Forex Market Updates & Commentary

---

• August 10th-14th WEEKEND FOREX REPORT - A look forward
• EURCHF is testing the topside trendline resistance but remains above the LT Midpoint support
• Dollar goes up against major currency pairs today as selling stops and shorts get squeezed.
• August 7 2009 Forex Midday Report
• EURUSD approaches the midpoint of the longer term range
• The Pavlovian reaction is not happening today
• USDJPY continues the move higher after breaking higher above 100 day MA and trendline resistance
• EURUSD breaks support. Moves to test next level
• USDCHF tests 50% retracement level. KEY level.

August 10th-14th WEEKEND FOREX REPORT - A look forward Posted: 07 Aug 2009 01:58 PM PDT Click here to view the embedded video. August 10th-14th WEEKEND FOREX REPORT - A look forward

EURCHF is testing the topside trendline resistance but remains above the LT Midpoint support Posted: 07 Aug 2009 11:36 AM PDT The EURCHF is testing the topside trendline resistance at the 1.5348 .  The market hsa been testing this level over the last few hours but has not been able to break through.  A break higher should solicit some additional buying in the pair. The pair earlier broke above the 50% retracement of the move down from the July 2008 high to the October 2008 low.  The midpoint came in at 1.5333.  The market has been holding the 1.5333 level for the afternoon as well A break above the trendline would target the high from March at 1.5446 and above that 1.5577 the 61.8% retracement of the longer term move.

Dollar goes up against major currency pairs today as selling stops and shorts get squeezed. Posted: 07 Aug 2009 11:19 AM PDT A look at the majors on the hourly charts.

August 7 2009 Forex Midday Report Posted: 07 Aug 2009 09:41 AM PDT Click here to view the embedded video. Busy day in the Forex. What took place? Watch this video to find out.

EURUSD approaches the midpoint of the longer term range Posted: 07 Aug 2009 08:53 AM PDT The EURSUD topped out in 2008 at the 1.6037 level. The low reached 1.2329 level in October 2008.  From that point the market had a sharp correction in December 2008 (a classic short squeeze).  After falling back toward the low in February, a more orderly rise ensued.  This took the pair up to the high this week at the 1.4447 level.  The midpoint of the entire high low range in 2008 comes in at the 1.4183.  I still consideer this level a key level on the downside to break.    The market is approaching this level currently.  A break should next target the trendline at the 1.4076 level on the longer term chart.

The Pavlovian reaction is not happening today Posted: 07 Aug 2009 08:08 AM PDT In recent markets a better economic number that sends stocks higher in the US has led to a flight into risk with EURUSD, GBPUSD going up, USDCHF down and USDJPY going up.  The commodity currencies moved higher including AUD, NZD and CAD.  Today the story is changed.  The better data has sent the dollar higher across the board with the exception of the NZDUSD which is still up on the day.  The AUDUSD is just marginally lower (dollar higher).     This change in the “normal story”, may be why we are seeing the moves today.  When the market does not do, what it has been doing - i.e. the daily storyline changes - it causes havoc and trader’s get offside and are stopped out. This is why it is often best to follow what the charts are saying.  Today, the charts gave the clues and the storyline changed.  So pay attention to the news, but be sure to keep your eyes on the charts as they can tell a very different story and the story will can can change.

USDJPY continues the move higher after breaking higher above 100 day MA and trendline resistance Posted: 07 Aug 2009 07:30 AM PDT The USDJPY is pausing at some old highs/low off the daily chart (see chart above).  From a longer term perspective, the break above the Key Levels today have targeted the 98.83 level.  There will be hurdles along the way but the bias remains bullish.

EURUSD breaks support. Moves to test next level Posted: 07 Aug 2009 07:23 AM PDT The next support comes in at the 1.4226 level where the 50% of the move up from the July 29th low is located.  Keep level in mind for some support at least initially. A break below will should solicit additional selling in the pair as the dollar continues to get strong across the board.

USDCHF tests 50% retracement level. KEY level. Posted: 07 Aug 2009 07:20 AM PDT The USDCHF is testing the 50% of the move down from the July 29th high to the low.  The level comes in at 1.0747 .  A break above targets 1.0791 which the 61.8% retracement level for the pair.

You are subscribed to email updates from Forex News and Commentary by FXDD To stop receiving these emails, you may unsubscribe now.	Email delivery powered by Google
Google Inc., 20 West Kinzie, Chicago IL USA 60610