Jason Alan Jankovsky Morning Dollar Briefing Oct 30th
The USD is quiet this morning after mostly a two-way consolidative overnight session, tech levels continued to draw both sides and ranges were tighter as traders continue to digest the near-term implications of better US data seen yesterday. Equities were higher in Asia followed by mixed action in Europe; overnight data was fairly positive for the respective regions but traders were unable to extend in either direction as sentiment was cautious after yesterday’s big move.
The BOJ held rates steady as expected but hinted at possible increase in easing, Japan unemployment dropped unexpectedly adding a bit of weight to the USD. Retail sales in Germany were lower, French inflation a bit lower and UK housing prices a bit better; most action in those pairs remained subdued. Gold and Oil were also two-way and open New York slightly lower with DJIA futures lower as well. For the most part the big drop in the USD yesterday is lacking follow-through and stops are noted above the market likely from weak shorts set yesterday.
GBP high prints at 1.6581 failed to find enough bids to extend higher and the rate quickly turned lower for low prints at 1.6506 making an inside range day so far; the rate is steady at the start of New York around the 1.6530 area. EURO also range bound with a high print at 1.4859 and a low at 1.4803; traders note bids in the 1.4800 and 1.4780 area with stops under 1.4770 area and above 1.4880 area.
EURO likely to remain under pressure ahead of the G-7 meeting next week where it is expected discussion on EURO strength will be on the table.
USD/JPY held fairly steady around the 91.00 handle with a brief dip under for low prints at 90.83 in Europe; high prints at 91.59 found exporter offers as expected with stops likely building in the 91.80 area.
USD/CHF low prints at 1.0156 holding tech support in the 1.0150/60 area; high prints at 1.0204 likely from shorts covering on the failure to extend below support. The rate has completed roughly a 50% retracement from the 2009 lows to the highs this week suggesting bids will make a show on dips.
USD/CAD is holding under the 1.0700 handle with low prints at 1.0651 holding support at 1.0650/60 area; high prints at 1.0705 with stops likely above the 1.0720/30 pivot area. Traders note that the rate is holding firm after the dip with shorts likely willing to cover if the 1.0750 area trades today; the high prints over 1.0800 was a near term tech objective with shorts from thee likely looking for a close under 1.0720 for the week.
In my view, the lack of follow-on selling for the USD indicates that the dip seen yesterday was likely a panic move driven by the surprise in US GDP. If the bulls are gaining control of the market then the dip would be seen as a strong buy opportunity suggesting that any further weakness will be bought limiting the downside into the end of the week. Despite the drop in the Greenback the week is still higher for most pairs and if the USD stages only a modest recovery today the weekly charts will show a near-term bottom may be in. Look for the USD to remain firm today and explore the overnight highs possibly finding those close-in stops. US data today could be the catalyst for the move.
Jason Alan Jankovsky, FOREX Analyst and Trader
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Trading in off-exchange foreign currency transactions (FOREX) involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading in FOREX is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more than your initial investment. Opinions, market data, or trade discussion are subject to change at any time.
Jason Alan Jankovsky Morning Dollar Briefings Oct 29th
The USD is backing off a bit from yesterday’s follow-on gains as the majors firmed on book squaring and steady stock prices; equities were lower in Asia but firm in Europe and commodities prices also firmed slightly adding some stabilization to the Greenback. US GDP data due out this morning is likely to have a market-moving number as analysts appear divided as to the health of the alleged US economic recovery; a number lower than 3.0% likely to be seen as negative for equities.
Traders note that tech S/R levels were tested overnight with a fair amount of short-covering seen in EURO after tagging the lows in early Asian trade. EURO low prints at 1.4682 drew technical buying lifting the pair back to the .4720 area fairly quickly; high prints after better economic optimism index at 1.4764 drew official sellers some desks report. Likely the EURO will find stops above the 1.4780 area but is expected to find overhead resistance heavy at 1.4800 area on further strength. GBP is firmer after testing the low end of the recent consolidation range; high prints at 1.6479 are a new weekly high but sellers are active on strength. Low prints at 1.6336 failed to find stops in-range under the 1.6320/30 area which many see as key for further declines; Cable will need a solid close under the 1.6300 handle to resume the down move. Traders report that in both GBP and EURO willing buyers appear on dips suggesting the sentiment is still for upside but that is likely changing after recent USD strength.
