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Tuesday February 9, 2010 - 10:02:51 GMT
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Forexpros Daily Analysis - 09/02/2010ForexPros Daily Analysis February 9,
Fundamental Analysis: Fed Chairman
US traders look forward to Ben Bernanke, US Federal
Reserve Chairman, who will be testifying in Washington DC, regarding America's
economic outlook and financial markets.
His comments may determine a
short-term positive or negative trend.
The Euro kept trading above the support 1.3620, and
started to rise, breaking the resistance 1.3666, and reaching 1.3728 until this
moment without reaching the target 1.3752. As we said yesterday, with Fridayâ€™s
move taking us close to the channel bottom, and then a fast bounce reaching
1.3666, the odds of an upside correction remains present, but we need a break of
1.3745 before we can say the odds favor that. Short-term resistance is at
1.3745, and breaking it would indicate that the price is already moving higher
after the drop we witnessed last week, even if that was only for a short term
correction. The targets for such a correction would be 1.3805 & 1.3857.
While the support is at 1.3666, and breaking it would bring back Fridayâ€™s target
under the spotlight: 1.3582 & 1.3516.
the rising trend line from 1.3584 on intraday charts.
â€¢ 1.3582: Apr 6th
â€¢ 1.3516: Apr 2nd high.
important intraday resistance.
â€¢ 1.3805: Fibonacci 50% for the last drop from
â€¢ 1.3857: Fibonacci 61.8% for the last drop from
Dollar-yen did not break
any of the important levels specified in yesterdayâ€™s report, and kept trading in
a relatively tight range without any major moves that have any influence on the
technical outlook, leaving the technical outlook hardly changed. What is worth
mentioning is that we are getting closer to long term Fibonacci 61.8% support at
88.23 (Thursdayâ€™s low 88.53), and there is no doubt that this level is the most
important support in these areas. As for the short term, the support is at
89.23, and breaking it would indicate a movement to test the most important
support 88.23, and if broken the first target would be 87.35. Short term
resistance is at 89.87, and breaking it would indicate that the Yen has settled
for closing on 88.23 without reaching it, and that we are correcting yesterdayâ€™s
drop, or may be the whole drop from 93.75, which might be over close to the
Fibonacci support. Such a correction would have ideal targets at 91.14 &
â€¢ 89.23: the rising trend line from Thursdayâ€™s
low on intraday charts.
â€¢ 88.23: Fibonacci 61.8% for the whole move from
84.81 to 93.75.
â€¢ 87.35: Dec 9th low.
Fibonacci 50% for the short term.
â€¢ 91.14: Fibonacci 50% for the whole drop
â€¢ 91.76: Fibonacci 61.8% for the whole drop from
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