Forex Market Updates & Commentary

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• Bobbys Corner-Open Market-Dec.24.2010
• Christmas Holiday Best Wishes
• Next FXDD Live Education Dec 28th 2010
• FXDD Live education rebroadcast Dec 23 2010
• USDCHF rises sharply today but find sellers against trend line resistance
• USDJPY’s breaking of the 100 day MA leads to fall
• GBPUSD: Watching the 200 day MA
• EURUSD remains quietly bearish

Bobbys Corner-Open Market-Dec.24.2010 Posted: 24 Dec 2010 06:21 AM PST Good Morning: I want to wish everyone a  very Merry Christmas. With the world closed or about to close for the Christmas holiday-the markets are very thin-and FXDD  trading will close at 1 PM (NY Time) today.  Our phones will be open till 2 PM. Enjoy your holiday-and I will see you on the posts next week. Bob

Christmas Holiday Best Wishes Posted: 23 Dec 2010 02:19 PM PST On behalf of Greg and myself, we would like to wish you a safe and happy holiday. I will be back on Jan 4th. Greg will continue to post commentary next week. FXDD Closes tomorrow at 1pm and reopens Sunday afternoon. Best wishes, Shawn Powell

Next FXDD Live Education Dec 28th 2010 Posted: 23 Dec 2010 02:17 PM PST Next FXDD Live Education Dec 28th 2010 >>Click to Register

FXDD Live education rebroadcast Dec 23 2010 Posted: 23 Dec 2010 02:14 PM PST FXDD Live education rebroadcast Dec 23 2010 - Click to watch This posting includes an audio/video/photo media file: Download Now

USDCHF rises sharply today but find sellers against trend line resistance Posted: 23 Dec 2010 09:02 AM PST The USDCHF lost some of the safe haven action today and the pair has moved sharply higher.  The sharp move higher took the price above the 100 and 200 hour MA and tested a trend line resistance before finding profit takers who willingly sold the market back lower. In the last couple hours the price has moved back down to test the 100 hour MA at the 0.9600 area but has been able to hold support.  As a result, the bias remains bullish/corrective above this level.  A move below the 0.9600 level will be needed to erase the short term bullish bias.

USDJPY’s breaking of the 100 day MA leads to fall Posted: 23 Dec 2010 08:22 AM PST The breaking of the 100 day MA today at 83.45, has led to some momentum selling in the USDJPY but the pair still goes with some kicking and screaming. The kicking and screaming came in the form of a sharp correction in the early NY session that saw the price move back higher to test the key 83.45 level.  Failure to push back through the level has led to a reestablishment of the bearish bias and the price is back down testing the 83.00 level.  The low for the day comes in at 82.85 and remains the next target to breach.

GBPUSD: Watching the 200 day MA Posted: 23 Dec 2010 08:12 AM PST Yesterday, the price moved below and closed just below the 200 day MA. Today, the price is trading around the key technical level as the combination of the holiday week and the importance of the level keeps traders content with pausing at the key level.  Nevertheless, the level remains a key borderline level for bullish or bearish bias and a close below the level should keep the bias firmly to the downside.  Conversely a close above the key 1.5391 level should cause some profit taking from the shorts as the holiday week works toward the close.

EURUSD remains quietly bearish Posted: 23 Dec 2010 07:34 AM PST The EURUSD remains in a shallow downward channel this week. The price tested the 100 hour MA (blue line in the chart below) and trendline earlier today - providing a low risk trading opportunity (see hourly chart below). The pair has resumed the move lower and looks to target the 1.3040 level where the bottom of the channel currently comes in. Taking a look at the daily chart below, the price has moved back below the key 200 day MA (green line in the chart below) currently at the 1.3091 area and also has moved below the 50% retracement of the move up from the 2010 low at 1.1876 to the high reached in November at 1.4281. That level comes in at 1.30785. Staying below this level today should keep the pressure on the pair and would target in the medium term a testing of the 1.2968 low for November and possibly the 61.8% retracement at the 1.2795 level. For today, a move back above the 1.30785 level (50%) should solicit some holiday type profit taking by the day traders, with a move above the 200 day moving average, taking all the wind out of the bears sails.

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