eInvestorsForum.com - Forex Forum, Forex Calendar, Forex Videos

eInvestorsForum.com - Forex Forum, Forex Calendar, Forex Videos http://www.einvestorsforum.com eInvestorsForum.com is the Worldwide Forex Discussion Forum. Our community features user-friendly Forex forum, Forex Calendar, Forex Videos and breaking Forex news from top sources. Our community is proud to bring together all forex traders and investors from around the globe - we hope you will join us soon! en Wed, 08 Sep 2010 12:09:52 GMT vBulletin 60 http://www.einvestorsforum.com/images/misc/rss.jpg eInvestorsForum.com - Forex Forum, Forex Calendar, Forex Videos http://www.einvestorsforum.com Windsor Brokers - Short Term Technical Analysis for Majors (08:30 GMT) http://www.einvestorsforum.com/major-currency-pairs/10822-windsor-brokers-short-term-technical-analysis-for-majors-08-30-gmt-new-post.html Wed, 08 Sep 2010 10:16:46 GMT *EUR/USD* Corrective attempt 1.2586/1.2625, 24/31 Aug lows, stalled at 1.2916 yesterday, just below key resistance area at 1.2920/31. This may... EUR/USD

Corrective attempt 1.2586/1.2625, 24/31 Aug lows, stalled at 1.2916 yesterday, just below key resistance area at 1.2920/31. This may signal a completion of the corrective phase, with break below 1.2775 to open 1.2741 first, ahead of 1.2700. Upside, regain of 1.2875 1.2871 firms the tone, but sustained break above 1.2931 resumes the recovery.

Res: 1.2875, 1.2893, 1.2916, 1.2931
Sup: 1.2775, 1.2741, 1.2728, 1.2700

GBP/USD

Yesterday’s failure to break above 1.5490 triggered immediate pullback, turning the focus lower. 1.5344 has been reached so far, just above 1.5325, key near-term support. Break here to fresh weakness towards 1.5250/40 zone, though, correction higher may precede the downmove. Only above 1.5490 improve the near-term outlook.

Res: 1.5465, 1.5490, 1.5543, 1.5573
Sup: 1.5344, 1.5336, 1.5325, 1.5296

USD/JPY

Returns to the negative tone, following an upside rejection at 85.21 on 03 Sep and today’s fresh attempt at the recent consolidation floor at 83.66/51. Potential break here to open the next phase lower and target 81.88, May 1995 low, short-term. Only regain of 84.65 would provide a near-term relief.

Res: 84.52, 84.65, 85.00, 85.19
Sup: 83.66, 83.51, 83.10, 82.30

USD/CHF

Last Friday’s upside rejection at 1.0237 confirms weakness, with market currently pressuring key longer-term bear flag support at 1.0065. Break here will suggest a significant medium-term weakness, with initial targets standing at 0.9980/16. Upside remains capped by 1.0141/86.

Res: 1.0141, 1.0186, 1.0224, 1.0237
Sup: 1.0065, 1.0027, 1.0000, 0.9980

]]> Major Currency Pairs WindsorBrokers http://www.einvestorsforum.com/major-currency-pairs/10822-windsor-brokers-short-term-technical-analysis-for-majors-08-30-gmt.html Forexpros Daily Analysis - 08/09/2010 http://www.einvestorsforum.com/forex-daily-news-and-outlook/10821-forexpros-daily-analysis-08-09-2010-a-new-post.html Wed, 08 Sep 2010 10:11:24 GMT _*ForexPros Daily Analysis September 08, 2010*_ _*Free webinar on ForexPros - How to Get Direction Right by Looking for Clues in Forex Price... ForexPros Daily Analysis September 08, 2010

Free webinar on ForexPros - How to Get Direction Right by Looking for Clues in Forex Price Action
Expert: Kris Matthews
When: Thu, Sep 16, 2010, 07:00 ET

Unfortunately many traders fall into the trap of following technical analysis systems without understanding what charts are really telling them about the behavior and sentiment of the market. Kris Matthews presents in the final webinar of this four part series on trading sentiment, how to spot certain recurring types of price action that reveal valuable clues about the sentiment/direction of the market going forward.

Click here to join free

---

Euro Dollar

The Euro fell heavily during yesterday’s Asian session, then it resumed the drop during the European session. After stopping just below the enormous resistance we talked about in Monday’s report 1.2920 (Monday’s high was 1.2916), we saw the Euro fall, breaking yesterday’s support 1.2777 and successfully reached the first suggested target at 1.2690. With this drop, the price has broken 3 critical levels at once: 1. the rising trend line from Aug 31st (which was broken at 1.2860), 2. the falling trend line from Sep 1st top and 3. the massive support at 1.2777. This has shifted the short & medium terms’ technical outlook to the negative territory! But on the other hand, after the big drop, chances of seeing a correction before resuming the journey south are massive. The ideal target area for a short term correction is from 1.2767 to 1.2824. Therefore, today’s best strategy may be selling if the price rebounds to this area. Short term resistance is at 1.2824, we do not expect it to be broken today. But if it is broken, we will jump to 1.2912 & 1.2972. Support is at 1.2698, and a break here would target 1.2627 and may be at a later time 1.2522.

Support:
• 1.2698: obvious & attractive horizontal support on intraday charts.
• 1.2627: Aug 31st low.
• 1.2522: Jul 13th low.

Resistance:
• 1.2824: Fibonacci 61.8% for the drop from Monday’s high.
• 1.2912: the retest level for the rising trend line from Aug 31st low on the hourly chart.
• 1.2972: the top of the rising trend channel on the hourly chart.

---

USD/JPY

The Dollar/Yen dropped to 83.33, a new 15-year low! The latest drop came in the midst of the disappointment in the BoJ, which after a 2-day meeting, announced that it will not do anything at the moment to deal with the strong Yen. We have recently adjusted the falling trend line on the hourly chart to include Friday’s jump. We still believe in USD\/JPY weakness, and we believe it will travel south. Only a break of this line in specific will change our minds. This line is currently running at 85.10 (please refer to the attached chart). To keep trading below it, indicates more downside activity, especially after the BoJ disappointed again yesterday, as the “Japs” said once again they are watching closely, but they did nothing! The market has had it with these comments, and now the Japanese authorities should buy tickets to the “Yen Show”, and see what it will do to the Dollar & the Euro! Short term support is at 83.41, and if broken, we will be on the way to our long-awaited target at 82.25, then we will see the psychological level at 80.00. On the other hand, the above mentioned trend line is at 85.10, and Fibonacci 61.8% short term is at 84.49. If the latter is broken, we will target former. And if this one is also broken, the Dollar will be violent to us all, as it will shoot up to 86.25.

Support:
• 83.41: important intraday level.
• 82.25: the falling trend line on the weekly chart, combining the monthly lows of Dec 2008, Jan & Nov 2009.
• 80.00: psychological level.

Resistance:
• 84.49: Fibonacci 61.8% for the short term.
• 85.10: the falling trend line from June 4th top on the hourly chart
• 86.25: Jul 16th bottom.

