Monday January 23, 2006 - 06:22:29 GMT
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Tricom Futures and Foreign Exchange -
Forex: Finally, we breakout of the 3 week long range
The US dollar fell back afternoon trade here today, shedding early gains. Mostly on the back of stops being triggered, as the market finally breaks out of the ranges it's been in since the start of the year.
Concerns about the US economy and prospects for interest rates, reasserted themeselves.
The slump on Wall St Friday and another spike in oil prices has renewed concerns about the US economy going forward. Easing expectations for US interest-rate hikes (beyond this month) also weighed on the greenback. Against this backdrop, I believe the market bias is for a softer dollar going forward.
How often do these crucial moves occur during the Asian session? We may now be heading into a new 100 point range- EURUSD:1.2180-1.2280, USD/CHF: 1.2700-1.2600. At this stage, i'm happy to go with it - buy EUR/USD as it approaches the bottom of this range, and sell USD on rallies.
Today's Economic Release:
US: Leading Economic Indicators
Today's Top Trades
- Buy EUR/USD around 1.2190, with stops under 1.2150
For more ideas send me an email, [email protected]
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