DAILY IFOREX REPORT 10 JANUARY 2014 TRADING TIPS
SELL EUR-USD BELOW 1.3550 TGT 1.3525,1.3490 SL1.3590 BUY USD-CAD ABOVE 1.0870 TGT 1.0895 ,1.0930 SL 1.0830
Forex - Euro holds gains after ECB keeps rates on hold
Forex - GBP/USD remains higher after BoE holds
Forex - Euro near session highs before ECB announcement
EUR/USD hit session highs of 1.3656 and was last up 0.27% to 1.3611. The pair was likely to find support at 1.3552, Wednesday’s low and a one-month low and resistance at 1.3655, the high of January 7. The ECB left interest rates on hold at 0.25%, in a widely anticipated decision. The bank also held its marginal lending rate at 0.75% and kept its deposit facility rate unchanged at zero. Investors were awaiting remarks from ECB President Mario Draghi at the bank’s post policy meeting press conference, after data earlier in the week showed that the annual rate of inflation in the euro zone slowed to 0.8% last month, from 0.9% in November. The soft data fuelled concerns over the threat of deflation in the euro area. The euro fell to one-month lows against the dollar on Wednesday after data showed that the U.S. private sector added the largest number of jobs since November 2012 last month. The data bolstered the outlook for the recovery in the U.S. labor market, as investors turned their attention the government’s jobs report for December, due out on Friday. GBP/USD touched session highs of 1.6480, the strongest since January 2 and was last up 0.11% to 1.6462.Cable was likely to find support at 1.6375, Wednesday’s low and resistance at 1.6500. The BoE left rates on hold at 0.5% and announced no change to the size of its GBP375 billion asset purchase program, as was widely expected. Sterling’s gains were held in check as investors remained cautious ahead of the European Central Bank’s policy decision later in the session and Friday’s closely watched U.S. jobs report for December. Demand for the dollar continued to be underpinned after data on Wednesday showed that the U.S. private sector added the largest number of jobs since November 2012 last month.
HOURLY EURUSD CHART
ANALYSIS EURUSD LOOKS DOWNSIDE TREND: BEARISH STRATEGY: BUY ABOVE RESISTANCE SELL BELOW SUPPORT RESISTANCE: 1.3635 SUPPORT: 1.3590
HOURLY USDJPY CHART
ANALYSIS USDJPY LOOK DOWNSIDE TREND: BULLISH STRATEGY: BUY ABOVE RESISTANCE SELL BELOW SUPPORT RESISTANCE: 105.20 SUPPORT: 104.60
HOURLY EURGBP CHART
ANALYSIS USD/CHF LOOKS UPSIDE TREND: BULLISH STRATEGY: BUY ABOVE RESISTANCE SELL BELOW SUPPORT RESISTANCE: 0.9100 SUPPORT: 0.9060
HOURLY EURGBP CHART
ANALYSIS USD/CAD LOOKS DOWNSIDE TREND: BULLISH STRATEGY: BUY ABOVE RESISTANCE SELL BELOW SUPPORT RESISTANCE: 1.0880 SUPPORT: 1.0780
HOURLY GBPUSD CHART
ANALYSIS GBPUSD LOOKS UPSIDE TREND: BULLISH STRATEGY: BUY ABOVE RESISTANCE SELL BELOW SUPPORT RESISTANCE: 1.6480 SUPPORT: 1.6450
ECONOMIC CALLENDER Time
HIA New Home Sales (MoM)
Unemployment Rate n.s.a.
Unemployment Rate s.a.
Swiss CPI (MoM)
Industrial Production (MoM)
Manufacturing Production (MoM)
Brazilian CPI (YoY)
Average Hourly Earnings (MoM)
Average Weekly Hours
Private Nonfarm Payrolls
FOMC Member Bullard Speaks
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Published on Jan 10, 2014
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