Forex Market Updates & Commentary

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• Stops triggered in EURUSD above 1.3350
• EURUSD moves toward key resistance at 1.3350-62
• USDCHF moves toward channel support at 0.9683
• GPBUSD moves back above 100 day MA
• Forex Morning Report- Dec 13
• USDJPY breaks lower as dollar
• EURUSD moves higher on Moody’s comment
• Moody’s quoted on newswires about US debt rating post Tax Package
• EURUSD moves toward the days high
• Canada Capacity Utilization comes in higher
• Canada’s Capacity Utilization will be released at 8:30
• NY Opening Forex Commentary: Market remains contained by key levels
• UK PPI Input
• Swiss PPI
• 12-13 Economic Calendar

Stops triggered in EURUSD above 1.3350 Posted: 13 Dec 2010 07:32 AM PST Price surges above 1.3350 and moves with ease through 1.3362 triggering more stops.  Support now at 1.3350.  A move below this level will be needed to lessen some of the bullish momentum seen over the last few hours now.  Next upside target is 1.3400 which was the high from Tuesday. The high from last week came in at 1.3421. Trends are fast. Trends are directional.  Be aware.

EURUSD moves toward key resistance at 1.3350-62 Posted: 13 Dec 2010 07:14 AM PST The 100 day MA is at 1.3350 area. Additional resistance comes in at the 1.3362 level. The high has reached 1.3338 so far. The EURUSD has moved up from a low at 1.3182 today and moved strongly higher. The correction off the moves higher today have been shallow indicative of some good buying/short covering.  Will the 1.3350 area cap the top today?  I expect some longs taking some profit against a move above the 1.3362 level.  On the downside, a move below the 1.3316-22 level would muddy the bullish bias a bit, with a downside target of 1.3278 being a retracement target.

USDCHF moves toward channel support at 0.9683 Posted: 13 Dec 2010 07:05 AM PST

GPBUSD moves back above 100 day MA Posted: 13 Dec 2010 06:36 AM PST The GBPUSD has moved back above the 100 day MA at the 1.5747 level on the dollar weakness and is next targeting the 100 hour MA at the 1.5778 level.  The underside of the trendline that was broken earlier today against the 1.5784 level should also provide some resistance for the pair.  Risk is for a move back below the 1.5747 level for the pair.

Forex Morning Report- Dec 13 Posted: 13 Dec 2010 06:35 AM PST Forex Morning Report- Dec 13

USDJPY breaks lower as dollar Posted: 13 Dec 2010 06:16 AM PST The 83.57 level is the next target support for the USDJPY.  This is the 200 hour MA and the 38.2% of the move up from Dec 7th low.    The pairs failure to get above the 83.40 level today (high 83.34) coupled with the Moody’s comment, has pressured the dollar and with it the USDJPY.

EURUSD moves higher on Moody’s comment Posted: 13 Dec 2010 06:06 AM PST The next target is 1.3322.  Look now for the 1.3281 level to provide support.  Above 1.3322 the next targets are 1.3350, 1.3400 andthe two week high at 1.3421

Moody’s quoted on newswires about US debt rating post Tax Package Posted: 13 Dec 2010 05:58 AM PST Moody’s on the newswire, says US Tax Package increases negative rating outlook for the US in the next couple of years.  The EURUSD has moved higher on the news and is above the 1.3300 level

EURUSD moves toward the days high Posted: 13 Dec 2010 05:43 AM PST The EURUSD is above the 1.3280 level and looks toward the high for the day at 1.3287.  Look for support against the 1.3267 level (risk for longs).  Last Thursday’s high at 1.3322 becomes the upside target for the pair.  Above that 1.3350 (trendline - see chart)

Canada Capacity Utilization comes in higher Posted: 13 Dec 2010 05:32 AM PST The index reached 78.1% vs 76.5% expectations. This has led to a further move down in the USDCAD. The pair now has resistance at 1.0063. The low from last week at 1.0011 is the next target. The December low is 1.0002.

Canada’s Capacity Utilization will be released at 8:30 Posted: 13 Dec 2010 05:29 AM PST The expectation is for a gain to 76.5% from 76.0%. This number is released quarterly. This release is for the 3rd quarter. The move to 76.5 would be the highest level since Septemeber 2008. The most recent low came in 68.1% in June 2009.

NY Opening Forex Commentary: Market remains contained by key levels Posted: 13 Dec 2010 05:03 AM PST Click here to view the embedded video.

UK PPI Input Posted: 13 Dec 2010 01:34 AM PST UK PPI Input m/m came in at 0.9%, stronger than the 0.7% expected. Gbp has shown weakness thus far vs. Usd and Eur. This data may may change the current market sentiment. Gbp/Usd trades at 1.5742 and Eur/Gbp at .8395.

Swiss PPI Posted: 13 Dec 2010 12:24 AM PST Swiss PPI m/m came in at -0.2%, weaker than the 0.1% expected. Usd/Chf and Eur/Chf relatively una ffected by news trading at .9835 and 1.2985 respectively.

12-13 Economic Calendar Posted: 12 Dec 2010 08:49 PM PST

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