Tuesday February 8, 2005 - 16:44:03 GMT
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European Forex Session Wrap-Up - 8/2/2005
The European session closes today, february 8th, with the european currencies taking a breath after last week’s and yesterday losses. As I stated in the morning report, and given the fact that it is acting as the leader for the current fx moves, the fact that the USD/CHF had reached the 200-day moving average made the current upmove more likely to take a pause, consolidate gains, and then try the real attempt for an eventual break of that magnet-dynamic resistance level. We are also seeing bullish trading signals in the shorter time frames (60 minutes, etc) for the european currencies, therefore today’s price action it is not a surprise at all.
Trading Recap :At the time of this writing, the EUR is trading around 1.2790 against the greenback, or 35 pips up with respect to european opening levels. GBP is doing around 1.8580, only 5 pips up. The Swiss Franc –CHF- around 1.2190, gaining (USD loosing) 40. And finally, the Yen around 105.60, down some 75 pips, proving the japnese currency the overall loser for today.
USD small brothers session performance: the AUD is trading around 0.7670, 5 pips down, the NZD trading around 0.70, or 15 pips down, and CAD trading around 1.2475, up 75 pips.
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