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Forexpros Daily Analysis - 26/11/2009
Forexpros Daily Analysis
Nov 26, 2009
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Thu, Dec 3, 2009, 11:00 EST/ 16:00 GMT
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The Swiss KOF Economic Research Agency will publish its
"Leading Indicators Index" Tomorrow (Nov 27), which determines the overall
economic health of the country's economy.
The Index is comprised of 12
indicators related to consumer confidence, banking confidence, production, new
orders and housing- and sheds light on the economic trend and the movement of
GDP growth in Switzerland.
A higher than expected reading should be taken as
positive/bullish for the CHF, while a lower than expected reading should be
taken as negative/bearish for the CHF.
Analysts predict Tomorrow's Index to
stand at 1.85, rapidly climbing since last May's slump of -1.86.
reading, visit the Forexpros Economic Calendar
The Euro broke
the resistance 1.5018, and reached both suggested targets 1.5082 & 1.5144
successfully and with an unbelievable accuracy (yesterdayâ€™s high in some
companies was 1.5143 and in others 1.5144). It looks like reaching 1.5144 will
provide a chance to correct the last up-move from 1.4887. such a correction will
typically target the area 1.5015-1.4985. the importance of the lower limit of
this area is that it combines the rising trendline on the hourly chart, with
short-term Fibonacci 61.8%, which makes it a very important support for setting
the direction for what is left of the week. But, before considering this
scenario the favorite one, we should see a break of 1.5077, then a visit to
1.5015-1.4985 will be highly anticipated. And if 1.4985 is taken, the Euro will
fall under considerable pressure, that will initially lead to 1.4919, on the way
to lower targets. Short-term resistance is 1.5138 and only breaking it would
improve the technical outlook, and target 1.5200 &
â€¢ 1.5077: Fibonacci 61.8% for the
â€¢ 1.4985-1.5015: a support area combining Fibonacci 50% &
61.8% for the short-term, with the rising trendline from 1.4800 on the hourly
â€¢ 1.4919: previous important intraday
â€¢ 1.5138: previous resistance from
â€¢ 1.5200: previous resistance from 2008.
â€¢ 1.5260: previous
resistance from 2008.
As expected, and in harmony with the
trend, Dollar-Yen broke the support 88.13 , and successfully reached the two
suggested targets 87.10 & 86.40. This move has brought us prices that have
not been seen for 15 years. It is only expected (and logical), that reaching
86.40 would provide us with a correction for the down leg that started at 89.17,
and reached here without any significant correction. Such a correction will
typically target the area 87.73-88.07 where there is Fibonacci 50% & 61.8%
resistance levels (for the short-term). But before jumping on board we should
see a break of the resistance 87.01. On the other hand, the support 86.40 will
be support of the day, and breaking it would mean a continuation of the
downtrend that showed a lot of strength yesterday, and a continuation of the
drop towards new levels that have not been seen for a decade and a half, at
85.90, and may be later the calculated target for the broken wedge formation at
â€¢ 86.40: support area from 1995.
support area from 1995.
â€¢ 85.33: the calculated target for the broken wedge
â€¢ 87.01: Fibonacci 61.8% for the
â€¢ 87.73: Fibonacci 50% for the short-term.
â€¢ 88.33: the bottom
of the broken wedge formation.
Forex Trading Analysis Written By
Trading Futures and Options
on Futures and Cash Forex transactions involves substantial risk of loss and may
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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
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Amazing Trader EVENT RISK Calendar:
Wed 18 Oct /ul>
12:30 US- Housing Starts & Permits
14:30 US- EIA Crude
Thu 19 Oct
01:30 AU- Employment
08:30 GB- Retail Sales
12:30 US- Weekly Jobless
Fri 20 Oct
12:30 CA- Retail Sales & CPI
14:00 US- Existing Homes Sales
John M. Bland, MBA
- POTENTIAL PRICE RISK: HIGH Tue-- 08:30 GMT GB- CPI top tier confirmation of Inflation.
- POTENTIAL PRICE RISK: Medium Tue-- 09:00 GMT DE- ZEW Survey second most important German monthly Survey.
- POTENTIAL PRICE RISK: Medium Tue-- 09:00 GMT EZ- final HICP revision to flash report. Revisions are usually minor.
- POTENTIAL PRICE RISK: Medium Tue-- 13:15 GMT US- Industrial Production. Top output indicator.
- POTENTIAL PRICE RISK: Medium Wed-- 12:30 GMT US- Housing Starts and Permits revision to flash report. Useful housing leading indicator.
- POTENTIAL PRICE RISK: Medium Wed-- 14:30 GMT US- EIA Crude. Top WTI inventory measure.
- POTENTIAL PRICE RISK: Medium Thu-- 01:30 GMT AU- Employment. Top economic indicator.
- POTENTIAL PRICE RISK: Medium Thu-- 02:00 GMT CN- GDP. Top economic indicator.
- POTENTIAL PRICE RISK: HIGH Thu-- 08:30 GMT GB- Retail Sales. Top consumption indicator.
- POTENTIAL PRICE RISK: Medium Thu-- 12:30 GMT US- Weekly Jobless. Employment Indicator.
co-founding Partner, Global-View.com
EXCLUSIVE: Global-View Daily Trading Chart Points Updated
EXCLUSIVE: Global-View Free Forex Database updated
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