line resistance strongly suggests that fall from 1.3063 has completed at 1.1981 already and short term outlook remains bullish as long…

AUD/USD continues to consolidate above 0.6951 today but recovery is so far still limited below 4 hours 55 EMA. Short term outlook remains bearish for the moment. As discussed before, sustained trading below near term rising channel support indicates that rise from 0.6284 has completed at 0.7322 with bearish divergence…

With an intraday low in place at 1.2884, recovery from there might still extend further to 4 hours 55 EMA (now at 1.3088) or above. However, note that short term outlook will remain bearish as long as 1.3391 resistance holds. We’re favoring the case that rise from 1.2456 has completed…