Good morning Forex fellows!
Let’s see what the market promises us today.

Forex technical overview

EUR-USD => Expecting further climb towards 1.4910 and even 1.4992 assuming that support at 1.4840 holds. Later we should see a correction towards 1.4840 - 1.4810 area.

GBP-USD => Further sell offs to 1.9815 and lower to 1.9765 may occur while the price stay below 1.9888 - 1.9910 area. Further expectations are for a temporary consolidation.

USD-CHF => Resistance at 1.0865 should hold allowing a down move towards 1.0825 -1.0735 zone.

USD-JPY => While 106.65 - 106.85 area offers resistance we could see another drop towards 105.85 level. Later a correction to 106.85 and possibly 107.05 should be expected.

EUR-JPY => While the area of 158.25 - 158.70 resists we may anticipate another fall towards 157.05 and possibly to 156.20 level.

EUR-GBP => The market will be coiling between 0.7435 and 0.7505 for some time now.

EUR-CHF => Support at 1.6095 should hold with a following price rise to 1.6220 and higher. Breaking below 1.6030 calls sellers into action.

AUD-USD => Quite uncertain expectations here. 0.8895 or 0.8855 most likely will support a rise to 0.9010. Later a pullback will be due.

USD-CAD => 0.9840 - 0.9920 area should mark the end of the fall, opening a new rally towards 0.9965 and possibly to 1.0000. Breaking below 0.9800 damages those expectations.

GBP/JPY => registering clearly above 212.00 opens another opportunity on the way up. Next resistance is at 213.00 and later at 214.00.

Forex fundamentals to watch

USD 8:30 AM EST Personal Consumption Expenditures (PCE) Index
CAD 8:30 AM EST Gross Domestic Product (GDP)
USD 9:45 AM EST Chicago Purchasing Managers’ Index (PMI)

This entry was posted on Thursday, January 31st, 2008 at 3:14 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.