Daily Forex News

Sterling suffered from heavy selling pressure all week, despite the BoE announcing a pause in quantitative easing. Sterling lost ground against all G-10 currencies and broke below key support versus the USD (1.57008). Risk aversion trades continued with equity markets falling for the third consecutive week while sovereign CDS spreads…

EUR/USD dropped sharply to as low as 1.3585 last week and the strong break of 1.3737 cluster support further confirm our view that three wave consolidation from 1.2329 has completed at 1.5143 already. Initial bias remains on the downside this week for 61.8% retracement of 1.2329 to 1.5143 at 1.3404…

USD/JPY’s fall resumed last week and dropped to as low as 88.57 before turning sideway. Initial bias remains neutral and some more consolidations could be seen above 88.57 this week. Nevertheless, upside is expected to be limited below 91.26 resistance and bring fall resumption. Below 88.57 will target 87.36 support…

GBP/USD dropped sharply to as low as 1.5557 last week and the strong break of 1.5706 cluster support confirmed our view that medium term rebound from 1.3503 is already finished. Initial bias will remain on the downside this week and further fall should be seen to 100% projection of 1.6875…

USD/CHF rose further to as high as 1.0793 last week and met mentioned target of 100% projection of 0.9916 to 1.0506 from 1.0131 at 1.0721 as expected. Initial bias remains on the upside this week and further rise should be seen to medium term trend line resistance at 1.0921 next….

AUD/USD dropped sharply to as low as 0.8577 last week and the break of 0.8734 support confirms that whole decline from 0.9404 has resumed. Also, initial target of 23.6% retracement of 0.6008 to 0.9404 at 0.8603 was already met. Initial bias remains on the downside this week and sustained trading…

USD/CAD rose further to as high as 1.0779 last week and the break of 1.0744 resistance affirms our view that three wave correction from 1.0851 has already finished at 1.0223. Nevertheless, subsequent sharp retreat from 1.0779 indicates that a short term top might be formed. Initial bias will be neutral…

EURGBP continued to consolidate in tight range last week and outlook remains unchanged. Initial bias remains neutral this week and some more sideway trading might be seen. Nevertheless, we’d continue to expect upside to be limited by 0.8792 resistance and bring fall resumption. Below 0.8660 minor support will flip intraday…

EUR/CHF dropped further to as low as 1.4557 last week and met mentioned 1.4577 key support level. However, the cross the rebounded strongly on SNB intervention and before settling at 1.4667. Initial bias remains neutral this week and we’d expect some more sideway consolidations in near term. The range of…

EUR/JPY fell sharply to as low as 120.69 last week and the strong break of 124.35 support further affirm our view that medium term rebound from 112.10 has already completed at 139.21. Initial bias remains on the downside this week and sustained trading below 61.8% projection of 134.36 to 124.73…