Forex Market Updates & Commentary |  |
- The February 19th 2010 Weekend Forex Commentary is available for viewing
- USDCHF holds 100 hour MA and pauses
- USDCAD breaks the support at 1.0405
- EURUSD fails on the break above 1.3584.
- EURUSD resistance at 1.3584 from prior lows/highs
- GBPUSD moving toward resistance at 1.5459
- USDCHF broke through the 1.0825 level and approaches the next target
- The February 19th 2010 NY Midday Forex Report is available for viewing.
- The USDCHF tests the 1.0825 support level and bounces
- USDCAD moves back below the 100 hour MA at 1.0463
- EURUSD moves to resistance at the 1.3533 and comes off
- USDJPY tests highs at 92.08
- EURUSD moves down to test 61.8% retracement support again and bounces
| The February 19th 2010 Weekend Forex Commentary is available for viewing Posted: 19 Feb 2010 01:53 PM PST |
| USDCHF holds 100 hour MA and pauses Posted: 19 Feb 2010 11:41 AM PST
As per the prior post, the USDCHF fell to and found support at the 100 hour MA level (see prior post). The market has paused at the level as it decides the final direction into the Friday close. Traders who are short from above (i.e. a break of the 1.0825 support or above - see earlier post) are in control as the weekend approaches. Taking profit or partial profit at the level is an option and restart on Monday. Doing so, keeps something in the game and could benefit from any weekend tension in the Middle East (should there be any). From a standing start, it is best to leave well enough alone and look for a better opportunity after the market opens. |
| USDCAD breaks the support at 1.0405 Posted: 19 Feb 2010 10:42 AM PST Stops triggered and the price moves to 1.0387. Resistance now at 1.0405. |
| EURUSD fails on the break above 1.3584. Posted: 19 Feb 2010 10:28 AM PST The EURUSD broke above 1.3584 but has come back below the level. The failure to find additional momentum should solicit profit taking sellers. Support at 1.3553. A move back above the 1.3592 level would confirm the upside again. The 1.3584 level remains a key “remembered” price level for the pair. |
| EURUSD resistance at 1.3584 from prior lows/highs Posted: 19 Feb 2010 10:16 AM PST
A move above 1.3587 would likely level to a further move toward the 100 hour MA at the 1.3616 level. Watching the level closely. |
| GBPUSD moving toward resistance at 1.5459 Posted: 19 Feb 2010 10:07 AM PST
The GBPUSD is approaching resistance at the 1.5459 level. The price represents the 38.2% retracement of the move down from the Discount Rate hike. The level is also a correction high level from earlier in the trading day today. We should see profit taking sellers against the level with stop so na move through the level. |
| USDCHF broke through the 1.0825 level and approaches the next target Posted: 19 Feb 2010 10:01 AM PST
The USDCHF fell below the 1.0825 level as per the prior post (CLICK HERE) and moved lower. THe price is now down testing the next target support at the 1.0787 level. The 100 hour MA at the 1.0767 is also a target level. Stops on the upside are still focused at the 1.0819-25 area. |
| The February 19th 2010 NY Midday Forex Report is available for viewing. Posted: 19 Feb 2010 09:25 AM PST |
| The USDCHF tests the 1.0825 support level and bounces Posted: 19 Feb 2010 08:57 AM PST
The USDCHF went down and tested the 1.0825 level where the old high from last Friday, and the high from yesterday (prior to the surge higher) . The price dipped just below the level at 1.0819 and 1.0821 but each time the price bounced. A move back below may not be so lucky. On the topside look for sellers against the 1.0847 level (100 bar MA on the 5 minute chart). WE should see sellers against this moving average with stops above it.
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| USDCAD moves back below the 100 hour MA at 1.0463 Posted: 19 Feb 2010 08:37 AM PST
The USDCAD has moved back below the 100 hour MA at the 1.0463 level. This is bearish for the pair as the price tested the 200 hour MA and the 100 day MA earlier and now has broken the downside support level at the 100 hour MA (breaking outside the Goal Post). The level now becomes upside resistance and should find sellers against the level. On the downside, the 1.0405/15 level remains key support for the pair. A break of this level will be bearish for the pair.
There is some concern that the Iran situation with higher nuclear capability has the market a little concerned. Oil is up around $0.50 on a futures basis. The weekend bring uncertainty and it seems the market might be a little cautious for the commodity pairs. |
| EURUSD moves to resistance at the 1.3533 and comes off Posted: 19 Feb 2010 08:29 AM PST
The EURUSD moved up to the resistance at 1.3533 and held (SEE PRIOR POST). This is the 50% of the move down from the surprise move lower yesterday. A move above will likely solicit additional buying interest but look for profit taking sellers. Support now comes in at the 1.3512 area (old 38.2% retracement level) and below that 100 bar MA on the 5 minute chart (blue line in the chart above at the 1.3503 level currently). |
| Posted: 19 Feb 2010 07:52 AM PST
The USDJPY is up testing the highs for the day at 92.08. A move above will next target the 92.30 level where the 200 day MA is found for the pair. Keep this level in mind.
The 100 and 200 bar MA on the 5 minute chart remains at 90.83. If the price remains above these moving average lines, the bias remains to the upside. |
| EURUSD moves down to test 61.8% retracement support again and bounces Posted: 19 Feb 2010 07:43 AM PST
The EURUSD moved down to test the 1.3483 level again and bounced. The London closing hour is approaching at 11:00-12:00 and this may cause some squaring up of positions. The market can go either way so be aware. A move below the 1.3483 level should lead to further declines toward the lows for the day at the 1.3456 and 1.3444 levels. ON the upside, the 1.3533 remains as upside resistance. This is the middle of the range from the move down after the Discount Rate rise. The 100 bar MA on the 5 minute chart comes in at the 1.3499. Above is bullish. Below is bearish. |
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