---

GBP/USD

The Pound dropped on Monday, from the very same area which stopped it on Sep 1st, the all important resistance 1.5480/90, and this drop reached 1.5295 yesterday. Then, the price jumped for more than 100 pips so far. This bounce or short term uptrend found a supporting trend lien which is currently at 1.5374. We expect the Dollar to try and break this level, to continue its rebound from the gigantic resistance 1.5490. If it manages to do so, we will be in for another episode of the drop series, similar to what we have seen on Monday. This will target 1.5262 at the very least, and at a later time 1.5151. On the other hand, the most important resistance is 1.5441. We do not exaggerate when we say that this level is the single most important one in determining the short term direction. If broken, the Pound will refuse to give up to our negative outlook, and will break free, targeting the interesting areas above 1.55, most interesting of them in our eyes are 1.5507 & 1.5596.

Support:
• 1.5374: the rising trend line from yesterday’s low on intraday charts.
• 1.5262: Jul 5th high.
• 1.5151: the rising trend line from Friday’s low on intraday charts.

Resistance:
• 1.5441: the top of the rising trend channel on the hourly chart.
• 1.5507: Aug 19th low.
• 1.5596: Aug 16th low.

---

Forex trading analysis written by Munther Marji for Forexpros.

---

Disclaimer:
Trading Futures and Options on Futures and Cash Forex
transactions involves substantial risk of loss and may not be suitable for
all investors. You should carefully consider whether trading is suitable for
you in light of your circumstances, knowledge, and financial resources. You
may lose all or more of your initial investment. Opinions, market data, and
recommendations are subject to change at any time. ]]> forexpros2 http://www.einvestorsforum.com/forex-daily-news-and-outlook/10821-forexpros-daily-analysis-08-09-2010-a.html Forexpros Daily Analysis - 08/09/2010 http://www.einvestorsforum.com/forex-daily-news-and-outlook/10820-forexpros-daily-analysis-08-09-2010-a-new-post.html Wed, 08 Sep 2010 09:52:06 GMT _*ForexPros Daily Analysis September 08, 2010*_ _*Free webinar on ForexPros - How to Get Direction Right by Looking for Clues in Forex Price... ForexPros Daily Analysis September 08, 2010

Free webinar on ForexPros - How to Get Direction Right by Looking for Clues in Forex Price Action
Expert: Kris Matthews
When: Thu, Sep 16, 2010, 07:00 ET

Unfortunately many traders fall into the trap of following technical analysis systems without understanding what charts are really telling them about the behavior and sentiment of the market. Kris Matthews presents in the final webinar of this four part series on trading sentiment, how to spot certain recurring types of price action that reveal valuable clues about the sentiment/direction of the market going forward.

Click here to join free

---

Euro Dollar

The Euro fell heavily during yesterday’s Asian session, then it resumed the drop during the European session. After stopping just below the enormous resistance we talked about in Monday’s report 1.2920 (Monday’s high was 1.2916), we saw the Euro fall, breaking yesterday’s support 1.2777 and successfully reached the first suggested target at 1.2690. With this drop, the price has broken 3 critical levels at once: 1. the rising trend line from Aug 31st (which was broken at 1.2860), 2. the falling trend line from Sep 1st top and 3. the massive support at 1.2777. This has shifted the short & medium terms’ technical outlook to the negative territory! But on the other hand, after the big drop, chances of seeing a correction before resuming the journey south are massive. The ideal target area for a short term correction is from 1.2767 to 1.2824. Therefore, today’s best strategy may be selling if the price rebounds to this area. Short term resistance is at 1.2824, we do not expect it to be broken today. But if it is broken, we will jump to 1.2912 & 1.2972. Support is at 1.2698, and a break here would target 1.2627 and may be at a later time 1.2522.

Support:
• 1.2698: obvious & attractive horizontal support on intraday charts.
• 1.2627: Aug 31st low.
• 1.2522: Jul 13th low.

Resistance:
• 1.2824: Fibonacci 61.8% for the drop from Monday’s high.
• 1.2912: the retest level for the rising trend line from Aug 31st low on the hourly chart.
• 1.2972: the top of the rising trend channel on the hourly chart.

---

USD/JPY

The Dollar/Yen dropped to 83.33, a new 15-year low! The latest drop came in the midst of the disappointment in the BoJ, which after a 2-day meeting, announced that it will not do anything at the moment to deal with the strong Yen. We have recently adjusted the falling trend line on the hourly chart to include Friday’s jump. We still believe in USD\/JPY weakness, and we believe it will travel south. Only a break of this line in specific will change our minds. This line is currently running at 85.10 (please refer to the attached chart). To keep trading below it, indicates more downside activity, especially after the BoJ disappointed again yesterday, as the “Japs” said once again they are watching closely, but they did nothing! The market has had it with these comments, and now the Japanese authorities should buy tickets to the “Yen Show”, and see what it will do to the Dollar & the Euro! Short term support is at 83.41, and if broken, we will be on the way to our long-awaited target at 82.25, then we will see the psychological level at 80.00. On the other hand, the above mentioned trend line is at 85.10, and Fibonacci 61.8% short term is at 84.49. If the latter is broken, we will target former. And if this one is also broken, the Dollar will be violent to us all, as it will shoot up to 86.25.

Support:
• 83.41: important intraday level.
• 82.25: the falling trend line on the weekly chart, combining the monthly lows of Dec 2008, Jan & Nov 2009.
• 80.00: psychological level.

Resistance:
• 84.49: Fibonacci 61.8% for the short term.
• 85.10: the falling trend line from June 4th top on the hourly chart
• 86.25: Jul 16th bottom.

---

GBP/USD

The Pound dropped on Monday, from the very same area which stopped it on Sep 1st, the all important resistance 1.5480/90, and this drop reached 1.5295 yesterday. Then, the price jumped for more than 100 pips so far. This bounce or short term uptrend found a supporting trend lien which is currently at 1.5374. We expect the Dollar to try and break this level, to continue its rebound from the gigantic resistance 1.5490. If it manages to do so, we will be in for another episode of the drop series, similar to what we have seen on Monday. This will target 1.5262 at the very least, and at a later time 1.5151. On the other hand, the most important resistance is 1.5441. We do not exaggerate when we say that this level is the single most important one in determining the short term direction. If broken, the Pound will refuse to give up to our negative outlook, and will break free, targeting the interesting areas above 1.55, most interesting of them in our eyes are 1.5507 & 1.5596.

Support:
• 1.5374: the rising trend line from yesterday’s low on intraday charts.
• 1.5262: Jul 5th high.
• 1.5151: the rising trend line from Friday’s low on intraday charts.

Resistance:
• 1.5441: the top of the rising trend channel on the hourly chart.
• 1.5507: Aug 19th low.
• 1.5596: Aug 16th low.

---

Forex trading analysis written by Munther Marji for Forexpros.

---

Disclaimer:
Trading Futures and Options on Futures and Cash Forex
transactions involves substantial risk of loss and may not be suitable for
all investors. You should carefully consider whether trading is suitable for
you in light of your circumstances, knowledge, and financial resources. You
may lose all or more of your initial investment. Opinions, market data, and
recommendations are subject to change at any time. ]]> forexpros2 http://www.einvestorsforum.com/forex-daily-news-and-outlook/10820-forexpros-daily-analysis-08-09-2010-a.html 1801-Forex Trading Signal, 20 pip Profit Guaranteed! http://www.einvestorsforum.com/forex-broker-discussion/10819-1801-forex-trading-signal-20-pip-profit-guaranteed-new-post.html Wed, 08 Sep 2010 05:50:18 GMT Low Rate Signal, Performance Success rate 80% Plus $5000 Bonus on Each Dopisit of Forex/Commodity Minimum Deposit only $1, Get back Bonus... Low Rate Signal, Performance Success rate 80% Plus

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Regulated by RAFMM, FFMS, NFA ]]> Forex Broker Discussion bkkd569 http://www.einvestorsforum.com/forex-broker-discussion/10819-1801-forex-trading-signal-20-pip-profit-guaranteed.html GBPUSD continues its bearish move http://www.einvestorsforum.com/technical-analysis/10818-gbpusd-continues-its-bearish-move-new-post.html Wed, 08 Sep 2010 02:03:19 GMT GBPUSD continues its downward movement from 1.5997 and the fall extended to as low as 1.5296 level. Key resistance is now at 1.5488, as long as this... GBPUSD continues its downward movement from 1.5997 and the fall extended to as low as 1.5296 level. Key resistance is now at 1.5488, as long as this level holds, downtrend is expected to continue and next target would be at 1.5200 area. However, a break above 1.5488 key resistance will indicate that the downtrend from 1.5997 has terminated, then the following upward move could bring price to 1.5600-1.5700 area.

Daily Forex Forecast ]]> Technical Analysis ForexCycle.com http://www.einvestorsforum.com/technical-analysis/10818-gbpusd-continues-its-bearish-move.html European Banks http://www.einvestorsforum.com/forex-daily-news-and-outlook/10817-european-banks-new-post.html Tue, 07 Sep 2010 20:29:14 GMT Daily Market Commentary for September 7, 2010 European Banks Stocks fell today due as investors began to worry about European banks. (Read more at... Daily Market Commentary for September 7, 2010

European Banks

Stocks fell today due as investors began to worry about European banks. (Read more at Millennium-Traders.Com)

Economic data released today: N/A

At the NYSE closing bell on the New York Stock Exchange, here is how the major world indices and major U.S. stock indices ended the trading session on the world markets as well as the emerging markets including the stock market closing bell price:
DOW (Dow Jones Industrial Average) shed 107.24 points, EOD 10,340.69
NYSE (New York Stock Exchange) shed 95.09, EOD 6,959.94
National Association of Securities Dealers Automated Quotations (NASDAQ) shed 25.03 points, EOD 2,208.72
S&P 500 (SPX) shed 12.55 points, EOD 1,091.96
BEL 20 (BEL20) shed 11.05 points, EOD 2,538.91
CAC 40 (CAC40) gain 28.39 points, EOD 3,643.81
FTSE100 (UKX100) shed 20.33 points, EOD 5,407.82
NIKKEI 225 (NIK/O) shed 75.32 points, EOD 9,226.00

New York Stock Exchange (NYSE) stock market indicators for the trading session today:
Advanced stock prices 20, declined stock prices 21, unchanged stock prices 93,138, stock prices hitting new highs 163 and stock prices hitting new lows 23. NYSE quotes for volatile stocks and market trends, as well as stock quotes, stock prices and stock symbols of Day Trading Stock Picks on the New York Stock Exchange stock market for Day Trading online and active Day Trading for those who are or would like to be Day Trading for a living: MA shed 6.46, HOD 205.93, LOD 200.1, EOD 200.52; MON shed 0.45, HOD 56.42, LOD 55.20, EOD 55.34; AXP shed 1.71, HOD 41.53, LOD 40.04, EOD 40.09; CRM gain 0.17, HOD 120.45, LOD 118.85, EOD 119.80; CME shed 6.67, HOD 265.40, LOD 257.91, EOD 258.44; RTP shed 1.86, HOD 53.40, LOD 52.34, EOD 53.03; POT gain 0.99, HOD 150.19, LOD 148.15, EOD 149.49.

National Association of Securities Dealers Automated Quotations (NASDAQ) stock market indicators for the trading session today:
Advanced stock prices 608, declined stock prices 2,074, unchanged stock prices 96, stock prices hitting new highs 42 and stock prices hitting new lows 29. NASDAQ quotes, volatile stocks and market trends, as well as stock quotes, stock prices and stock symbols of Day Trading Stock Picks on the NASDAQ stock market for Day Trading online and active Day Trading for those who are or would like to be Day Trading for a living: AAPL shed 0.96, HOD 259.53, LOD 256.25, EOD 257.81; PCLN shed 2.30, HOD 315.47, LOD 311.11, EOD 311.55; SHLD shed 3.20, HOD 67.91, LOD 65.00, EOD 65.19; GENZ gain 0.52, HOD 71.01, LOD N/A, EOD 71.01.

Market trends on the American Stock Exchange (AMEX) and stock market indicators for the trading session today:
Advanced stock prices 224, declined stock prices 267, unchanged stock prices 26, stock prices hitting new highs 27 and stock prices hitting new lows 3.

Chicago Board of Trade Futures Market for the day, at time of this posting:
E-mini S&P 500 (ES) Mar 10: EOD 1091.25; Change -12.25
E-mini NASDAQ-100 (NQ) Mar 10: EOD 1,857.50; Change -9.50
E-mini DOW $5 (YM) Mar 10: EOD 10,332; Change -104
Nikkei 225 (Yen) Mar 10: EOD 9,100; Change -80

World Currencies for the Forex Market, for Forex Trading by active Forex Traders, at time of this posting:
Euro 0.7877 to U.S. Dollars 1.2700
Japanese Yen 83.7850 to U.S. Dollars 0.0119
British Pound 0.6505 to U.S. Dollars 1.5400
Canadian Dollar 1.0461 to U.S. Dollars 0.9544
Swiss Franc 1.0101 to U.S. Dollars 0.9899

COMMODITY MARKETS:
Energy Sector - Nymex:
Light Crude (October 10) shed $0.51, EOD $74.09 per barrel ($US per barrel)
Heating Oil (October 10) gain $0.01, EOD $2.07 a gallon ($US per gallon)
Natural Gas (October 10) shed $0.08, EOD $3.85 per million BTU ($US per mmbtu.)
Unleaded Gas (October 10) gain $0.01 EOD $1.93 gallon ($US per gallon)

Metals Markets - Comex:
Gold (September 10) gain $8.10, EOD $1,257.30 ($US per Troy ounce)
Silver (September 10) shed $0.03, EOD $19.88 ($US per Troy ounce)
Platinum (September 10) shed $4.80, EOD $1,556.30 ($US per Troy ounce)
Copper (September 10) shed $0.03, EOD $3.46 ($US per pound)

Livestock and Meat Markets - Chicago Mercantile Exchange (cents per lb.):
Lean Hogs (October 10) shed $1.45, EOD $75.75
Pork Bellies (February 10) gain $0.20, EOD $105.50
Live Cattle (October 10) shed $2.00, EOD $96.45
Feeder Cattle (September 10) shed $2.15, EOD $112.02

Other Commodities - Chicago Board of Trade (cents per bushel):
Corn (September 10) gain $1.75, EOD $451.50
Soybeans (September 10) unchanged, EOD $1,029.75

Access upcoming scheduled economic data anytime by viewing the Economic Calendar from Millennium-Traders, free access to visitors on our website.

Visitors may subscribe to our free Weekly Market News for a review of the previous weeks trading news plus, view upcoming economic data scheduled for the week ahead.

Review current edition as well as, archives of the News & Commentary plus, view complete details of calls made in our Trading Rooms and stock picks from our Swing Trading service. Traders should review our FREE Monthly Trading Lesson posted on our website.

