Tuesday February 1, 2005 - 18:28:58 GMT
Share This Story
Forex.com - www.forex.com
DOLLAR FIRMS TOWARD FOMC
U.K. CIPS manufacturing PMI unexpectedly slumped to 51.8 in London and this set the theme for the U.S. session. GBP/USD fell from 1.8865 to 1.8780 before rebounding back above 1.8800 and opening in the U.S. at 1.8810/15. The downward pressure caused Euro to wilt after putting in a high overnight of 1.3065/68 and then retreating toward 1.3000 at midday. USD/JPY has charged to recent highs of 104.09/13 after pushing through large offers between 103.95 and 104.00 and has had little pullback as well. In between all the noise was the release of ISM and U.S. Construction Spending that was mixed and failed to excite either way. The Dollarís tone has turned bid going into tomorrows FOMC meeting and Fridays Non-Farm Payroll figures. The remainder of this week should set the tone for the remainder of the quarter and get the momentum players back on board and force these currencies out of the ranges that the markets have been caught in.
Dollar/Jpy on a 60 minute chart is in a slight uptrend after putting in a low on 1/27/05 @ 102.35.There is trend line support seen at 103.25/30 and the resistance is seen between 104.10/40 on this same 60 minute chart. The Relative Strength Index is 50.04.
GAIN AN EDGE
We look to buy USD/JPY on a dip toward 103.35 and 103.15 with a stop below 102.90 and a take profit of 104.05 and 104.25
Forex Trading News
Daily Forex Market News
Forex news reports can be found on the forex research
headlines page below. Here you will find real-time forex market news reports
provided by respected contributors of currency trading information. Daily forex
market news, weekly forex research and monthly forex news features can be found
Real-time forex market news reports and features providing
other currency trading information can be accessed by clicking on any of the
headlines below. At the top of the forex blog page you will find the latest
forex trading information. Scroll down the page if you are looking for less
recent currency trading information. Scroll to the bottom of fx blog headlines
and click on the link for past reports on forex. Currency world news reports
from previous years can be found on the left sidebar under "FX Archives."