The pair has found buyers around 105.00 and started a recovery above the key level of 105.50. right now, the pair needs to break above 105.94, a descendant trend line in hourly charts, that could trigger a more interesting bullish rally; also CCI is about to cross tue 0.00 line, ready to give a bullish signal. A confirmation above the trend line, will target at least, the zone around 106.20.

A fail to break the trend line, will send the pair back to 105.50. Remember we have Chicago PMI in the US in a few minutes.

The pair has an ascendant trend line in 4 hours charts, around actual price, and also a 38.2% retracement of the last upleg. A hourly candle open under this line, will send the pair to the zone around 1.9875.

Take a look at this hourly chart.

Eur/usd is quoting around 1.5810, and despite the pair is overbought, and technical divergences in 4 hours charts, the pair seems far for turning even in a small correction for now. Firs resistance for today will be the zone around 1.5845, followed by 1.5891 and finally 1.5920. Under 1.5789, the pair will find supports at the zone around 1.5750 and finally 1.5710.

GBP/Usd remains more clearly bullish, ready to test 2.00: the pair will find an intermediate resistance around 1.9965, that if broken will take the pair to 2.0000 followed by the strong zone around 2.0040. Supports from here will be at 1.9923, the zone around 1.9870 and finally 1.9830.

USD/CHF is giving signs of exhaustion in 4 hours chart, after already reaching 1.0140,first support for today, that if broke, will send the pair to the zone around 1.0105, an important congestion zone that won’t be easy to break. Resistances for the next hours will be at 1.0170, 1.0204 and finally 1.0233.

USD/JPY already tested the 105.00, and continues falling with no signs of a reversion yet. Under today’s minimum, the pair could easily conntinue to the zone around 104.60 and finally 104.34: watdh the US DJIA openning, as japanese yen is moving on risk aversion these days. Resistances from here, will be at 105.55 and then 105.91-

Good morning! Welcome to a new day in forex market. The first half of the year comes to an end with dollar really weak, falling across the board as the market has already priced in a rate hike from the ECB this week, while the most important report of the US, Non Farm Payrolls, is expected to disappoint also. In this situation, greenback continues falling against it’s major rivals despite the over sold state the currency is showing, yet dollar bears seems not that tired yet.

Today, we have the following news, East time:

5:00 EUR CPI Flash Estimate (Expected 3.9% Previous 3.7%)

9:45 USD Chicago PMI (Expected 48.2 Previous 49.1)

7:50 JPY Tankan Large Manufacturers Index (Expected 3 Previous 11)

7:50 JPY Tankan Large Non-Manufacturers Index (Expected 8 Previous 12)

9:30 JPY Average Cash Earnings y/y (Expected 0.7% Previous 0.8%)

Let’s take a look at the charts.

Personal Income and Spending growth more than expected, yet inflation disappointed in the US. (check the following link to  review the data: http://www.fxstreet.com/fundamental/economic-calendar/ ), but despite the negative sentiment against dollar, majors seem quite exhausted and ready to start a correction: Euro needs to break under 1.5725 to run to the zone around 1.5680, while Japanese Yen needs to regain the 106.50 zone to trigger a bullish rally. GBP/USD, under 1.9853 to 1.9830.

Another post special just for the Australian and Canadian dollar: as you know, they are called commodities currencies as Australian dollar follows gold, as Canadian usually moves with oil; well oil has hit a new record high: crude oil futures rises above $141 a barrel in early London trade, while gold is above 922.00 dollars.

That’s sending both currencies up against greenback, with AUD very close to it’s record high (quoting right now at 0.9621, only 35 pips away) a correction seems likely before the upside continuation above that maximum.  Meanwhile Usd/Cad is very close to a key support level around 1.0046, that should hold for now.

Note Consumer Confidence fell more than expected in the Euro zone, and that keeps the currency a bit on hold, after already testing the strong 1.5780 zone: the resistance was strong enough to give an almost 30 pips correction. Let’s see if the pair moves to test it again, witch probably will mean a break trough.

Eur/Usd remains bullish in 4 hours charts, with a first resistance zone around 1.5770/80. A confirmation Above this point the pair is ready to test the the 1.5845 zone with a previous detention zone around 1.5815. If 1.5780 remains unbroken we could see a correction to the zone around 1.5745, and then to 1.5710.

GBP/USD also remains strong as the pair is moving in an ascendant channel: above 1.9895, yesterday’s maximum, the pair will be targeting 1.9933 the roof of the mentioned channel: a confirmation outside it, will send the pair first to the zone around 1.9935/45 and finally to 1.9990. Supports from here will be at 1.9858, 1.9820 and finally 1.9770.

USD/CHF continues falling although the pair seems over sold: with a first support around 1.0160,only breaking under 1.0144 the pair will gain enough momentum to continue to the zone around 1.0108. A correction will have resistances at 1.0217, 1.0261 and finally 1.0300.

USD/JPY is breaking a daily ascendant trend line, around 106.50 today, pre announcing further falls: under 106.10 the pair could easily continue to the congestion zone around 105.84, and then to 105.26, with an intermediate support around 105.50. Resistances from here will be: first, 106.50 the mentioned trend line that if regained, will negate previous view, and could take the pair to 106.77 and then to the zone around 107.10.

Have a great treading day!

Good morning! Welcome to a new day in forex market. Market remains dollar negative all across the board impelled by rising old and gold prices, and stocks drop, all  of this after FOMC dovish decision last Wednesday; also, the Euro zone current accout deficit narrowed sharply in April, early this morning.

In a few minutes  we have the first interesting fundamental of the day, for GBP, expected quite negative for England:

4:30 GBP Current Account(Expected –12.0B Previous –8.5B)

5:00 EUR Consumer Confidence (Expected -16 Previous -15)

08:30 US Personal Income (Expected 0.4% Previous 0.2%) and Personal Spending (Expected 0.7% Previous 0.2%)

08:30 US PCE Core Inflation (Expected 0.2% Previous 0.1%)

12:30 EUR ECB President Trichet Speaks

The pair is right now, standing on a strong zone between 107,05 and 107,16. If you like trading breaks, wait for the pair to fall under 107,05: then it will probably continue to the zone around 106,85. But if you like rebounds, more likely at this time of the day, enter a bullish position to the zone around 107,30, wuth stop losses just a few pips under 107.00.

the Eur/Usd is running high, following a strong trend against dollar today. If the pair breaks above today’s maximum, we could see a continuation rally to the roof of the inverted triangle mentioned a few days ago, also coincident with a daily descendant trend line, around 1.5780, that will be a top resistance level zone for today.

Look at the 4 hours chart: