Daily Forex News

Although the single currency has risen after finding renewed buying interest above minor support at 1.4453, lack of near term upward momentum should prevent sharp move beyond 1.4634 (61.8% projection of 1.4264 to 1.4557 measuring from 1.4453) and price should falter below 1.4680 (approx. 50% Fibonacci retracement of recent decline…

As the greenback has recovered after falling to 90.73 yesterday, suggesting consolidation with mild upside bias would be seen and although rebound to 92.25-26 (current level of the Kijun-Sen, Ichimoku cloud top and 50% Fibonacci retracement of 93.78 to 90.73) cannot be ruled out, reckon 92.61 (61.8% Fibonacci retracement) should…

EUR/USD edges higher to 1.4578 today but there is no follow through buying to take it through 38.2% retracement of 1.5143 to 1.4217 at 1.4571 decisively yet. We’d still prefer the case that this fibonacci resistance would hold to conclude the consolidations from 1.4217. A break below 1.4456 minor support…

Intraday bias in USD/CHF remains neutral as the pair continues to struggle in tight range today. As noted before, price actions from 1.0506 are treated as correction to rise from 0.9916 only and should be contained by mentioned 1.0141/0175 (61.8% retracement of 0.9916 to 1.0506 at 1.0141) support zone. On…

Intraday bias in USD/JPY remains on the downside with 91.80 minor resistance intact. WIth a short term top in place at 93.74, current fall from there is expected to continue to 87.36 support next. Break there will also confirm that whole rise from 84.81 has completed. In such case, medium…

GBP/USD’s rebound extends further to as high as 1.6293 so far today. At this point, intraday bias remains on the upside and the corrective rise from 1.5829 is still expected to continue to 100% projection of 1.5829 to 1.6327 from 1.5896 at 1.6304 and above. Nevertheless, we’d still expect upside…

Dollar lost ground to Euro and Sterling in spite of some hawkish comments from Fed Plosser. Euro was lifted by comments from Greek Finance Minister George Papaconstantinou a bailout of the country is not necessary. Sterling, on the other hand, is still receiving strong support from Sentance’s comments and rate…

The ECB is expected to keep the main refinancing rate unchanged at 1% in January. After announcing some liquidity withdrawal measures at the December meeting, the upcoming meeting will likely be a quiet one. President Trichet should describe current interest rates as ‘appropriate’ and the outlook for growth and inflation…

The single currency did drop to 131.64 yesterday as suggested in our previous update and although price has rebounded from intra-day low of 131.51, as temporary top has been formed at 134.37 on Monday, upside should be limited to 133.90/00 and bring another corrective decline to 131.51, break there would…

Although aussie’s intra-day rebound suggests consolidation with initial upside bias would be seen, as yesterday’s fall to 0.9170 signals the wave (v) as well as wave iii has possibly ended at 0.9326, suggesting upside would be limited and bring another leg of wave iv (tentatively minor c leg) to 0.9170,…