USD/JPY dropped through stops under the 90.50 area for a low prints at 90.23 finding support from large buyers under the 90.50 area; traders note semi-official names on the bid under 90.50 area. High prints at 90.84 are at tech resistance and a rally past 91.00 for a close back on the 91.00 handle argues for a completed retracement and resumption of the uptrend.
USD/CHF continues to hold on the 1.0200 handle despite failing to find upside stops over 1.0280; high prints at 1.0289 found profit-taking from early longs but the rate is firm around the 1.0250 area in early New York. Low prints at 1.0231 continue to build support above the 1.0220 area suggesting that further strength is likely.
USD/CAD extended gains overnight for a high print at 1.0823 finding resistance at the next tech level; traders report that profit taking by longs likely was the reason for the pullback under the 1.0800 handle early. The rate is off the lows in early New York but still seeing a lower day to start. Low prints at 1.0744 likely have stops building below the 1.0730 area for now.
In my view, the USD is continuing to build on strength off this 14 month low. A further rise is likely but with the heavy bearish sentiment still needing to change it would be reasonable for the USD to correct back a bit farther to offer a solid buying opportunity. Look for GDP numbers to inspire some whipsaw; below expectations to encourage a further dip in equities.
Jason Alan Jankovsky, FOREX Analyst and Trader
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Trading in off-exchange foreign currency transactions (FOREX) involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading in FOREX is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more than your initial investment. Opinions, market data, or trade discussion are subject to change at any time.
Jason Alan Jankovsky Morning Dollar Briefing Oct 28th
The USD is slightly better against most pairs to start New York after a quiet two-way overnight; mixed action was seen and most ranges failed to extend from earlier Tuesday trade. News was light again overnight as well and traders report volumes were modest; most price action was technical in nature with previous S/R containing most pairs.
USD/JPY came under liquidation pressure as Yen crosses were sold heavily by reserve managers and semi-official names putting some downside pressure on the rate; Stops were triggered on a move below the 91.50 area with official demand countering initially. Low prints at 90.91
in late Europe area drawing bids traders say but warn of stops under the 90.80 area with a test of that zone said to hold bids in size ahead. Possibly the rate is correcting from recent strength before another attempt at the 92.50 area some are saying but the downward pressure on the USD remains formidable despite the recent recovery. GBP is failing at the 100 day MA as many expected with high prints at 1.6407 in Asia drawing offers; the rate sank through in-range stops as GBP/JPY was sold heavily for a low print at 1.6308 in European trade. Some spillover pressure from EURO was seen; high prints in EURO at 1.4842 show the rate on the defense into Wednesday. Low prints in late Europe at 1.4772 with the rate trying to regain the 1.4800 handle in early New York. Traders note that sovereign demand was seen under the 1.4800 handle yesterday and are wary of bids in size on further weakness; stops said to be layered under the 1.4770 area in size as well making for whipsaw potential should the rate extend weekly lows.
USD/CHF continues to surprise some with a lift back to the 1.0220/30 area after failing yesterday to find stops over the 1.0250 area; high prints overnight at 1.0236 in late Europe suggest a try again as the rate is holding firm on the 1.0200 handle after a shallow dip to a low print at 1.0191. Traders are still fearful of SNB action near-term and that may be contributing to the firm tone this morning.