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Thanks for reading
Millennium-Traders.Com ]]> MTnews http://www.einvestorsforum.com/forex-daily-news-and-outlook/10817-european-banks.html Daily Market Commentary http://www.einvestorsforum.com/forex-daily-news-and-outlook/10816-daily-market-commentary-new-post.html Tue, 07 Sep 2010 18:36:28 GMT € The euro depreciated sharply vis-à-vis the U.S. dollar today as the single currency tested bids around the US$ 1.2730 level and was capped around... €
The euro depreciated sharply vis-à-vis the U.S. dollar today as the single currency tested bids around the US$ 1.2730 level and was capped around the $1.2875 level. European sovereign credit jitters continued to dominate news headlines and trading activity today. Yields on credit default swaps for Greece and Ireland reached very high levels today and there is renewed talk of a possible Greek default. Dealers cited speculation that stress tests conducted in the eurozone may have failed to account for debt at European Union lenders, suggesting banks may need to capitalize themselves more. Additionally, the media is reporting Germany’s ten largest banks may need €105 billion of additional capital under updated banking regulations to avert future crises. Traders are curious to see if these sovereign jitters results in less demand for US$ 67 billion in new U.S. Treasury securities that will be issued this week starting with three-year debt today. Traders are increasingly adopting a view that the Fed will be forced to adopt more quantitative easing-style programs, especially after recently-retired Fed Vice Chairman Kohn suggested so in recent remarks. The Fed’s Beige Book will be released tomorrow and is expected to evidence a mostly weaker outlook for the U.S. economy with ongoing weakness in the housing market. Data to be released tomorrow include July consumer credit and MBA mortgage applications along with consumer credit. In eurozone news, European Central Bank member Nowotny talked down the spike in eurozone market rates over the past couple of days, citing “substantial progress” in the periphery budget situation. He also indicated there are no deflation risks in the eurozone. Data released in the eurozone saw EMU-16 September Sentix investor confidence decline to 7.6 from the prior reading of 8.5. Also, German July factory orders were off 2.2% m/m and up 17.7% y/y, both weaker-than-expected and these data contributed to the euro’s woes. July trade balance and current account numbers will be released in Germany tomorrow. European finance officials failed to agree on a new bank transaction tax. Euro offers are cited around the US$ 1.3240 level.

¥/ CNY
The yen appreciated vis-à-vis the U.S. dollar today as the greenback tested bids around the ¥83.50 level and was capped around the ¥84.25 level. Bank of Japan Governor Shirakawa reported the central bank “will not rule out any policy options…we will take policy action in a timely and appropriate manner if determined necessary.” Shirakawa also said he is “thoroughly aware” of the impact the strong yen is having on exporters. As expected, the central bank kept the benchmark refinancing rate unchanged at 0.10% today following last week’s decision to increase a bank loan facility by ¥10 trillion to ¥30 trillion. The BoJ reiterated its view the economy will remain in a “recovery trend” and cited positive developments in final private demand for durable goods. The Japanese government is expected to increase its GDP growth estimate for the currency fiscal year to an annualized 1.5% from the prior estimate of 0.4%. The BoJ predicted in July the economy will expand 2.6% in the year to March 2011. Traders are closely monitoring the DPJ leadership election between Prime Minister Kan and Ichiro Ozawa on 14 September. DPJ officials today called on Bank of Japan to abolish its self-imposed bond purchase limits so that the central bank can finance more stimulus spending. Shirakawa will join a government panel that is mandated with determining how to achieve the government’s target of 2% annual growth over ten years. Finance minister Noda verbally intervened today and indicated the government will conduct yen-selling intervention when needed. Many traders do not expect Japan will intervene without foreign assistance and the U.S. is not expected to be in favour of intervention at this point in time. Data released in Japan overnight saw the July leading index decline to 98.2 while the July coincident index rallied to 101.8. Many data will be released tonight including August money supply numbers, August bank lending, July machine orders, and the July trade balance. The Nikkei 225 stock index lost 0.81% to close at ¥9,226.00. U.S. dollar bids are cited around the ¥84.60 level. The euro moved lower vis-à-vis the yen as the single currency tested bids around the ¥106.55 level and was capped around the ¥108.45 level. The British pound moved lower vis-à-vis the yen as sterling tested bids around the ¥127.95 level while the Swiss franc moved lower vis-à-vis the yen and tested bids around the ¥82.60 level. In Chinese news, the U.S. dollar appreciated vis-à-vis the Chinese yuan as the greenback closed at CNY 6.7912 in the over-the-counter market, up from CNY 6.7877. The Chinese government today said “We firmly oppose politicizing trade and economic issues and our yuan exchange rate reform cannot be pressed ahead under external pressure.” White House National Economic Council head Summers has been in Beijing discussing economic issues with the government.

£
The British pound depreciated vis-à-vis the U.S. dollar today as cable tested bids around the US$ 1.5295 level and was capped around the US$ 1.5420 level. U.K. banking giant Barclays called on Bank of England to move to an inflation target range because the central bank’s current need to “turn a blind eye” to accelerated price increases is eroding its credibility. Notably, consumer price inflation has exceeded two per cent by more than one percentage point for the past five months. Some BoE-watchers are calling for the central bank to adopt a looser target of around 1% to 3%. Bank of England’s Monetary Policy Committee is expected to keep interest rates unchanged this week and is likely to keep its asset purchase target unchanged at £200 billion. The central bank remains in a predicament that finds it trying to deal simultaneously with elevated rates of inflation and depressed levels of economic growth. Cable bids are cited around the US$ 1.5115 level. The euro depreciated vis-à-vis the British pound as the single currency tested bids around the £0.8285 level and was capped around the £0.8365 level.
CHF
The Swiss franc appreciated vis-à-vis the U.S. dollar today as the greenback tested bids around the CHF 1.0085 level and was capped around the CHF 1.0145 level. Data released in Switzerland today saw the August unemployment rate remain steady at 3.6%. August producer and import prices will be released on 13 August. Yesterday, Swiss National Bank reported its foreign currency holdings fell to CHF 218.1 billion in August from CHF 219.5 billion in July, partially reflecting gains in the franc. In June, the SNB reported it will intervene less in the markets by selling fewer francs after its currency holdings quadrupled. The SNB has likely not officially intervened since June. U.S. dollar offers are cited around the CHF 1.0980 level. The euro depreciated vis-à-vis the Swiss franc as the single currency tested bids around the CHF 1.2875 level while the British pound moved lower vis-à-vis the Swiss franc and tested bids around the CHF 1.5460 level. ]]> gcitrading http://www.einvestorsforum.com/forex-daily-news-and-outlook/10816-daily-market-commentary.html Daily Market Commentary http://www.einvestorsforum.com/forex-daily-news-and-outlook/10815-daily-market-commentary-new-post.html Tue, 07 Sep 2010 18:17:30 GMT € The euro depreciated sharply vis-à-vis the U.S. dollar today as the single currency tested bids around the US$ 1.2730 level and was capped around... €
The euro depreciated sharply vis-à-vis the U.S. dollar today as the single currency tested bids around the US$ 1.2730 level and was capped around the $1.2875 level. European sovereign credit jitters continued to dominate news headlines and trading activity today. Yields on credit default swaps for Greece and Ireland reached very high levels today and there is renewed talk of a possible Greek default. Dealers cited speculation that stress tests conducted in the eurozone may have failed to account for debt at European Union lenders, suggesting banks may need to capitalize themselves more. Additionally, the media is reporting Germany’s ten largest banks may need €105 billion of additional capital under updated banking regulations to avert future crises. Traders are curious to see if these sovereign jitters results in less demand for US$ 67 billion in new U.S. Treasury securities that will be issued this week starting with three-year debt today. Traders are increasingly adopting a view that the Fed will be forced to adopt more quantitative easing-style programs, especially after recently-retired Fed Vice Chairman Kohn suggested so in recent remarks. The Fed’s Beige Book will be released tomorrow and is expected to evidence a mostly weaker outlook for the U.S. economy with ongoing weakness in the housing market. Data to be released tomorrow include July consumer credit and MBA mortgage applications along with consumer credit. In eurozone news, European Central Bank member Nowotny talked down the spike in eurozone market rates over the past couple of days, citing “substantial progress” in the periphery budget situation. He also indicated there are no deflation risks in the eurozone. Data released in the eurozone saw EMU-16 September Sentix investor confidence decline to 7.6 from the prior reading of 8.5. Also, German July factory orders were off 2.2% m/m and up 17.7% y/y, both weaker-than-expected and these data contributed to the euro’s woes. July trade balance and current account numbers will be released in Germany tomorrow. European finance officials failed to agree on a new bank transaction tax. Euro offers are cited around the US$ 1.3240 level.

