IBTimes

Dollar-Swiss is continuing to trade higher. Howeve, the Resistance in 1.0430-65 region mentioned earlier is holding as of now. Support is seen at 1.0400 and if it continues to hold, we might see a break above this 1.0430-65 Resistance region which would take the pair up towards 1.0550-0600. Note that 1.0550-0600 is the upper end of the 1.03-06 range in which the pair has been trading for several weeks. The overall outlook is bearish and we expect the upper end of the range to hold. A rally towar...

The Canadian economy released this morning its retail sales report for the month of June, on monthly basis retail sales grew by 0.1% which is less that the expected 0.4% climb, the gauge reversed the previous fall of 0.2%.Retail Sales Less Autos fell by -0.5% which is opposite that the forecasted 0....

Having followed -through lower on the back of its Monday losses, the cross now looks to weaken further after cutting through the 107.30 level, its 2010 low in today's trading. With a failure of that level seen, the 106.75 level, its Sept'2001 low will be aimed at ahead of its psycho level at 105.00.

The Japanese yen climbed to the highest level since 1995 versus the dollar and nine-year high against the euro on signs global recovery is losing momentum.Later in the day, US home sales is expected to decline 13% in July which will reflect the weakness in the housing sector, while German business c...

Forexpros.com Daily Analysis - 24/08/2010

Monday, the wave of merger activities in the US failed to restore confidence among market participants. Worried by a double-dip scenario, investors continued to exit stock markets for the refuge of low-yielding Treasury bonds. This weighted heavily on the euro and the British pound, which retreated further against the greenback and the yen.

The Canadian Dollar touched the weakest level in a month as crude oil declined and traders reprised their expectations for a Bank of Canada interest rate increase, in light of economic data that suggests a slowing recovery.

The Yen rose against all majors as signs the global economy is slowing boosted demand for the currency as a refuge. As long the USDJPY is trading below the 86.00 level, a short position is preferred and the momentum is clearly bearish.

The Pound was near the lowest level against the dollar in almost four weeks as a quarterly gauge of business confidence weakened, further stoking fears that the economic recovery may be slowing. The GBP/USD continues with its stable trend.

GBP/USD Buy @ 1.5423 ( Stop/Limit/Market Order) Set Stop Loss @ -40pip Set Profit Target @ 50 pips

The Euro reached the lowest level versus the Dollar in almost six weeks after data showed services and manufacturing growth slowed in the 16 nation Euro area. German Manufacturing PMI came out at 58.2 vs. the 60.9 forecast, and European Manufacturing PMI came out at 55.0 vs. an expected 56.3.

The Dollar gained against most of its majors as risk aversion continued amid fears that the rate of global economic growth is slowing down. The NASDAQ and Dow Jones weakened by 0.92% and 0.38%, respectively.

Today's support: - 10350.23 and 10313.44(main), where a delay and correction may happen. Break of the latter will give 10293.67, where correction also can be. Then follows 10262.60. Be there a strong impulse, we shall see 10246.54. Continuation will bring 10214.70.

The Japanese yen has made strong gains against all of its currency rivals these past few trading days. This growth is likely due to the sudden spike in risk aversion, similar to the growth being witnessed in the US dollar currently.

The euro has recently made an upward movement against many of its currency rivals, except for the US dollar and Japanese yen. The 16-nation single currency gained over 130 pips against the British pound, and is currently trading at 0.8181.

The US dollar has been on the upside for the past several trading days. Against its primary rivals, the greenback has made modest growth. The EUR/USD pair has slid from its recent high of 1.2900 to currently trade just over 1.2600, and there doesn't seem much in the way of slowing this movement.

A consensus seems to be forming that risk aversion is returning to the market. Despite the sporadic release of positive data in various parts of the world, the overall trend appears to indicate a slow-down in recovery and growth.

Once again the Asia session lacked potential market moving data, however unlike yesterday there was no lack of FX volatility. The US Dollar continued to strengthen versus European and commodity currencies; EUR/USD went from 1.2655 to 1.2620 and USD/CAD traded from 1.0515 towards 1.0570, meanwhile USD/JPY is back knocking on the 84 handle.

USDJPY continues to move sideways in a range between 84.72 and 86.37. Support is at 84.72, a breakdown below this level could trigger another fall to 82.00 area.

EURUSD's downward movement extends to as low as 1.2624. Deeper decline is still possible in a couple of days and next target would be at 1.2500 area.