USD/CAD reversed from yesterday’s cap to make a new weekly high at 1.0753 in late Europe finding stops over the 1.0720/30 area as expected; low prints at 1.0635 found bids ahead of stops said to be under the 1.0620/30 area from model/momentum longs set yesterday. If the rate can close above the 1.0700 handle today some traders are looking for a quick run to the 1.0800/20 area before a round of profit taking. In my view, the USD was set for a deeper pullback from yesterday’s rise to tech resistance. The shallower dip and further gains suggest that the bears are getting aggressive to cover on dips and those dips are drawing in new buying. If equities and commodities have a down day today I think that will further pressure the Greenback higher.
Possibly the sentiment is beginning to shift from “bearish” to “corrective” and there is a long way to go on this potential move.
Jason Alan Jankovsky, FOREX Analyst and Trader
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Trading in off-exchange foreign currency transactions (FOREX) involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading in FOREX is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more than your initial investment. Opinions, market data, or trade discussion are subject to change at any time.
Jason Alan Jankovsky Morning Dollar Briefing Oct 27th
The USD is modestly lower after yesterday’s sharp move higher into overhead resistance; traders note that trade overnight was quiet, orderly and two-way with a lighter economic calendar leaving most pairs drifting around closing levels. Japan’s Fujii made comments seen as mildly supportive for the USD including references to a strong USD as the world’s reserve currency; USD/JPY response was muted as focus was more on the Sterling crosses in Asia.
UK and Eurozone data was light; UK CBI was a bit better showing a gain in sales volume but the GBP response was muted as the rate had already made the range earlier in the day. Low prints in Cable at 1.6283 found short-covering as the rate built on closing strength from yesterday; stops seen in the 1.6340/50 area helped along by Mid-East buying traders say. High prints ahead of news at 1.6442 finding more stops over the 100 day MA and lifting to a new marginal high over Monday but flows are described as lighter at the start of New York.
Traders note that GBP crosses are in play again adding to the lift in GBP overnight. EURO is range bound in a tight range with lows at 1.4848 finding tech support again at the 1.4850 area; high prints at 1.4929 found reserve manager supply along with supply form sovereign names some desks report. The rate is holding around 1.4880 area in early New York suggesting that more two-way action is due before a try for stops on either side after the break.
USD/JPY is again holding a tight range near the 92.00 handle; estimates from Japanese carmakers that the Yen will need to be in the 90.00 area near-term adding a bit of pressure but bids appear willing on dips; low prints at 91.81 are attracting buyers in size. High prints at 92.33 is a marginal new high but the big stops must still be above the 92.30 area.
USD/CHF high prints again on the 1.0200 handle at 1.0202 but offers again capped; the rate is holding around 1.0180 area. Low prints at 1.0148 are above the breakout area of 1.0120/30 suggesting that the rate has more upside coming.
USD/CAD has met the first technical objective by the longs making a high print at 1.0719 and holding just under the 1.0680 area to start New York; low prints at 1.0652 suggest some profit-taking by longs as the rate fell back quickly from the 1.0720 area.
In my view, the USD is set to retrace a bit after Monday’s strong rally and the big question is how the Greenback will handle the pullback. Likely the bears will see it as resumption of trend but if the volumes are light and bids appear regularly at tech support levels across all pairs a good argument for a near-term bottom can be made. Look for the USD to remain two-way today through US data and for pressure due to equities or commodities to remain light as sentiment may be turning in favor of the USD in those markets now.
Jason Alan Jankovsky, FOREX Analyst and Trader
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Trading in off-exchange foreign currency transactions (FOREX) involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading in FOREX is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more than your initial investment. Opinions, market data, or trade discussion are subject to change at any time.
Jason Alan Jankovsky Morning Dollar Briefing Oct 26th
It was a quiet start to trading overnight as the USD opened about unchanged in Asia before rising slightly before dropping back in solid two-way action; the USD is opening New York mixed and holding previous technical levels seen Friday and Thursday last week. Overnight news was scarce and traders focused on commodities for clues to near-term direction; Gold is flat to lower and Oil is flat to lower adding a bit of pressure to the upside tech levels in the majors. Equities are mostly better but in tighter ranges with slight gains suggesting that the risk-on trade is seeing a bit of topping after last week’s failure of the DJIA to close above the 10,000 level for the week.