¥/ CNY
The yen appreciated vis-à-vis the U.S. dollar today as the greenback tested bids around the ¥83.50 level and was capped around the ¥84.25 level. Bank of Japan Governor Shirakawa reported the central bank “will not rule out any policy options…we will take policy action in a timely and appropriate manner if determined necessary.” Shirakawa also said he is “thoroughly aware” of the impact the strong yen is having on exporters. As expected, the central bank kept the benchmark refinancing rate unchanged at 0.10% today following last week’s decision to increase a bank loan facility by ¥10 trillion to ¥30 trillion. The BoJ reiterated its view the economy will remain in a “recovery trend” and cited positive developments in final private demand for durable goods. The Japanese government is expected to increase its GDP growth estimate for the currency fiscal year to an annualized 1.5% from the prior estimate of 0.4%. The BoJ predicted in July the economy will expand 2.6% in the year to March 2011. Traders are closely monitoring the DPJ leadership election between Prime Minister Kan and Ichiro Ozawa on 14 September. DPJ officials today called on Bank of Japan to abolish its self-imposed bond purchase limits so that the central bank can finance more stimulus spending. Shirakawa will join a government panel that is mandated with determining how to achieve the government’s target of 2% annual growth over ten years. Finance minister Noda verbally intervened today and indicated the government will conduct yen-selling intervention when needed. Many traders do not expect Japan will intervene without foreign assistance and the U.S. is not expected to be in favour of intervention at this point in time. Data released in Japan overnight saw the July leading index decline to 98.2 while the July coincident index rallied to 101.8. Many data will be released tonight including August money supply numbers, August bank lending, July machine orders, and the July trade balance. The Nikkei 225 stock index lost 0.81% to close at ¥9,226.00. U.S. dollar bids are cited around the ¥84.60 level. The euro moved lower vis-à-vis the yen as the single currency tested bids around the ¥106.55 level and was capped around the ¥108.45 level. The British pound moved lower vis-à-vis the yen as sterling tested bids around the ¥127.95 level while the Swiss franc moved lower vis-à-vis the yen and tested bids around the ¥82.60 level. In Chinese news, the U.S. dollar appreciated vis-à-vis the Chinese yuan as the greenback closed at CNY 6.7912 in the over-the-counter market, up from CNY 6.7877. The Chinese government today said “We firmly oppose politicizing trade and economic issues and our yuan exchange rate reform cannot be pressed ahead under external pressure.” White House National Economic Council head Summers has been in Beijing discussing economic issues with the government.

£
The British pound depreciated vis-à-vis the U.S. dollar today as cable tested bids around the US$ 1.5295 level and was capped around the US$ 1.5420 level. U.K. banking giant Barclays called on Bank of England to move to an inflation target range because the central bank’s current need to “turn a blind eye” to accelerated price increases is eroding its credibility. Notably, consumer price inflation has exceeded two per cent by more than one percentage point for the past five months. Some BoE-watchers are calling for the central bank to adopt a looser target of around 1% to 3%. Bank of England’s Monetary Policy Committee is expected to keep interest rates unchanged this week and is likely to keep its asset purchase target unchanged at £200 billion. The central bank remains in a predicament that finds it trying to deal simultaneously with elevated rates of inflation and depressed levels of economic growth. Cable bids are cited around the US$ 1.5115 level. The euro depreciated vis-à-vis the British pound as the single currency tested bids around the £0.8285 level and was capped around the £0.8365 level.
CHF
The Swiss franc appreciated vis-à-vis the U.S. dollar today as the greenback tested bids around the CHF 1.0085 level and was capped around the CHF 1.0145 level. Data released in Switzerland today saw the August unemployment rate remain steady at 3.6%. August producer and import prices will be released on 13 August. Yesterday, Swiss National Bank reported its foreign currency holdings fell to CHF 218.1 billion in August from CHF 219.5 billion in July, partially reflecting gains in the franc. In June, the SNB reported it will intervene less in the markets by selling fewer francs after its currency holdings quadrupled. The SNB has likely not officially intervened since June. U.S. dollar offers are cited around the CHF 1.0980 level. The euro depreciated vis-à-vis the Swiss franc as the single currency tested bids around the CHF 1.2875 level while the British pound moved lower vis-à-vis the Swiss franc and tested bids around the CHF 1.5460 level. ]]> gcitrading http://www.einvestorsforum.com/forex-daily-news-and-outlook/10815-daily-market-commentary.html Forexpros Daily Analysis - 07/09/2010 http://www.einvestorsforum.com/forex-daily-news-and-outlook/10814-forexpros-daily-analysis-07-09-2010-a-new-post.html Tue, 07 Sep 2010 11:16:07 GMT _*ForexPros Daily Analysis September 07, 2010*_ _*Free webinar on ForexPros - How to Get Direction Right by Looking for Clues in Forex Price... ForexPros Daily Analysis September 07, 2010

Free webinar on ForexPros - How to Get Direction Right by Looking for Clues in Forex Price Action
Expert: Kris Matthews
When: Thu, Sep 16, 2010, 07:00 ET

Unfortunately many traders fall into the trap of following technical analysis systems without understanding what charts are really telling them about the behavior and sentiment of the market. Kris Matthews presents in the final webinar of this four part series on trading sentiment, how to spot certain recurring types of price action that reveal valuable clues about the sentiment/direction of the market going forward.

Click here to join free

---

Euro Dollar

We wondered in yesterday’s report, if the Dollar was able to survive after reaching critical levels at 1.2920 for the EURUSD, and 1.5490 for the GBPUSD. The answer to our wondering was “Yes we can”. Although the price did not reach far enough to break yesterday’s resistance or support, but it fell heavily during the Asian session. Yesterday’s rise was halted accurately at the resistance we specified 1.2920, and only 4 pips below it, confirming its massive importance. Then, we dropped to 1.2786, before bouncing once again above 1.28. With this drop, the Euro has broken 2 important trend lines on the hourly charts: the rising trend line from Aug 31st (which was broken at 1.2860), and then the falling trend line from Sep 1st top. This has shifted the short term technical outlook to the negative territory, but the medium term gloomy outlook is sleeping until we break 1.2777, and we wake her beauty up! That is why, today’s support will be 1.2777, and if broken, we expect the current fall to continue, targeting 1.2690 first, and then 1.2627. On the other hand, resistance is at 1.2864, and if broken, the Euro will rise after the Asian session breakdown, and will target 1.2943 & 1.3000.

