Daily Forex News

Intraday outlook in GBP/USD remains neutral as choppy consolidation from 1.5352 continues. On downside, below 1.5054 will flip intraday bias to the downside for deeper pull back to outer channel support at 1.4680. Break there will be an early signal that whole rally from 1.3654 has completed and will put…

Consolidation in USD/CHF continues and another recovery to 4 hours 55 EMA (now at 1.1169) cannot be ruled out. But upside should be limited by 1.1244/1.1422 resistance zone and bring fall resumption. Below 1.0976 will bring one more fall towards 1.0864 to conclude the decline from 1.1740. However, note that…

USD/JPY recovers mildly after dipping to 94.77 earlier today. Downside momentum might be diminishing a bit but still, intraday bias remains on the downside with 96.16 minor resistance intact. As discussed before, a head and shoulder top reversal pattern should be completed (ls: 99.67, h: 101.43, rs: 99.71), which indicates…

In early deals on Friday, the Canadian dollar showed mixed trading against its major counterparts. While the loonie advanced against the euro and the aussie, it dropped against the greenback and the yen. The loonie thus eased from a 2-day high against the yen.

EUR/USD’s pull back continues today and dips to as low as 1.3511 so far. Further decline could still be seen to 4 hours 55 EMA (now at 1.3500) or below. But after all, downside is expected to be contained above 1.3250 cluster support. On the upside, above 1.3665 minor resistance…

Risk aversion eases a bit in early US session after release of much better than expected NY State Manufacturing index. The index had the second consecutive month of impressive improvements and rose sharply from -14.6 to -4.6 and is now way above March’s low of -38.2. Headline CPI was flat…

In early deals on Friday, the euro dropped to a 3-day low against the pound after a report showed that the German economy contracted at a record pace in the first quarter of 2009. The euro also showed weakness against its other major counterparts following the report.

Friday in Asia, the New Zealand dollar tumbled to its lowest level in almost 8-days against the Aussie after a report showed that New Zealand’s retail sales fell for the sixth consecutive quarter in the first three months of 2009 as consumers restrained spending, leaving the door open for more rate cuts to help the recession-hit economy. The kiwi also edged down against the currencies of U.S., Europe and Japan.

EUR/JPY’s recovery was limited by 131.13 minor resistance and weakens again. Fall from 134.82 should still be in progress to retest 124.35 support first. Recent development suggests that rebound from 124.35 has completed at 134.82 already, with bearish divergence in 4 hours MACD and RSI. Hence, we’d look forward to…

Yen crosses recovered mildly in Asia as stocks rebounded by are apparently weighed down by worse than expected German GDP in early European session. Germany Q1 GDP showed deeper than expected contraction of -3.8%, worst since the series started in 1970. Much attention will now turn to Eurozone GDP data…