Daily Forex Market by FXCC 10Jan2012

Daily Forex Market by FXCC 10Jan2012
MARKET OVERVIEW – JANUARY 10 2012
Major currency pair and Commodity currency pair analysis
The euro appreciated 0.4 percent to $1.2770. The euro strengthened 0.3 percent to 98.15 yen, rebounding from the lowest level since December 2000. The Swiss franc strengthened against 13 of its 16 major counterparts, gaining 0.6 percent versus the dollar. The USD/JPY ended lower for a second consecutive session on Monday, having ended with a loss of 0.23% on the day at 76.81, down from 76.99 of last Friday. GBP/JPY trading close to last week’s closing price, around 118.75, Monday saw the pair extend its slide to fresh 3-month lows.
The Canadian currency, nicknamed the loonie, advanced 0.5 percent to C$1.0235 per U.S. dollar at 5 p.m. Toronto time having weakened by up to 0.3 percent earlier. One Canadian dollar buys 97.70 U.S. cents. The Aussie is showing upside strength versus the U.S. dollar early in the Asian session recovering from fresh 2-week lows below 1.0150 on Monday, currently printing at 1.0250 from an earlier session low of 1.0226.

UPCOMING EVENTS
2012-01-10 04:05 GMT |China - Trade Balance (Dec)
2012-01-10 08:00 GMT | Denmark - Retail Sales (YoY) (Nov)
2012-01-10 08:30 GMT | Sweden - Industrial Production (YoY) (Nov)
2012-01-10 09:00 GMT | Norway - Producer Price Index (YoY) (Dec)

FOREX NEWS
2012-01-10 03:45 GMT | Aussie and Kiwi rally in risk-on Asia
2012-01-10 03:03 GMT | China Dec Trade Balance 16.5B
2012-01-10 00:04 GMT | UK - RICS Housing Price Balance -16 in Dec
2012-01-10 00:02 GMT | UK - Dec BRC Retail Sales Monitor - All (YoY) 2.2%
 
EURUSD 1.27881 / 1.27887
High: 1.27967 | Low: 1.26594 | Chg: 0.0023 0.18%
SUMMARY: Up
INTRADAY TREND: Uptrend
MA10: Bullish
MA20: Bullish
STOCHASTIC: Neutral

https://support.fxcc.com/email/techn...012/EURUSD.gif

Resistance Levels: 1.3013 | 1.2969 | 1.2897 | 1.2814
Support Levels: 1.2719 | 1.2666 | 1.2597 | 1.2561

Intraday Analysis: After EURUSD formed a bottom at 1.26666 (S2) a strong support for the bulls, it seems that now is heading for an upward correction towards our second resistance 1.2897 (R2). A proper confirmation of this scenario will take place if the price manages to break above 1.2814 (R1). On the downside, if price falls back below 1.2719 (S1), we can expect the price to retest 1.2666 (S2) at a strong psychological level. A break below that level, then we will start focusing at the next support level 1.2597 (S3).

 
GBPUSD 1.54711 / 1.54721
High: 1.54849 | Low: 1.54444 | Chg: 0.0012 0.08%
SUMMARY: Up
INTRADAY TREND: Uptrend
MA10: Bullish
MA20: Bullish
STOCHASTIC: Overbought

https://support.fxcc.com/email/techn...012/GBPUSD.gif

Resistance Levels: 1.5666 | 1.5630 | 1.5579 | 1.5525
Support Levels: 1.5422 | 1.5395 | 1.5364 | 1.5312

Intraday Analysis: The GBPUSD moved upwards and closed above yesterday’s resistance 1.5469 and now is moving towards 1.5525 (R1). A break above that level suggests further rise towards 1.5579 (R2) and then 1.5630 (R3). In the other hand, if the price manages to hold below the first resistance level 1.5525 (R1) we can expect retest of 1.5422 (S1) and a break below that level, expecting the price to retest 1.5395 (S2) and 1.5364 (S3) which is a strong technical and psychological support for the bulls.
 
USDJPY 76.832/ 76.836
High: 76.904 | Low: 76.775 | Chg: 0.001 0%
SUMMARY: Down
INTRADAY TREND: Downtrend
MA10: Bearish
MA20: Bearish
STOCHASTIC: Neutral

https://support.fxcc.com/email/techn...012/USDJPY.gif

Resistance Levels: 78.03 | 77.56 | 77.33 | 76.95
Support Levels: 76.60 | 76.04 | 75.56 | 75.08

Intraday Analysis: USDJPY after price formed a bottom at 76.76 yesterday’s support level, price continued in sideways move between that level and 76.95. A break above 76.95 could trigger further bullish moves towards 77.33 (R2). On the downside, if price breaks below 76.60 (S1), will confirm our short positions targeting 76.04 (S2). A stop loss should be placed above 76.95 (R1).

Source: FX Central Clearing Ltd, (http://www.fxcc.com)
URL: https://support.fxcc.com/email/technical/10012012