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Forex Technical & Market Analysis FXCC Sep 24 2013

Discussion in 'Major Currency Crosses' started by alayoua, Sep 24, 2013.

  1. alayoua

    alayoua New Member

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    Forex Technical & Market Analysis FXCC Sep 24 2013

    A tale of three central banks

    Two European central bank presidents spoke on Monday concerning their overall relative responsibilities. European Central Bank President Mario Draghi said he’s prepared to release another long-term refinancing operation in order to provide funds to Europe’s banking system if and when needed. Unlike previous times after Mr Draghi has held court, the market reaction this time was muted. The Swiss franc is still highly valued and the central bank’s currency ceiling remains essential for safeguarding the economy, according to Swiss National Bank President Thomas Jordan in his statement on Monday. Therefore the loose peg, in relation to the value of the Swiss franc versus the euro, at circa 120, will remain in force until conditions change. The U.S. currency fell versus the majority of its sixteen major peers as a consequence of the Bank of Atlanta President Dennis Lockhart and others stating that Fed policy should focus on creating a more dynamic economy. Lockhart has continually backed the Fed’s $85 billion in monthly bond purchases that were retained last week.
    http://blog.fxcc.com/market-analysis


    FOREX ECONOMIC CALENDAR :
    2013-09-24 08:00 GMT | DE IFO - Business Climate (Sep)
    2013-09-24 12:30 GMT | CA Retail Sales (MoM) (Jul)
    2013-09-24 14:00 GMT | US Consumer Confidence (Sep)
    2013-09-24 22:45 GMT | NZ Trade Balance (YoY) (Aug)

    FOREX NEWS :
    2013-09-24 05:16 GMT | EUR/USD churning above support of 1.3476 ahead of German data
    2013-09-24 05:01 GMT | EUR/GBP struggles to maintain the 0.8400 support
    2013-09-24 04:42 GMT | GBP/USD off slightly Tuesday after brief rally Monday; key support 1.5894
    2013-09-24 03:59 GMT | USD/JPY pulling back away from 99.52 resistance as Yen sees safety inflows


    --------------------
    EURUSD :
    HIGH 1.34985 LOW 1.3489 BID 1.34953 ASK 1.34955 CHANGE 0.02% TIME 08 : 47:25

    [​IMG]

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

    MARKET ANALYSIS - Intraday Analysis

    Upwards scenario: Appreciation above the resistance at 1.3517 (R1) might commence new step of the ascending structure. Our intraday targets today are placed at 1.3538 (R2) and 1.3560 (R3). Downwards scenario: Any downside fluctuations remains for now limited to the next support level at 1.3478 (S1), only clear break here would be a signal of further market easing towards to next targets at 1.3458 (S2) and 1.3437 (S3) in potential.

    Resistance Levels: 1.3517, 1.3538, 1.3560
    Support Levels: 1.3478, 1.3458, 1.3437

    ---------------------------
    GBPUSD :
    HIGH 1.60443 LOW 1.60252 BID 1.60256 ASK 1.60261 CHANGE -0.1% TIME 08 : 47:26

    [​IMG]

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

    Upwards scenario: Market price penetrated below the moving averages and likely close at the negative side today. Our next resistive measure lies at 1.6054 (R1), break here is required to achieve higher targets at 1.6083 (R2) and 1.6109 (R3). Downwards scenario: Possible market weakening is protected by important technical level at 1.6016 (S1). Break here is required to open road towards to interim target at 1.5989 (S2) en route to final aim at 1.5962 (S3).

    Resistance Levels: 1.6054, 1.6083, 1.6109
    Support Levels: 1.6016, 1.5989, 1.5962

    -------------------
    USDJPY :
    HIGH 98.93 LOW 98.662 BID 98.921 ASK 98.923 CHANGE 0.08% TIME 08 : 47:27

    [​IMG]

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

    Upwards scenario: We expect possible upwards penetration. Break above the resistance at 98.93 (R1) would clear the way towards to higher target at 99.10 (R2). Further price appreciation would face then final resistive measure at 99.27 (R3) Downwards scenario: Our next support level locates at 98.63 (S1) mark. Possible penetration below this level would open way towards to next target at 98.47 (S2) and then final aim lie at 98.31 (S3) price level.

    Resistance Levels: 98.93, 99.10, 99.27
    Support Levels: 98.63, 98.47, 98.31

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