Traders suggest that the equities markets are possibly finding a ceiling without further positive economic news and with the end of the year data looking like more flat growth and concern that the US Fed will need to consider rate hikes early next year the USD may have found or is very near the bottom of the recent weakness.
GBP low prints at 1.6249 found light stops under the 1.6280 area before bouncing to regain the 1.6300 handle but the upside is finding resistance at the 100 day MA; high prints at 1.6341 are making for a tight range in Cable. Traders note that Friday’s key reversal and close below the 100 day MA will keep the bulls on the defense through the next several sessions providing a solid opportunity for the bears to add to open winners.
EURO is also finding it difficult to extend to the upside; low prints at 1.4980 in early Asian trade were bought by the usual buy-the-dip traders but upside progress has been slow with high prints at 1.5064 failing to accelerate over last week’s highs. The rate is mid-range around the 1.5020/30 area with some semi-official selling seen anywhere over the 1.5050 area some desks report.
USD/JPY extended a bit above last week’s highs before finding offers as expected on the approach to the 92.20/30 area; high prints at 92.20 are holding resistance on the first try this week but traders expect a test for stops over the 92.30 area to find a short-squeeze to 92.80/93.00 area. Low prints at 91.56 again find support at tech levels and the rate is holding 91.80 area in early New York.
USD/CHF continues to lag USD strength elsewhere with a high print at 1.0099 again failing to give the bulls any support over the 1.0100 handle; low prints at 1.0050 again are threatening to negate the most recent reversal signal seen last week.
USD/CAD is holding firm near overnight highs at the 1.0538; high prints at 1.0550 found light stops around the 1.0540 area with most action seen as drifting without active selling; low prints at 1.0500 even suggest the rate is firm on dips and will look to test the 1.0580 area again possibly today. Traders are looking for a close over the 1.0580 area early this week to build momentum higher. In my view, the Greenback is not attracting follow-through selling as it usually does after last week’s late rally may have begun to shift sentiment a bit; should the bears see this current price area as a possible place to cover the resulting rally will likely be quite large as sentiment is near 100% bearish.
Look for the USD to firm into mid-week as the calendar is light and the tech levels are holding to the downside; lots of reasons to cover if you are short in my view.
Jason Alan Jankovsky, FOREX Analyst and Trader
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Trading in off-exchange foreign currency transactions (FOREX) involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading in FOREX is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more than your initial investment. Opinions, market data, or trade discussion are subject to change at any time.
Jason Alan Jankovsky Morning Forex Briefing Oct 23rd
The USD is mixed this morning after a slow grind lower in Asia overnight, news was light ahead of UK data and technical trade continued with obvious selling at the highs seen earlier from follow-on weakness in New York yesterday. Traders note that bids are being layered in at least one pair under the weekly lows suggesting that sellers wish to start covering some shorts and/or buyers are finally willing to start probing for a low that will stick.
Equities are firmer with commodities flat adding some resistance overhead for the USD. UK data was the headline market-mover with UK GDP data below expectations and the recession officially the longest on record for the UK surprising traders who rushed for the exits driving Cable to new weekly lows. High prints ahead of the news at 1.6694 as bulls continued to expect better news but the market quickly turned dropping a full handle after the news.
Stops were triggered under previous daily lows finally accelerating under the 1.6420/30 area of expected support with the rate making lows in early New York at 1.6381; traders report the rate is still heavy and the sharp reversal likely has scared out the bulls for the rest of the day suggesting the rate will grind lower into the close.
EURO is unfazed by action in the USD elsewhere holding above the 1.5000 handle; high prints at 1.5062 are a new 2009 high and the rate is now in deep over-bought territory; low prints at 1.4992 as
Cable dropped but no follow-through was seen despite a weaker-than-expected German IFO survey. Traders note that the rate is seeing lower volume with semi-official selling seen on rallies but so far the bulls don’t want to let go of their longs.
