Forex News Blog
Back to The Headlines
Monday October 16, 2006 - 10:04:31 GMT
Share This Story
ACM - www.ac-markets.com
Dollar rallied helped by strong sentiment survey.
By Jean-Claude Braha - ACM Senior Trader
Yesterdays News and Events:
The Dollar hit a six-month high against the CHF and near tree-month peak versus the Euro on Friday after a series of US data. The Dollar initially fell after US retail sales fell - 0.4% in September against expected and previous 0.2%. But, the currency quickly reversed losses as traders highlighted the fact that the main reason for the weak overall figure was a drop in gasoline prices. That left the US currency firmer against other major currencies for the second straight week as market sentiment shifted in favor of Dollar and US economy. Later in the day, the Euro dropped below psychological 1.25 level for the first time since mid-July after the University of Michiganâ€™s consumer sentiment index posted a surprising 92.3 against previous month 85.4 and 86.5 market expectation. This two numbers, consumer sentiment and retail sales, combined with the revisions to non-farm payrolls from last week are fully supportive. UsdJpy made new high at 119.89 near the 120 Key technical level. Usdchf was also up at 1.2771, six-month peak. Eurusd felt to 1.2484, breaking 1.2500 Key psychological level, its lowest in nearly three months. UsdMxn lost momentum around high 11.1220 dropping from that point to 11.8770 slicing through supports and trendline without hesitation. Former supports were 11.9600 and 11.8920. It will be likely a test of the next strong support from 10.8275 to 10.8250 level.
Todays Key Issues:
ECBâ€™s President Trichet speaks on Europeâ€™s Economic growth potential and FEDâ€™s Chairman Bernanke speaks to Bankersâ€™ annual convention in Phoenix. Are due at 14:30 GMT; US Oct NY Fed Manufacturing expected 11.5 vs 13.84 and CAD Aug manufacturing shipments expected 0.2% vs 0.8%.
The Risk Today:
EURUSD is approaching on 1.2450 (Jul low) and trendline support; but only a recovery over 1.2570 and ideally above the formerly supportive 1.2630 level would erase the immediate bear tendency. On the contrary; a break of 1.2450 would expose to 1.2400 and 1.2266, the 50% and 61.8% retracements of the 1.1825 to 1.2980 advance respectively. USDCHF is consolidating above the formerly resistant 1.2640 level and remains focus on 1.2930 high target (76.4% retracement of the 1.3241 to 1.1919 decline). GBPUSD is likely to maintain a bearish tone beneath last Monday's 1.8715 high, targeting 1.8490 (61.8% retracement of the 1.8090 to 1.9146) and 1.8340 (76.4% retracement). USDJPY is likely to maintain pressure on the psychological 120.00 level, keeping target for 121.41 (Dec. 2005 peak) thereafter. Intra-day support cuts in at 118.83, last week's low, but a bullish tone remains above 117.40.
Resistance and Support:
|EURUSD ||GBPUSD ||USDJPY ||USDCHF |
|1.2880 K ||1.8901 S ||121.40 T ||1.2930 S |
|1.2630 P ||1.8715 M ||120.74 M ||1.2800 P |
|1.2570 S ||1.8601 P ||120.00 P ||1.2736 S |
|1.2492 ||1.8558 ||119.45 ||1.2745 |
|1.2450 T ||1.8490 S ||118.83 M ||1.2640 M |
|1.2400 S ||1.8400 T ||118.50 P ||1.2400 K |
|1.2325 S ||1.8090 K ||116.06 T ||1.2287 S |
|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
Tue 17 July 2018
AA: Major, A: High, B: Medium
AA 08:30 GB- Employment
A 13:15 US- Industrial Production
AA 14:00 US-Powell Testimony
Wed 18 July 2018
AA 08:30 GB- CPI
A 12:30 US- Housing Starts/Permits
AA 14:00 US-Powell Testimony
Thu 19 July 2018
AA 1:30 AU- Employment
AA 08:30 GB- Retail Sales
A 14:30 US- EIA Crude
A 12:30 US- Weekly Jobless
Fri 20 Jun 2018
A 12:30 CA- CPI/Retail Sales
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.