- It is the day after Christmas, and not a creature is stirring
- The NY Review and Preview for December 26th 2011
- USDCHF Holding Steep Trendline
- usd/cnh slow market due to the holidays.
- USDSGD Continues to Hold 61.8%
- China Sets Yuan Reference Rate @ 6.3167
Posted: 26 Dec 2011 06:20 AM PST
The US dollar is down on the day against all the major currencies except the NZD which suffered continued earthquake tremors over the weekend (the above chart shows the dollars change agains the major currencies). The China/Japan pact over the weekend got the dollar off on the wrong foot and that has continued through the quiet holiday trading in Europe and the US. The pair is doing the worst against the Yen. Against the Euro the dollar has lost 0.12%.
Versus the EURUSD, the 100 hour MA and trendline off the most recent highs on the hourly chart come in at the 1.3067 level. A move below the level, could solicit more intraday selling in the pair in the quiet trading conditions.
The GBPUSD has had more of a volatile up and down trading day. The GBPUSD has developed a ceiling against the 38.2% of the move up from the December 14th low to the December 20th high at the 1.5832 level. A move above the level opens the way for a test of the 100 hour MA (blue line in the chart below) and downward sloping trendline at the 1.5666 level currently). Additional resistance comes in today at the 1.5647 level. On the downside, the pair has support at the 1.5589 area.
The USDCHF is down on the day, but has found support against the 100 hour MA (blue line in the chart below) at the 0.9340 level. The 0.93578 retracement is the next target with better resistance against the 200 hour MA currently at the 0.9379 level (green line in the chart below).
The dollar has faired the worst against the USDJPY today on the back of the China/Japan pact announced over the weekend. The USDJPY has moved below its 100 and 200 hour MAs. The price moved below the 61.8% of the move up from the December 21st low at the 77.885 level, but is back above that level. The 200 hour MA, at the 77.96 level currently, is upside target with additional resistance at the 78.00 level.
Of course, with Europe and the US basking in the day after Christmas holiday, I do not expect much. Nevertheless, liquidity is at low levels, so adjust trading to reflect the risk.
Posted: 26 Dec 2011 04:53 AM PST
Stocks and Commodities
Key events and releases Pre NY
Key Events and Releases in NY Session
FXDD Scheduled Webinar’s for today
No Scheduled Webinars this week.
Posted: 25 Dec 2011 08:26 PM PST
The Cable chart below shows the break out of the triangle had led to a ~2 big figure rally, but a break back below trendline support could put Sterling under some pressure. The trendline 21hr is breaking below the 100hr from a short-term perspective as the pair sits right above the 50% retracement of the December move.
Posted: 25 Dec 2011 07:28 PM PST
The USDCHF pairs appreciation from the end of the 3rd quarter through the 4th quarter of 2011 has been supported by the trendline support below. The moving averages have also turned positive with the 100 day breaking above the 200 day and the pair above the 92.50 area where there has been resistance from last March are all bullish signals.
Posted: 25 Dec 2011 07:20 PM PST
Posted: 25 Dec 2011 06:50 PM PST
Posted: 25 Dec 2011 05:25 PM PST
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