USD/JPY continues to rally lifting through stops above the 91.70/80 area for a test of the 92.00 handle; high prints at 91.94 were met with exporter offers and the rate pulled back to the 91.50 area shortly. Low prints to start at 91.27 were above previous S/R suggesting that buyers are confident of a close over the 50 day MA this week. Stops are said to be in-range at 91.40 area but the rate is holding near 91.70 in early New York.
USD/CHF has another reversal pattern, the third in the past week, but the rate continues to struggle on rallies. High prints at 1.0082 failed to find stops above the market; low prints in Asia at 1.0031 are a technical new low but bids are building under the market traders say. Fears of SNB action continue to be a caution to the bears but until active short covering begins or a new low finds aggressive bids the market remains under offers.
USD/CAD is slightly better holding the 1.0500 handle firmly overnight; high prints at 1.0535 are still inside range with low prints at 1.0447 holding support on a minor pullback. Traders note that a close above the 1.0550 area will leave the bears in trouble heading into next week with stops likely to be building over the fib defense of 1.0580 area with offers likely near 1.0620 area.
In my view, the Greenback is showing signs of finally probing for a bottom into the end of the month; clues suggest that the earlier reversals in CAD and Yen will hold and today’s key reversal in Cable adds fuel to the argument. Look for further USD strength later today.
Jason Alan Jankovsky, FOREX Analyst and Trader
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Trading in off-exchange foreign currency transactions (FOREX) involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading in FOREX is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more than your initial investment. Opinions, market data, or trade discussion are subject to change at any time.
Jason Alan Jankovsky Morning Forex Briefing Oct 22nd
The USD is higher this morning after risk-on trades took a hit from follow-through pressure on equities after New York’s weak close yesterday; commodities under pressure as well is helping to lift the Greenback into early New York.
Most pairs made new lows in late Europe after disappointing UK retail sales data pressured GBP lower taking EURO with it; short covering was seen in the USD across the board as stops were hit to push the majors to their lows in a coordinated move suggesting that USD bears are beginning to consider an orderly exit and the late sellers seen yesterday are beating a retreat quickly.
Cable high prints in Asia at 1.6641 were on low volumes and the rate saw profit taking take it down to lows around the 1.6550/60 area before willing buyers were seen. The lift ahead of UK news challenged the 1.6600 handle again but the rate pulled back to trigger stops on the news eventually finding more sellers on a break of 1.6530 area for a low print at 1.6485 before bouncing. Traders note the rate is at tech resistance at the 1.6630/40 area and a pullback is due after the large range the past week.
EURO is holding an inside range day so far this morning with a high print at 1.5037 and lows at 1.4942; stops under the 1.4980 area were from late longs and traders note that the fast money crowd was active on dips yesterday suggesting they will be back today. A close under the 1.5000 handle today would likely be seen as a buying opportunity as sentiment remains bullish but a close under 1.4920/30 likely would not.
USD/JPY made a try for highs in Europe after holding steady in Asia; the rate found stops above 91.30 area with more above 91.50 for a high print at 91.59 before meeting offers. Traders note that the rate has met the first tech objective for the longs and is likely to have some profit taking but bids appear ready on a dip to 91.00 area today.
USD/CHF is firmer but continues to lag USD action elsewhere; low prints at 1.0044 were above yesterday’s lows with highs at 1.0125 finding light stops above the 1.0110 area of previous support. Traders continue to monitor
EURO/CHF for clues to possible SNB action as the CB appears willing to intervene when that rate is below the 1.5150 area consistently.
USD/CAD is higher after finding support yesterday at 1.0380 area on that massive whipsaw; low prints overnight today at 1.0415 with highs at 1.0535 making for an inside range day but traders note the rate is holding the highest level for the month suggesting a strong close will encourage a deeper short-squeeze as the sellers into the 1.0580 area have to be a bit nervous with the fast recovery from the two-handle pullback.
