Tuesday February 1, 2005 - 17:13:56 GMT
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European Forex Session Wrap-up - 1/2/05
The European session closes today, february 1st, with the USD gaining momentum against the major currencies. In reality nothing has changed, but yet we had another rangebound session, where the greenback started the off at its lows for the session and ends it near the highs for the day, more or less what can be expected in range-trading. This also prevents from any change on a daily basis picture, wchihc one more day, remains USD bullish for the short-term and the time being.
Trading Recap :At the time of this writing, the EUR is trading around 1.3010 against the greenback, or 35 pips down with respect to european opening levels, still holding very well above the 50% retracement fibo level of the previous uptrend for now. GBP is doing around 1.8785, down 55 pips, the biggest looser among the europeans today. The Swiss Franc –CHF- around 1.1940, loosing (USD gaining) 65, once again threatening the 1.1960 level ... will this time break it ?? that’s the main question. And finally, the Yen around 103.95, down 35 pips.
USD small brothers session performance: the AUD is trading around 0.7715, 30 pips down, the NZD trading around 0.7110, or 10 pips up, and CAD trading around 1.2388, up around 15 pips.
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