Daily Forex News

The single currency continued to gyrate inside near term established broad range of 1.5008-1.5235 against the Swiss franc, however, as long as 1.5301 resistance (6 Apr 2009) holds, erratic decline from 1.5448 would resume for re-test of 1.5008 (15 May 2009) later this month, below would bring further weakness to…

The single currency rose marginally above indicated resistance 137.42 (8 Apr 2009) to 137.45 yesterday, confirming wave v of 1 is under way and despite the subsequent retreat, as long as 133.89 support (1 June) holds, erratic upmove from 112.08 low (21 Jan 2009) would resume and bring further gain…

Wednesday during early deals, the pound jumped to fresh multi-month highs against its major counterparts as U.K.’s consumer confidence increased in May to the highest level in six months as people became more confident about the prospects for the economy.

During Asian deals on Wednesday, the Australian dollar soared to fresh multi-month highs against its U.S., European and Japanese counterparts as the Australian economy unexpectedly expanded in the first quarter of 2009, avoiding two consecutive quarters of contraction.

EUR/JPY edges higher to 137.98 earlier today but failures so sustain above 137.38 resistance so far. At this point, intraday bias remains on the upside as long as 135.76 minor support holds. Sustained break of 137.38 will confirm that whole up trend from 112.10 has resumed for 50% retracement of…

GBP/JPY rises further to as high as 160.44 so far today and at this point, intraday bias remains on the upside for next target of 161.8% projection of 138.99 to 150.86 from 143.00 at 160.20. On the downside, below 156.86 minor support will suggest that an intraday top is in…

EUR/GBP’s decline is still in progress and break of 61.8% projection of 0.9494 to 0.8785 from 0.9036 at 0.8598 should pave the way on further fall to key projection targets of 100% projection at 0.8327. Though, strong support should be seen there to conclude the whole decline from 0.9494. On…

EUR/CHF’s rebound from 1.5075 extends further to as high as 1.5206 so far today but is still limited below 1.5232 resistance. We’ll stay neutral until a breakout from range of 1.5007 and 1.5232. Break of 1.5232 will revive the case that consolidation from 1.5446 has completed and bring retest of…

USD/CAD continues to be bounded in sideway trading in tight range after hitting 100% projection of 1.2503 to 1.1475 from 1.1814 at 1.0786. with an intraday low in place, some more consolidation could still be seen. But after all, note that a break of 1.1256 resistance is needed to be…

EUR/USD retreats again after hitting 1.4337 but after all further rise is still in favor with 1.4101 minor support intact, towards trend line resistance at 1.4441. However, EUR/USD may continue to lose upside momentum no next rise, with bearish divergence condition in 4 hours MACD. On the downside, below 1.4101…