In my view, the USD is continuing to see potential recovery and that is much-needed after yesterday’s blow to the bulls; a fast recovery today back to prior S/R would likely be seen as another potential reversal as the bears are getting increasingly nervous when the USD doesn’t make a new low every day. A short-squeeze is getting closer and closer and it could happen anytime. Look for today’s USD data to be neutral to bearish for equities leaving potential for the USD to firm a bit farther today.
Jason Alan Jankovsky, FOREX Analyst and Trader
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Trading in off-exchange foreign currency transactions (FOREX) involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading in FOREX is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more than your initial investment. Opinions, market data, or trade discussion are subject to change at any time.
Jason Alan Jankovsky Morning Forex Briefing Oct 21st
The USD is mixed this morning to start New York after pressing slightly higher to start Asia; lower commodities pricing and weaker equities weighed on the risk trade putting the majors on the defense early. European trading saw the USD give back early gains, the BOE MPC minutes showed a unanimous vote to keep policy steady at the last meeting and traders saw the statement as bullish lifting the GBP through overhead stops at 1.6420/30. Weaker equities today may help the Greenback today as sentiment appears to be corrective despite the heavy bearish focus.
GBP low prints in Asia at 1.6344 early found support around the 100 day MA and technical buying lifted the rate into early highs around the 1.6400/20 area; high prints after the news at 1.6592 as follow-on buyers put cable into tech resistance. The rate has now completed a 61.8% retracement of the recent high/low suggesting profit-taking is likely.
EURO failed to follow GBP higher; low prints at 1.4887 fond technical buyers with rumors of an Asian sovereign covering shorts from the highs yesterday. High prints at 1.4967 failed to find stops said to be in the 1.4970 area from early shorts. Traders note that offers appear ready and thick on further strength suggesting a try for the 1.5000 area may continue to be defended.
USD/JPY held a tighter range finding support ahead of 90.50 with a low print at 90.47 before rallying to trade 91.01 before settling around 90.80 in early New York; traders note the rate feels buoyant and likely to try for stops know to be resting around 91.20/30 area.
USD/CHF continues to lag USD strength elsewhere rising to a high print at 1.0156 before meeting offers; the rate dropped to a low print at 1.0091 before rising to mid-range to start New York. Traders continue to watch EURO/CHF for clues to possible SNB action as that rate continues under the important 1.5150 area this week.
USD/CAD continued to extend the rally seen yesterday lifting to a high print at 1.0569 after meeting sellers at 1.0520 area overnight; low prints were 1.0464 and went bid immediately suggesting the rate has a lot more upside due. Tech traders put overhead resistance at 1.0580 and 1.0620 where possible profit taking will result. For the most part, overnight action was quiet and two-way with trader’s likely exercising caution after the short-squeeze seen yesterday in the Greenback. Likely the markets are focused on equities and Gold this morning and if both of those markets suffer a deeper pullback the USD could continue a corrective rise.
In my view, the USD will need an extended correction to clear out late selling and curb the bearish sentiment; where the USD is at on Friday’s close will likely tell us more about near-term direction. A higher close this week could signal the long-awaited correction is beginning; look for the USD to remain bid on pullbacks today.
Jason Alan Jankovsky, FOREX Analyst and Trader
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Join me for my daily FOREX newsletters and LIVE FOREX briefings; click here for details
Check out my latest book: The Art of the Trade
Currently an Amazon top 100 bestseller under Business and Futures.
Also available my first book: Trading Rules that Work
Currently an Amazon.com top 100 bestseller under Finance/Futures
Trading in off-exchange foreign currency transactions (FOREX) involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading in FOREX is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more than your initial investment. Opinions, market data, or trade discussion are subject to change at any time.
Jason Alan Jankovsky Morning Forex Briefing Oct 20th
The USD is lower this morning after starting under pressure in Asia as follow-on sellers continued to focus on better equities and better commodities prices; traders note that the next level of important tech support is now in play with the Greenback holding off its lows to start New York. Asian equities were firmer following on to Europe which is mixed; traders note that German PPI was again lower putting some pressure on EURO.
