Forex Fundamentals today

8:30am EST Empire State Business Conditions Index (USD)
8:30am EST Foreign Securities Purchases (CAD)
9:00am EST TIC Net Long-Term Transactions (USD)
7:30pm EST RBA Meeting Minutes (AUD)

Forex technical overview

EUR-USD => 1.4316 level is expected to be the lowest point for this pair currently. Expecting a bounce back towards 1.4418 - 1.4497.

GBP-USD => Resistance at 2.0256 will most likely be hit initiating a down move towards 2.0065 -1.9924.

USD-CHF => 1.1620 - 1.1581 should see the end of an uptrend followed by a correction towards 1.1435. rising above 1.1638 cancels correction.

USD-JPY => 113.96 - 113.93 should see the end of an uptrend with a following pullback down towards 112.55. Rising clearly above 114.45 cancels expected pullback.

EUR-JPY => Until 162.90 - 162.81 area is intact, the pair can move higher to 164.40 or even 165.22; in case of a breakout we should see an extended sell off.

EUR-GBP => 0.7132 - 0.7133 level should finalize current downtrend allowing buyers to recover to 0.7164 or even 0.7171. Falling below 0.7119 wipes out all expectations.

EUR-CHF => Resistance at 1.6654 should be met prior to an extended sell off towards 1.6622 -1.6538 zone.

AUD-USD => Pair should stay above 0.8545 level. Expecting a pullback up towards 0.8611 - 0.8671.

USD-CAD => Rising from 1.0150 or even 1.0117 towards 1.0236 is preferred. Later a pullback may take place.

Good luck in your Forex trading today!

This entry was posted on Monday, December 17th, 2007 at 5:25 am and is filed under Daily market comments. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.