Support:
• 1.2777: last week’s top, Aug 27th high, an obvious hourly support. The single most important short term support without a shadow of a doubt.
• 1.2690: obvious & attractive horizontal support on the hourly chart.
• 1.2627: Aug 31st low.

Resistance:
• 1.2864: Fibonacci 61.8% for the drop from yesterday’s high.
• 1.2943: the top of the rising trend channel on the hourly chart.
• 1.3000: psychological level.

---

GBP/USD

The Pound dropped from the very same area which stopped it on Sep 1st, the all important resistance 1.5480/90. It fell to break the support specified in yesterday’s report 1.5442, and successfully and accurately reaching our suggested target 1.5349, stopping only 5 pips below it. Today, we expect more of the same, and we expect a serious break of the support at 1.5349, resulting in a continuation of the drop from the massive 1.5490! if the price manages to do so, we will be expecting another episode of “the drop” series, a lot like yesterday’s. This drop will target 1.5262 at the very least, and at a later time 1.5151. On the other hand, the most important resistance is still at 1.5480/90, but there is a short term resistance “guarding” it, which is short term resistance 1.5433. if broken, the Pound will reverse direction, and refuse our negative outlook, and will be on the way to yet another (a third) test, of the all important 1.5480/90, and if we pass by it, 1.5565 will be the target.

Support:
• 1.5349: Thursday’s low.
• 1.5262: Jul 5th high.
• 1.5151: the rising trend line from Friday’s low on intraday charts.

Resistance:
• 1.5433: Fibonacci 61.8% for the drop from yesterday’s high.
• 1.5490: the top of the resistance area formed between Fibonacci 61.8% short term & Sep 1st high.
• 1.5565: the falling trend line from Aug 16th high.

---

Forex trading analysis written by Munther Marji for Forexpros.

---

Disclaimer:
Trading Futures and Options on Futures and Cash Forex
transactions involves substantial risk of loss and may not be suitable for
all investors. You should carefully consider whether trading is suitable for
you in light of your circumstances, knowledge, and financial resources. You
may lose all or more of your initial investment. Opinions, market data, and
recommendations are subject to change at any time. ]]> forexpros2 http://www.einvestorsforum.com/forex-daily-news-and-outlook/10814-forexpros-daily-analysis-07-09-2010-a.html Forexpros Daily Analysis - 07/09/2010 http://www.einvestorsforum.com/forex-daily-news-and-outlook/10813-forexpros-daily-analysis-07-09-2010-a-new-post.html Tue, 07 Sep 2010 10:21:03 GMT _*ForexPros Daily Analysis September 07, 2010*_ _*Free webinar on ForexPros - How to Get Direction Right by Looking for Clues in Forex Price... ForexPros Daily Analysis September 07, 2010

Free webinar on ForexPros - How to Get Direction Right by Looking for Clues in Forex Price Action
Expert: Kris Matthews
When: Thu, Sep 16, 2010, 07:00 ET

Unfortunately many traders fall into the trap of following technical analysis systems without understanding what charts are really telling them about the behavior and sentiment of the market. Kris Matthews presents in the final webinar of this four part series on trading sentiment, how to spot certain recurring types of price action that reveal valuable clues about the sentiment/direction of the market going forward.

Click here to join free

---

Euro Dollar

We wondered in yesterday’s report, if the Dollar was able to survive after reaching critical levels at 1.2920 for the EURUSD, and 1.5490 for the GBPUSD. The answer to our wondering was “Yes we can”. Although the price did not reach far enough to break yesterday’s resistance or support, but it fell heavily during the Asian session. Yesterday’s rise was halted accurately at the resistance we specified 1.2920, and only 4 pips below it, confirming its massive importance. Then, we dropped to 1.2786, before bouncing once again above 1.28. With this drop, the Euro has broken 2 important trend lines on the hourly charts: the rising trend line from Aug 31st (which was broken at 1.2860), and then the falling trend line from Sep 1st top. This has shifted the short term technical outlook to the negative territory, but the medium term gloomy outlook is sleeping until we break 1.2777, and we wake her beauty up! That is why, today’s support will be 1.2777, and if broken, we expect the current fall to continue, targeting 1.2690 first, and then 1.2627. On the other hand, resistance is at 1.2864, and if broken, the Euro will rise after the Asian session breakdown, and will target 1.2943 & 1.3000.

Support:
• 1.2777: last week’s top, Aug 27th high, an obvious hourly support. The single most important short term support without a shadow of a doubt.
• 1.2690: obvious & attractive horizontal support on the hourly chart.
• 1.2627: Aug 31st low.

Resistance:
• 1.2864: Fibonacci 61.8% for the drop from yesterday’s high.
• 1.2943: the top of the rising trend channel on the hourly chart.
• 1.3000: psychological level.

---

GBP/USD

The Pound dropped from the very same area which stopped it on Sep 1st, the all important resistance 1.5480/90. It fell to break the support specified in yesterday’s report 1.5442, and successfully and accurately reaching our suggested target 1.5349, stopping only 5 pips below it. Today, we expect more of the same, and we expect a serious break of the support at 1.5349, resulting in a continuation of the drop from the massive 1.5490! if the price manages to do so, we will be expecting another episode of “the drop” series, a lot like yesterday’s. This drop will target 1.5262 at the very least, and at a later time 1.5151. On the other hand, the most important resistance is still at 1.5480/90, but there is a short term resistance “guarding” it, which is short term resistance 1.5433. if broken, the Pound will reverse direction, and refuse our negative outlook, and will be on the way to yet another (a third) test, of the all important 1.5480/90, and if we pass by it, 1.5565 will be the target.

Support:
• 1.5349: Thursday’s low.
• 1.5262: Jul 5th high.
• 1.5151: the rising trend line from Friday’s low on intraday charts.

Resistance:
• 1.5433: Fibonacci 61.8% for the drop from yesterday’s high.
• 1.5490: the top of the resistance area formed between Fibonacci 61.8% short term & Sep 1st high.
• 1.5565: the falling trend line from Aug 16th high.

---

Forex trading analysis written by Munther Marji for Forexpros.

---

Disclaimer:
Trading Futures and Options on Futures and Cash Forex
transactions involves substantial risk of loss and may not be suitable for
all investors. You should carefully consider whether trading is suitable for
you in light of your circumstances, knowledge, and financial resources. You
may lose all or more of your initial investment. Opinions, market data, and
recommendations are subject to change at any time. ]]> forexpros2 http://www.einvestorsforum.com/forex-daily-news-and-outlook/10813-forexpros-daily-analysis-07-09-2010-a.html Technical Analysis 7/09/2010 FXCBS http://www.einvestorsforum.com/major-currency-crosses/10812-technical-analysis-7-09-2010-fxcbs-new-post.html Tue, 07 Sep 2010 10:18:37 GMT *Tuesday September 7 , 2010 Previous session overview The pair Euro against the U.S. dollar traded during the Asia session between the highest... Tuesday September 7 , 2010

Previous session overview

The pair Euro against the U.S. dollar traded during the Asia session between the highest level at 1.28758 and the lowest level at 1.27866 , while the pair trading now around the level of 1.27947.

