Forex Market Updates & Commentary |  |
- Happy New Year to All
- USDCAD tests April 2010 and year low at 0.9929
- USDCHF rebounds hard off of 0.9300 and 0.9320
- USDJPY falls sharply. 80.70 is target area below.
- EURUSD heads toward 1.3423 target
- GBPUSD tests 50% midpoint of December Range
| Posted: 31 Dec 2010 09:59 AM PST On behalf of Shawn Powell, Jared Boyd and Jason Galano let me wish you all a joyous, healthy New Year. May you also enjoy good fortune in your trading in 2011. Peace on earth. Goodwill toward men, Greg Michalowski |
| USDCAD tests April 2010 and year low at 0.9929 Posted: 31 Dec 2010 08:21 AM PST
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| USDCHF rebounds hard off of 0.9300 and 0.9320 Posted: 31 Dec 2010 08:14 AM PST
The USDCHF fell through the bottom trendline support at 0.9320 and fell to a low of 0.9300. The move back above the 0.9320 and the holding of the 0.9300 level now gives dip buyers a level to lean against. Look for profit taking buyers on dips toward the 0.9320 level. The upside target becomes the 94.05 level where trendline resistance comes in. Volatility to prevail for the next hour. |
| USDJPY falls sharply. 80.70 is target area below. Posted: 31 Dec 2010 08:08 AM PST
The resistance above is at 81.25-28 (see chart below). The next key support comes in at 80.70 (see chart above). Anything can happen as end of year volatility rules the day.
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| EURUSD heads toward 1.3423 target Posted: 31 Dec 2010 07:54 AM PST
The 1.3423 levle is the next target (see chart). Could see resistance against the level. A move above targets 1.3446 which was the low on November 26th.
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| GBPUSD tests 50% midpoint of December Range Posted: 31 Dec 2010 07:48 AM PST The midpoint of the December high to low range comes in at 1.5626. Can the market find profit takers or is the end of year squaring going to control the market?> |
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