Forex News Blog
Back to The Headlines
Wednesday October 25, 2006 - 09:26:54 GMT
Share This Story
ACM - www.ac-markets.com
Dollar fell a little as Market awaits Fed statement.
By Jean-Claude Braha - ACM Senior Trader
Yesterdays News and Events:
The Dollar went down in European afternoon session after a mostly steady day. Investors took profit in UsdJpy on 116.60 resistance level as the Yen was breaking higher and the US regional Manufacturing survey came weaker than expected. The Dollar has been climbing for the past two months as data showed US economy to be stronger than previously estimated last summer and recent increase in US Yields because of Federal Reserve reiterated their concern about inflation. The Fed is not expected to make any change to the Fed funds rate of 5.25% after the Federal Reserveâ€™s policy meeting on Wednesday. As usual, analysts will be looking to get few hawks in the Federal Reserve announcement and any modification to the language in the statement. Eurusd traded most of yesterday between 1.2526 â€“ 1.2549 and jumped higher at 1.2580 in European session. Closing US session was around 1.2560. Yen has been subject to profit taking around 119.60 erasing yesterday advance and stepping down to 119.10 before closing the day nearly unchanged at 119.30.
Todays Key Issues:
German October IFO Business climate, Current Assessment, Expectations are due at 8:00 GMT respectively expected 104.5 vs 104.9, 111.5 vs 111.3 and 98 vs 98.9. German October CPI is due at 13:00 GMT expected -0.1% vs -0.4% (MoM) and 0.9% vs 1% (YoY). Most awaited US FOMC Rate Decision due at 18:15 GMT expected 5.25% unchanged. NZD Royal Bank of New Zealand due at 20:00 GMT expected 7.25% unchanged.
The Risk Today:
EURUSD dropped near 1.2521 (76.4% retracement of the 1.2483 to 1.2644). Further profit taking would open the way through 1.2530 and 1.2485 support. On the top, 1.2644 is the nearest resistance. USDCHF is consolidating above 1.2548 low and we could see a new uptrend beyond breaking up 1.2700 to trigger further upside towards 1.2771 and likely 1.2930 (76.4% retracement of the 1.3241 to 1.1919 decline). GBPUSD recovery from Tuesday's 1.8675 low is still in a downtrend below 1.8863. It could be a drop down 1.8674 to retest on 1.8516 this month key level. USDJPY's sell-off last week held above the 117.40 early month support. It again went over 119.20 and tested 116.60 short term resistance level. We are still looking for a new advance on 119.90 â€“ 120 technical and psychological resistance level. This would open the way to 121.40 (last Dec trend). Maintain a bullish near-term sentiment above 118.05.
Resistance and Support:
|EURUSD ||GBPUSD ||USDJPY ||USDCHF |
|1.2880 K ||1.9075 T ||121.40 T ||1.2930 T |
|1.2700 S ||1.8901 S ||120.00 P ||1.2800 P |
|1.2660 M ||1.8810 S ||119.90 S ||1.2736 S |
|1.2561 ||1.8745 ||119.12 ||1.2670 |
|1.2485 M ||1.8660 M ||118.05 M ||1.2640 M |
|1.2450 T ||1.8601 P ||117.40 S ||1.2430 S |
|1.2400 S ||1.8516 K ||116.06 T ||1.2400 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 23 July 2018
AA: Major, A: High, B: Medium
A 14:00 US- Existing Homes Sales
Tue 24 July 2018
Wed 25 July 2018
A 08:00 DE- IFO Survey
A 14:00 US- New Homes Sales
A 14:30 US- EIA Crude
Thu 26 July 2018
AA 11:45 EZ- European Central Bank Decision
A 12:30 US- Weekly Jobless
A 12:30 US- Durable Goods
Fri 27 July 2018
AA 12:30 US- GDP
A 14:00 US- Final 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.