The pair Sterling against the U.S. dollar traded during the Asia session between the highest level at 1.54003 and the lowest level at 1.53520 , while the pair trading now around the level of 1.53670.

Finally the pair U.S. dollar against the Japanese Yen traded during the Asia session between the lowest level at 84.043 and the highest level at 84.258, the pair trading now around the level 84.067.

Market Expectations

EUR/USD : We expect today a more decline for the pair Euro against the U.S. dollar to the level 1.26850, this decline will start after the pair can breakthrough the level of 1.27700, stability of the trading below the level of 1.28450 necessary to achieve these expectations.

GBP/USD : Stability of the trading for the pair Sterling against the U.S. dollar below the level MA50 and the positive sign which show through determined indicators may lead the pair for some fluctuations before the pair can continuo it’s declining .

USD/JPY : SMA 50 is still preventing the pair from reaching the resistance at 84.85; while a negative intersection on Stochastic signals that the previously suggested bearish intraday direction is still valid, with targets at 83.450then 83.000 that requires a four-hour closing below 84.850.

Senior Analyst / Ali Hasan /FXCBS

Newsletter

Forex ECN Broker | Currency Online Trading | Low Spread | Free Trading Software ]]> Major Currency Crosses fxcbsar http://www.einvestorsforum.com/major-currency-crosses/10812-technical-analysis-7-09-2010-fxcbs.html Windsor Brokers - Short Term Technical Analysis for Majors (08:20 GMT) http://www.einvestorsforum.com/major-currency-pairs/10811-windsor-brokers-short-term-technical-analysis-for-majors-08-20-gmt-new-post.html Tue, 07 Sep 2010 08:56:21 GMT *EUR/USD* Corrective attempt 1.2586/1.2625, 24/31 Aug lows, stalled at 1.2916 yesterday, just below key resistance area at 1.2920/31. This may... EUR/USD

Corrective attempt 1.2586/1.2625, 24/31 Aug lows, stalled at 1.2916 yesterday, just below key resistance area at 1.2920/31. This may signal a completion of the corrective phase, with break below 1.2775 to open 1.2741 first, ahead of 1.2700. Upside, regain of 1.2875 1.2871 firms the tone, but sustained break above 1.2931 resumes the recovery.

Res: 1.2875, 1.2893, 1.2916, 1.2931
Sup: 1.2775, 1.2741, 1.2728, 1.2700

]]> Major Currency Pairs WindsorBrokers http://www.einvestorsforum.com/major-currency-pairs/10811-windsor-brokers-short-term-technical-analysis-for-majors-08-20-gmt.html GBPUSD failed to break above the trend line resistance http://www.einvestorsforum.com/technical-analysis/10810-gbpusd-failed-to-break-above-the-trend-line-resistance-new-post.html Mon, 06 Sep 2010 23:53:35 GMT GBPUSD failed to break above the trend line resistance and dropped from 1.5488. Now the fall from 1.5488 could possibly be resumption of downtrend... GBPUSD failed to break above the trend line resistance and dropped from 1.5488. Now the fall from 1.5488 could possibly be resumption of downtrend from 1.5997, another fall towards 1.5200 would more likely be seen, and a breakdown below 1.5326 will signal resumption of downtrend. Resistance remains at the falling trend line (now at 1.5495), only a clear break above the trend line resistance will suggest that the downward movement from 1.5997 is complete.

Daily Forex Signals ]]> Technical Analysis ForexCycle.com http://www.einvestorsforum.com/technical-analysis/10810-gbpusd-failed-to-break-above-the-trend-line-resistance.html 6/9/2010 - The Current Market Sentiment http://www.einvestorsforum.com/current-market-sentiments/10809-6-9-2010-the-current-market-sentiment-new-post.html Mon, 06 Sep 2010 20:21:03 GMT The better than expected release of the US non-farm payroll of August which have shown losing of just 56k instead of 110k as they were widely waited... The better than expected release of the US non-farm payroll of August which have shown losing of just 56k instead of 110k as they were widely waited is still effecting positively on the market sentiment pushing the equities markets up. The Asian and the European stocks markets have opened up this week while the US markets are closed for holiday but its stocks indexes future are still referring to a green opening.
The greenback and the Japanese yen came under pressure across the broad directly after these new jobs data which reduced the probability of having a double dip recession in US calming the investors unwinding of their risky position buying back the low yielding currencies worrying about the current US growth slow down. The investors have found in the jobs data another reason to calm down after the US ISM manufacturing index came up to 56.3 in august against the market expectation of easing further to 53.5 from 55.5 in July and August US Conference Board's Consumer Confidence of August which rose to 53.5 from 50.4 in July which it was waited to be just 51 which meant to the investors that there is no strong down momentum of the US economic performance can cause a panic but it is just slowing of growth and weak performance of the US labor market tackling the market trust to spend for consuming and housing at until now at this stage of recovery which is still in need of the Fed's QE easing policy. The fear about the US growth has contained the market sentiment in August after the dovish release of July US non-farm payrolls which have lost another 131k and shown a down revision of June losing of 125k to 221k weighing negatively on the US equities markets pushing USDJPY below its 15 years low reaching 83.57 and the US treasury yields on another wave of losing trust forced the Fed to step forward in its quantitive easing policy buying more Mortgage backed securities and rolling over it’s holdings of treasury securities as they mature before this deterioration can have further negative impacts on the consuming and capital spending and to inform the markets that the Fed will not stand seeing the economy falling back in a second dip recession with no action even with the interest rate near 0%.
The BOJ has decided last week to provide another10 trillion at a special fixed rate to reach 30 trillion from just 20 but this decision could not find the required reaction even on the Japanese yen which slided back below 84.5 after trading just below .86 by the release of this underestimated decision by the investors who sold on the fact pushing Nikkei 225 below 9000 after it was trading just below 9300. the Decision looked not enough to spark a change of the struggling rate of growth in Japan which unexpectedly grew in the second quarter of this year by just .1% while it was waited to be .6% increasing the probability of having further persisting deflation forces because of the suffering consuming pace in US which has not reached its end as it looks yet in a time of cooling growth tries in China which has increased worrying about prices currently as we have seen it in the beginning of this month calling for banking stress test suggesting declining of the housing prices by 60% which is the double of what was initially made at just 30% and it has obeyed for demand for further re-evaluation step used to be named gradual action by PBOC after it has actually reduced the banks lending percentage to their capitals from the beginning of this year which worked too for the demands of cooling this overheating economy which caused prices rising risks could be appreciated finally by PBOC which can effect negatively on its demand for capitals goods from Japan and we have seen the Chinese PMI index coming down in July to just 51.2 while the Euro zone as a counterpart competitor of Japan is getting use of the EUR exchange rates which is falling in this same time across the broad trading currently below 107 versus the Japanese yen and this can continue if BOJ let the greenback trading freely below 85 versus the Japanese yen.
While the germane economy is looking in good shape having better than expected rates of growth containing the market sentiment currently underpinned by the massive falling of the single currency by the end of last year. The single currency digested this new good signs from Germany and it is trying now to get over 1.293 again versus the greenback which has been well buoyed after the breaking 1.3117, 1.3096 and the psychological level at 1.30 breaking 1.2735 forcing the pair to be traded below 1.26 reaching 1.2586. The single currency could get above 1.332 touching 1.333 with the weaker than expected labor report of July release and Trichet's reference to that the debt crisis negative effects on the growth in the Euro zone are easing back expecting it to be better than what was initially estimated welcoming the stress test results which calmed down the markets relatively but with the worries about the possibility of the European following of the US growth slowdown containing of the market sentiment, the single currency suffered last month. By god's will, The next major resistances are at 1.293 then 1.30, 1.333, 1.3352, 1.3415, 1.3704 and 1.3885 which is 61.8% Fibonacci retracement level of this same recent declining from 1.5142 to 1.1874 while the supporting levels are at 1.2586 then 1.255, 1.2452, 1.2165, 1.2044, 1.1954 and 1.1875 from 1.1875 which has been reached amid the increased worries about the debt crisis and could cap the pair from falling to 1.16 whereas the pair has started its rally to 1.604 before falling again to 1.233 amid the credit crisis and rising back forming a lower high at 1.515 in the beginning of last December.
Best wishes

