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Forex Technical & Market Analysis FXCC Oct 07 2013

Discussion in 'Major Currency Crosses' started by alayoua, Oct 8, 2013.

  1. alayoua

    alayoua New Member

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    Forex Technical & Market Analysis FXCC Oct 07 2013

    Chinese government officials fire off warning to USA treasury

    The DJIA closed down 0.90% having experienced a late sell off towards the close of the afternoon session on Monday. As the day unwound any optimism for a solution faded, as did the secular rally enjoyed mid afternoon in the New York session. The SPX followed suit, closing down 0.85% and the NASDAQ closed down 0.98%. In the Chinese government's first public comments on the deadlock, Zhu urged Washington politicians to "learn their lessons from history". A reminder that the US AAA credit rating was downgraded by S&P two years ago after the last debt ceiling standoff. Zhu said; "The United States is totally clear about China's concerns about the fiscal cliff. We ask that the United States earnestly takes steps to resolve in a timely way before October 17 the political [issues] around the debt ceiling and prevent a U.S. debt default to ensure safety of Chinese investments in the United States and the global economic recovery. This is the United States' responsibility."
    http://blog.fxcc.com/market-analysis

    http://blog.fxcc.com/market-analysis
    2013-10-08 12:15 GMT | Canada. Housing Starts s.a (YoY) (Sep)
    2013-10-08 16:00 GMT | Switzerland. SNB Chairman Jordan Speech
    2013-10-08 23:30 GMT | Australia. Westpac Consumer Confidence (Oct)
    2013-10-08 23:50 GMT | Japan. BoJ Monetary Policy Meeting Minutes

    FOREX NEWS :
    2013-10-08 05:00 GMT | USD/JPY pares earlier losses and strikes back above 97.00
    2013-10-08 04:06 GMT | GBP/USD slightly downwards but consolidating yesterday’s gains
    2013-10-08 03:28 GMT | USD/CHF pockets gains printing 0.9044 session highs
    2013-10-08 01:56 GMT | EUR/USD glued to 1.3568 support


    -------------------------
    EURUSD :
    HIGH 1.35816 LOW 1.35574 BID 1.35616 ASK 1.35618 CHANGE -0.14% TIME 08 : 13:56

    [​IMG]

    OUTLOOK SUMMARY :
    TREND CONDITION : Up trend
    TRADERS SENTIMENT : Bearish
    IMPLIED VOLATILITY : Medium

    MARKET ANALYSIS - Intraday Analysis

    Upwards scenario: Our technical outlook for the medium-term perspective remains bullish oriented. Clearance of next resistance level at 1.3583 (R1) would enable bullish pressure and open route towards to our next targets at 1.3607 (R2) and 1.3630 (R3). Downwards scenario: Medium-term bias is clearly positive however possible progress below the initial support level at 1.3560 (S1) might expose our intraday targets at 1.3542 (S2) and then 1.3517 (S3) in perspective.

    Resistance Levels: 1.3583, 1.3607, 1.3630
    Support Levels: 1.3560, 1.3542, 1.3517

    ----------------
    GBPUSD :
    HIGH 1.60988 LOW 1.60695 BID 1.60699 ASK 1.60703 CHANGE -0.16% TIME 08 : 13:57

    [​IMG]

    OUTLOOK SUMMARY : Down
    TREND CONDITION : Downward penetration
    TRADERS SENTIMENT : Bearish
    IMPLIED VOLATILITY : Medium

    Upwards scenario: Possible upwards formation is limited now to resistive measure at 1.6099 (R1). A break above it would suggest next intraday target at 1.6122 (R2) and if the price holds its momentum we can expect price increase towards to final resistance at 1.6150 (R3). Downwards scenario: If the price manages to overcome our next support barrier at 1.6061 (S1), we expect to see further market decline towards to our next target at 1.6035 (S2) and then next stop could be found at 1.6008 (S3) mark.

    Resistance Levels: 1.6099, 1.6122, 1.6150
    Support Levels: 1.6061, 1.6035, 1.6008

    -------------------
    USDJPY :
    HIGH 97.134 LOW 96.566 BID 97.056 ASK 97.059 CHANGE 0.36% TIME 08 : 13:58

    [​IMG]

    OUTLOOK SUMMARY : Down
    TREND CONDITION : Down trend
    TRADERS SENTIMENT : Bullish
    IMPLIED VOLATILITY : Medium

    Upwards scenario: Immediate resistance at 97.29 (R1) remains in near-term focus, climb above this level might open way for a stronger move towards to next interim target at 97.58 (R2) and any further rise would then be limited to final resistive measure at 97.87 (R3). Downwards scenario: On the other hand, our next support level aligns at 96.79 (S1) and possible price regress below it might encounter downside rally. In such scenario we would suggest next intraday targets to be placed at 96.43 (S2) and 96.05 (S3).

    Resistance Levels: 97.29, 97.58, 97.87
    Support Levels: 96.79, 96.43, 96.05

    Source: FX Central Clearing Ltd,( http://www.fxcc.com )
     
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