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Tuesday February 9, 2010 - 10:02:51 GMT
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Forexpros Daily Analysis - 09/02/2010

ForexPros Daily Analysis February 9, 2010


Fundamental Analysis: Fed Chairman Bernanke Testifies

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.

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Euro Dollar

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 Friday’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 Friday’s target under the spotlight: 1.3582 & 1.3516.

Support:
• 1.3666: the rising trend line from 1.3584 on intraday charts.
• 1.3582: Apr 6th high.
• 1.3516: Apr 2nd high.

Resistance:
• 1.3745: important intraday resistance.
• 1.3805: Fibonacci 50% for the last drop from 1.4025.
• 1.3857: Fibonacci 61.8% for the last drop from 1.4025.

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USD/JPY

Dollar-yen did not break any of the important levels specified in yesterday’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 (Thursday’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 yesterday’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 & 91.76.

Support:
• 89.23: the rising trend line from Thursday’s low on intraday charts.
• 88.23: Fibonacci 61.8% for the whole move from 84.81 to 93.75.
• 87.35: Dec 9th low.

Resistance:
• 89.87: Fibonacci 50% for the short term.
• 91.14: Fibonacci 50% for the whole drop from 93.75.
• 91.76: Fibonacci 61.8% for the whole drop from 93.75.

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Forex Trading Analysis written by Munther Marji for ForexPros.

For information on
currency trading see ForexPros.

---

Disclaimer:

Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading 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 time.

 

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Forex Research

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 here.

Forex News
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."



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Amazing Trader EVENT RISK Calendar:

Wed 18 Oct
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

Forex Trading Outlook


Trading Opportunities


  • 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.



John M. Bland, MBA
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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