Overnight UK data was considered neutral but borrowing rates were above expectations adding a bit of upside pressure to Cable but the rate is stalling at 1.6450 area ahead of US data.
The BOC is set to announce interest rate policy with no change expected but traders are watching for clues to the end of QE; the Loonie is slightly higher after holding tech support yesterday at 1.0280 area suggesting shorts are covering. In the majors to start New York, GBP is holding the 1.6400 handle after a high print at 1.6448 starting New York around 1.6415; low prints after UK data at 1.6351 found dip buyers but the rally back to 1.6400 seemed to lack a bit of enthusiasm traders say.
US data may be a factor today as Cable has lifted into tech resistance and longs have had a sharp rise quickly suggesting a fast exit should the rate drop into the 1.6320/30 area where stops were seen on the way up.
EURO continues to grind higher making a new 2009 high in the process; high prints in Asia at 1.4996 just missing the psychological 1.5000 handle and traders note a lot of interest from sovereign sellers including the middle-east. Low prints at 1.4953 are making for a tight range suggesting a lift or a break will draw stops and today’s news may be the catalyst for a sharp move.
USD/JPY dropped back on technical selling and comments from FinMin Fujii saying he sees no need for concern over current Yen pricing and that Yen strength is due to weak USD; traders sold the rate through stops at 90.20 area for a low print at 90.06 before buyers stepped in.
Traders note that CTA’s and model accounts on the offer under 90.50 suggesting the dip is over with the rate back near 90.50 in early New York. High prints in Asia at 90.80 likely to be challenged in New York some desks report.
USD/CHF dropped under the 1.0100 handle for a new 2009 low at 1.0091 and is holding on the lows in early New York. High prints at 1.0124 making for a very tight range suggesting the rate is drifting and not attracting either side in size this morning. USD/CAD dropped to a low print at 1.0264 before reversing back to the 1.0300 handle and is near the highs in early New York. Rate is currently around the 1.0330area with an overnight high print at 1.0343 suggesting the rate will make a show for a new high around the BOC announcement.
In my view, the Greenback’s weakness continues to attract late sellers and with heavily oversold sentiment plus psychological tech levels again in play it is likely that a surprise to the markets is due igniting a potential short-squeeze. Should that surprise come today a reversal could be in the works off this new low.
Jason Alan Jankovsky, FOREX Analyst and Trader
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Trading in off-exchange foreign currency transactions (FOREX) involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading in FOREX is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more than your initial investment. Opinions, market data, or trade discussion are subject to change at any time.
TradingMoms.com launched by Currency Investors Group
(1888PressRelease) October 12, 2009 - Currency Investors Group CEO Sherman Mohr stated in a team conference call this week that CIG would launch its effort to reach the Work at Home Mom market segment as a brand extension.
“The company has purchased the domain tradingmomsdotcom as a brand strategy. Experience tells us that Work at Home Moms comprise the majority of business opportunity participants in the home based business segment.” Mohr goes on to explain, “The average income derived by some of the biggest home based business participant companies seldom exceeds $810 annually according to numbers from the businesses themselves; this fact leads our marketing efforts in the direction of attracting Work at Home Moms to the benefits of currency trading.”
Currency Investors Group features experienced traders, team members, and trainers who both understand the foreign currency markets as well as the direct sales industry. Much can be said for the successes of the direct sales industry and its attraction of Work at Home Moms as a contracted employee segment.
Distinct advantages offered by that industry include unlimited earning potential, significant self improvement opportunities, corporate support in training and sales, and proven business systems.
Currency trading with the right mentorship team provides all of those advantages and more. There are minimal investments required in trading accounts. With Currency Investors Group, there is a career path for those who desire leveraging their new found skills to a larger market, training, and supporting others.
TradingMoms.Com will be a support tool to the Work at Home Mom segment and fully supported by Currency Investors Group.
