Daily Forex News

Despite falling to 131.74 yesterday, the stronger-than-expected rebound from there suggests the c leg as well as the wave 2 from 138.49 has possibly ended at 131.01 and as long as 131.74 holds, another rise would take place but break of resistance at 134.52 is needed to add credence to…

Although the Australian dollar has rebounded strongly after trading above support at 0.8906, as long as resistance at 0.9123 holds, consolidation with downside bias is seen for another fall but break of said support is needed to signal the decline form 0.9330 top has resumed, and bring stronger correction of…

The Bank of England will continue to keep its policy rate at 0.5%. However, the focus of the meeting is whether the central bank will extend the asset purchase program which was increased by 25B pound to 175B pound in August. The surprising contraction in 3Q09 GDP increased the likelihood…

As there’s only one month to go for the release of a new set of staff projection in December, we will probably not get much new information from the ECB at November’s meeting. Policymakers should leave the main refinancing rate unchanged at 1%. In the accompanying statement, it will be…

Despite last week’s rebound to 0.9240, failure to extend further rise and the selloff from there suggests the entire rise from 0.8400 has possibly ended at 0.9413 (just as we indicated in our previous update that it is still 50/50 chance that only wave 3 ended or the entire c…

Despite Monday’s rise to 1.0871, the retreat from there suggests the first leg of upmove from 1.0206 low has formed a top there and consolidation with mild downside bias is seen in the 2nd wave and whilst correction to 1.0539 (50% Fibonacci retracement of 1.0206 to 1.0871) cannot be ruled…

EUR/GBP’s break of 0.8994 minor support indicates that recovery from 0.8911 has completed at 0.9060 already. Intraday bias is flipped back to the downside for retesting 0.8911 first. Break will bring fall resumption to 100% projection of 0.9410 to 0.8996 from 0.9238 at 0.8824 to conclude whole decline from 0.9410….

Despite yesterday’s rally to 1.0338, the sharp retreat from there suggests the rise from 1.0033 has formed a top there and consolidation would take place with mild downside bias for fall to the Ichimoku cloud top (now at 1.0203), however, renewed buying interest is likely to emerge around the lower…

Although the British pound staged a strong rebound after falling to 1.6260 yesterday, as outlook remains consolidative, upside should be limited to 1.6525/30 and bring another retreat later. Below the Tenkan-Sen (now at 1.6378) would add credence to our bearishness for another test of strong support area at 1.6251-1.6260. Looking…

Outlook of EUR/CHF remains unchanged. Risk remains on the downside with 1.5238 resistance intact and another fall cannot be ruled out. But even in that case, downside should be contained by 1.5007 key support to complete the fall from 1.5364 and bring strong rebound. On the upside, decisive break of…