FX Consultant
Walid Salah El Din
E-Mail: mail@fx-recommends.com
http://www.fx-recommends.com ]]> Current Market Sentiments fx-recommends http://www.einvestorsforum.com/current-market-sentiments/10809-6-9-2010-the-current-market-sentiment.html Daily Market Commentary http://www.einvestorsforum.com/forex-daily-news-and-outlook/10808-daily-market-commentary-new-post.html Mon, 06 Sep 2010 16:21:55 GMT € The euro appreciated vis-à-vis the U.S. dollar today as the single currency tested offers around the US$ 1.2875 level and was supported around the... €
The euro appreciated vis-à-vis the U.S. dollar today as the single currency tested offers around the US$ 1.2875 level and was supported around the $1.2810 level. The common currency moved to its highest level since 19 August after the release of better-than-expected U.S. August non-farm payrolls data that saw 54,000 jobs lost last month, defying expectations of more than 100,000 in new job losses. July’s non-farm payrolls tally was revised from -131,000 to -54,000 and August private payrolls gained 67,000, down from the revised July reading of +107,000. Manufacturing payrolls declined last month and the overall August unemployment rate ticked higher to 9.6%, a number that reflects fewer overall payrolls and more people entering the official labour force. Government payrolls decreased 121,000 and the so-called underemployment rate increased to 16.7% from 16.5%. Additionally, August average hourly earnings were up more-than-expected at 0.3% m/m and 1.7% y/y and average weekly hours worked remained steady at 34.2. Other data saw the August ISM non-manufacturing composite index weaken to 51.5 from the prior reading of 54.3. Collectively, these data continue to evidence amemic U.S. economic activity with bleak labour market growth, weak U.S. housing, and slow final private demand. Atlanta Fed President Lockhart reported the Fed’s next policy move is far from decided and indicated his “perception of risks have shifted somewhat to the downside.” In eurozone news, EMU-16 August PMI services improved to 55.9 from the prior reading of 55.6 while the PMI composite ticked higher to 56.2. Other data saw EMU-16 July retail sales up 0.1% m/m and 1.1% y/y. German August PMI services moved lower to 57.2 while French PMI services climbed to 60.4. European Central Bank member Gonzalez-Paramo said rates are “appropriate” and cited upside inflation risks. ECB’s Draghi said policy will remain “accommodative.” ECB member Wellink said there is “no capacity” for another round of bailouts. Euro offers are cited around the US$ 1.3240 level.

¥/ CNY
The yen depreciated vis-à-vis the U.S. dollar today as the greenback tested offers around the ¥85.20 level and was supported around the ¥84.15 level. The pair moved to intraday highs during the early North American session following the stronger-than-expected U.S. August labour market data. Bank of Japan’s Policy Board meets next week and it is expected the central bank will keep monetary policy unchanged until October at the earliest following this week’s decision to expand monetary policy. The risk of additional yen tightening likely remains the number one factor that could result in additional action by the central bank. Most dealers do not expect BoJ’s expansion of easing measures will have a material impact on the economy or the yen. Traders are still split as to whether or not Japan will conduct official yen-selling intervention. Verbal intervention has been intense over the past few weeks but many traders believe Japan will be reluctant to conduct yen-selling intervention without the participation of the U.S. Options traders are reporting that the premium of put options over calls are confirming that traders are reducing bets the dollar will depreciate. Intervention fears and concerns that U.S. economic data may improve have reduced demand for yen. Traders are closely watching the leadership election within the ruling Democratic Party of Japan involving Prime Minister Kan and Ichiro Ozawa. Q2 capital spending data were released overnight and improved to -1.7% from the prior reading of -11.5%. The Nikkei 225 stock index climbed 0.57% to close at ¥9,114.13. U.S. dollar bids are cited around the ¥84.60 level. The euro moved higher vis-à-vis the yen as the single currency tested offers around the ¥109.55 level and was supported around the ¥107.90 level. The British pound moved higher vis-à-vis the yen as sterling tested offers around the ¥131.60 level while the Swiss franc moved lower vis-à-vis the yen and tested bids around the ¥83.40 level. In Chinese news, the U.S. dollar depreciated vis-à-vis the Chinese yuan as the greenback closed at CNY 6.8035 in the over-the-counter market, down from CNY 6.8077. Data released in China overnight saw August non-manufacturing PMI remain steady at 60.1 while the August HSBC services PMI number improved to 57.6. August trade data will be released next week.

£
The British pound appreciated vis-à-vis the U.S. dollar today as cable tested bids around the US$ 1.5460 level and was supported around the US$ 1.5390 level. U.K. August PMI services data were released today and moved lower to 51.3 from the prior reading of 53.1. Other data released in the U.K. this week saw August Nationwide house prices off 0.9% m/m and up 3.9% y/y while August PMI construction moved lower to 52.1. Bank of England Chief Economist Bean spoke at Jackson Hole this past weekend and said “The deleveraging process is incomplete, the recovery remains fragile, and a considerable margin of spare capacity is yet to be worked off, while further policy action may yet be necessary to keep the recovery on track.” Bean also reported the central bank may impose policies to limit the ability of borrowers to take on riskier mortgage loans. Bank of England’s Monetary Policy Committee will convene next week and is expected to keep monetary policy unchanged. Cable bids are cited around the US$ 1.5115 level. The euro appreciated vis-à-vis the British pound as the single currency tested offers around the £0.8345 level and was supported around the £0.8295 level.
CHF
The Swiss franc depreciated vis-à-vis the U.S. dollar today as the greenback tested offers around the CHF 1.0235 level and was supported around the CHF 1.0120 level. Data released in Switzerland today saw August consumer price inflation up 0.0% m/m and 0.3% y/y. August unemployment data will be released on Tuesday. Data released in Switzerland this week saw Q2 gross domestic product up 0.9% q/q and 3.4% y/y while July retail sales were up 4.8% y/y. Swiss National Bank member Jordan this week said the central bank is closely monitoring the Swiss franc “very closely” and said Switzerland’s monetary policy situation remains “very complex.” Jordan also cited a “small” short-term risk of deflation. Some traders believe SNB may be forced to resume its franc-selling intervention to stop the euro’s sharp decline on the cross. U.S. dollar offers are cited around the CHF 1.0980 level. The euro appreciated vis-à-vis the Swiss franc as the single currency tested offers around the CHF 1.3140 level while the British pound moved higher vis-à-vis the Swiss franc and tested offers around the CHF 1.5790 level. ]]> gcitrading http://www.einvestorsforum.com/forex-daily-news-and-outlook/10808-daily-market-commentary.html