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Wednesday December 30, 2009 - 10:02:01 GMT
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Forexpros Daily Analysis - 30/12/2009Forexpros Daily Analysis Dec 30,
Fundamental Analysis: Chicago
The Chicago PMI will be published tomorrow (Dec 31).
Purchasing Managers Index determines the economic health of the manufacturing
sector in Chicago region.
Any reading above 50 indicates expansion of the
manufacturing sector, while a reading below 50 indicates contraction.
Chicago PMI can be of some help in forecasting the US ISM and usually has an
impressive correlation with it.
A higher than expected reading should be
taken as positive/bullish for the USD, while a lower than expected reading
should be taken as negative/bearish for the USD.
Analysts predict a reading
of 56.10, up from the previous 55.20.
Although it surpassed 1.4410, the Euro was unable to
maintain its gains, and gave them up, returning to 1.43, where there is a
critical support at 1.4308. The price reached 1.4304 before bouncing more than
50 pips until this moment. The importance of 1.4308 is that it is Fibonacci
61.8% for the whole rise from 1.4216 to yesterdayâ€™s top at 1.4456, and breaking
it would mean that the price will come back to test the falling channel that was
broken last week (which is currently below 1.41) at a later time. But the
targets for the upcoming hours for this break will be 1.4233 & 1.4176.
Short-term resistance is at 1.4380, and breaking it would mean that the
technical outlook for the short-term would be positive and the targets for this
break would be 1.4480 & 1.4536.
Fibonacci 61.8% for the rise from 1.4216 to 1.4456.
â€¢ 1.4233: important
intraday support from last week.
â€¢ 1.4176: Sep 1st
â€¢ 1.4380: Fibonacci 50% for the short-term
& a well known previous resistance.
â€¢ 1.4480: Oct 2nd low.
â€¢ 1.4536: a
well known previous support/resistance
Finally, the Dollar-Yen is
trading above 91.78! As it reached 92 this morning, and stopped at 92.24. Thus,
we think that a test of the area that caught our attention 92.31-92.52 is only a
matter of time. And if this area is broken, the Dollar will take off, towards
March 19th low 93.53, with a possibility to stop at 93.08, where there is a
resistance that cannot be ignored. On the other hand, if the price fails to
capitalize on the break of 91.78, a drop towards 91.12 where the rising trend
line from 84.81, will follow. And if this level is broken, the price will drop
towards the important 90.18, and if broken we are to see 89.55.
â€¢ 91.12: the rising trend line from 84.81.
90.18: Fibonacci 61.8% for the whole move from 88.91 to 92.24.
previous important intraday low.
resistance area created between Oct 27th & Sep 21st tops.
â€¢ 93.08: Jul
â€¢ 93.53: Mar 19h low.
trading by Munther Marji for Forexpros. See
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Amazing Trader EVENT RISK Calendar:
Tue 12 Dec
09:30 GB- CPI
10:00 GB- ZEW Survey
13:30 US- PPI
Wed 13 Dec
00:30 AU- Employment
09:30 GB- Unemployment
13:30 US- CPI
15:30 US- EIA Crude
19:00 US- Fed Decision
Thu 14 Dec
07:30 CH- SNB Decision
All Day- Global- flash PMIs
12:00 GB- Bank of England Decision
12:45 EZ- ECB Decision
13:30 US- Retail Sales
13:30 US- Weekly Jobless
14:45 US- Industrial Production
Potential Trading Opportunities
John M. Bland, MBA
- POTENTIAL PRICE RISK: Mediun Tue--10:00 GMT-- DE- ZEW. Second Tier Sentiment Survey
- POTENTIAL PRICE RISK: HIGH-Medium Tue--13:30 GMT-- US- PPI
- POTENTIAL PRICE RISK: HIGH-Medium Wed--09:30 GMT-- GB- Employment
- POTENTIAL PRICE RISK: HIGH Wed--13:30 GMT-- US- CPI
- POTENTIAL PRICE RISK: Medium Wed--15:30 GMT-- US- EIA Crude
- POTENTIAL PRICE RISK: High Wed--19:00 GMT-- US- Fed Decision
- POTENTIAL PRICE RISK: HIGH- Thu --00:30 GMT-- AU- Employment
- POTENTIAL PRICE RISK: Medium- Thu --All day-- global- flash PMIs
- POTENTIAL PRICE RISK: HIGH-Medium- Thu --07:30-- CH- Swiss National Bank Decision
- POTENTIAL PRICE RISK: HIGH-Medium- Thu --09:30-- GB- Retail Sales
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EXCLUSIVE: Global-View Daily Trading Chart Points Updated
EXCLUSIVE: Global-View Free Forex Database updated
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