Forex News Blog
Back to The Headlines
Tuesday September 19, 2006 - 09:11:32 GMT
Share This Story
ACM - www.ac-markets.com
Dollar holds near five-month high versus yen
By Jean-Claude Braha - ACM Senior Trader
Yesterdays News and Events:
The dollar holds near 5-month high against the Yen after G7 meeting and Japanese Finance minister said that Yenâ€™s weakness was not specifically discussed at the G7 meeting. Tanigakiâ€™s comment convinced the market that Europe and Japan are very unlikely to make coordinated action to support the Yen. EurJpy surged from 148.87 low yesterday trade and went up to 150.28 early today. Thanks to rate differential expected to extend next month, Eurjpy is holding bullish channel. UsdJpy hit the peak of 118.26 on Monday, the highest since mid-April. The Eurusd recovered by inches from 7-week low hitting 1.2727 today following yesterday light up trend. ECB made comments that interest rates are ready for further rise and suggested the possibility to reach 4% next year. This weekâ€™s big event is the Federal Reserveâ€™s Policy meeting on Wednesday. The Fed is widely expected to leave the rate unchanged at 5.25% and the statement to remain largely unchanged from last time.
Todays Key Issues:
Eurozone ZEW Sept Economic sentiment is due at 9:00 GMT expected -4 vs 1.3. CAD Aug CPI is due at 11:00 GMT expected 0.1% unchanged (MoM) and 2.1% vs 2.4% (YoY). US Aug PPI is due at 12:30 GMT expected 0.2% vs 0.1% (MoM) and 3.6% vs 4.2% (YoY). Also to be release; US Aug Housing Starts and Building Permits both expected 1â€™750k.
The Risk Today:
EurUsd remains vulnerable despite yesterday's bounce following recent weakness that resulted in a break of 1.2640 on Friday. Market maintains a bearish tone below 1.2755 and is looking for further downside towards 1.2570 (76.4% retracement). Only a move above 1.2755 would shift our focus away from the 1.2570 support. USDCHF immediate up-trend is intact above 1.2434, with the focus break 1.2626 last Fridayâ€™s high, which should pave the way to 1.2760 (61.8% retracement of the 1.3241 to 1.1919 decline). It would have to slide down 1.2400 to end bullish channel. GBPUSD pulled back for last week resistance 1.8906 (61.8% retracement of the 1.9094 to 1.8601 decline). The focus is now on 1.8710, a break there would open the door toward 1.8610. A further break of this key level would confirm the return of a downtrend. USDJPY has solid support at 117.26. And as long as 116.60 Key level holds, the short-term bull trend remains intact. Dealers are still focusing on the 118.50 strong resistance. This level needs to break in order to show further advance to 119.41 trendline resistance.
Resistance and Support:
|EURUSD ||GBPUSD ||USDJPY ||USDCHF |
|1.2950 K ||1.9094 K ||121.07 K ||1.2760 S |
|1.2920 S ||1.8920 M ||119.41 T ||1.2640 T |
|1.2755 M ||1.8900 S ||118.50 S ||1.2597 S |
|1.2695 ||1.8810 ||117.93 ||1.2528 |
|1.2640 S ||1.8780 M ||116.60 K ||1.2400 T |
|1.2570 M ||1.8610 K ||115.50 S ||1.2360 S |
|1.2560 T ||1.8493 T ||114.75 T ||1.2310 K |
|S: Strong, M: Minor, T: Trendline, K: Keylevel, P: Pivot |
Forex Trading News
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
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."
Actionable trading levels delivered to YOUR charts in real-time.
Register To Test Your Amazing Trader
GVI Trading. Potential Price Risk Scale
Mon 10 Sep 2018
AA: Major, A: High, B: Medium
AA 08:30 GB- GDP, Trade, Output
Tue 11 Sep 2018
AA 08:30 GB- Employment Decision
A 09:00 DE- ZEW Survey
Wed 12 Sep 2018
A 12:30 US- PPI
A 14:30 US- EIA Crude
A 18:00 US- Beige Book
Thu 13 Sep 2018
A 1:30 AU- Employment
AA 11:00 GB- Bank of England Decision
AA 11:45 EZ- European Central Bank Decision
A 12:30 US- Weekly Jobless
AA 12:30 US- CPI
Fri 14 Sep 2018
A 08:30 GB- GDP
AA 12:30 US- Retail Sales
A 13:15 US- Industrial Production
AA 14:00 US- prelim University of Michigan
John M. Bland, MBA
co-founding Partner, Global-View.com
Global-View Affiliate Program
We are starting an affiliate program to market some of our products.
Send me an email if you would be interested or if you know someone who would like to be an affiliate. Generous commissions payout for those accepted.
Put the word "affiliate" in the email subject line.
Start trading with forex broker Markets Cube
Max McKegg's Daily Forex Trading Forecasts
Veteran FX Trader, Max McKegg, forecasts all the Major currencies and the Australasians; providing Daily and Medium Term Trading forecasts to subscribers, who include large Banks the world over, as well as individual traders in more than 30 different countries.
Request a TRIAL of Max's Forex Service.