Daily Forex News

At the accompanying statement, SNB stated although there have been signs of improvements in economy, global environment remains ‘unfavorable and further economic deterioration cannot be ruled out’. Concerning economic forecasts, the central bank stayed unchanged at its GDP growth forecasts of -2.5% to -3% for 2009 while annual average inflation…

Sterling is sharply down in European session following the release of much worse than expected retail sales report from UK. EUR/GBP jumps to as high as 0.8603 so far while GBP/USD dives through 1.62 level briefly. On the other hand, after initial post SNB kneejerk reaction, Swiss Franc strengthens across…

EUR/JPY recovers mildly after reaching 132.34 and with 4 hours MACD crossed above signal line, intraday outlook is turned neutral for the moment. Some consolidation might be seen but another fall is still in favor. But another fall is still in favor as long as 135.36 minor resistance holds. Below…

GBP/JPY’s fall from 162.56 is still in progress and reaches as low as 154.94 so far. At this point, intraday bias remains on the downside as long as 158.07 minor resistance holds. As mentioned before, with bearish divergence condition in 4 hours MACD and RSI, we’re still slightly favoring the…

EUR/GBP’s rebound extends further to as high as 0.8579 so far today and at this point, intraday bias remains on the upside as long as 0.8490 minor support holds. Focus now turns to 0.8866 resistance. Break there will indicate whole fall from 0.9494 has completed at 0.8421 already, ahead of…

Despite some wild intraday volatility, EUR/CHF fall from 1.5234 is still in progress and reaches as low as 1.5014 so far. Further decline is still expected and break of 1.5030 will confirm that choppy correction from 1.5446 is still in progress. Next target will be 61.8% retracement of 1.4577 to…

USD/CAD retreats mildly after rising to 1.1447. Touching of 1.1270 minor support with 4 hours MACD staying below signal line, suggests that an intraday top is formed and turns outlook neutral for the moment. Nevertheless, we’re still favoring the case that a short term bottom is at least formed at…

While AUD/USD is still staying in tight range above 0.7826, further downside is still mildly in favor with 0.8067 minor resistance intact. As mentioned before, we still slightly favoring the case that a short term top is formed. Firm break of 0.7826 will confirm the double top formation and will…

EUR/USD touches 4 hours 55 EMA as expected and at this point, some more recovery might still be seen with 1.3830 minor support intact but after all, we’s still favor the bearish case that EUR/USD has topped out as long as 1.4171 resistance holds. Sustained break of 1.3793 cluster support…

The British pound rises briefly to 1.6467 (minor spike top) in European morning and then retreats, suggesting an intra-day top is possibly made there and consolidation with downside bias will be seen. Therefore, we will hold the short entered at 1.6440 with stop now lowering to break-even in anticipation of…