Forex Charts
USDCAD – hit 1.0420 as expected…now breaking higher
Held the Sep uptrend line as it simultaneously tested channel/bull flag support. The decline from July fits well as a corrective a-b-c decline. Now with a close through 1.0420 in place,
USDJPY – above 97.60 confirms a-b-c correction complete
In either of the 2 cases we have presented to account for this 4+ month triangle, a hold of 96.57 is critical. Also a rally is expected under both scenarios.
FX Daily
Market movers today * In the euro area monetary development will be in focus as credit contraction continues to be one of the key risks to the recovery.
EURUSD – rallying in to daily and hourly channel resistance
The Euro is climbing in to our long-term target zone centered around 1.39. To clarify:
FX Daily
Market movers today * Focus will be on global PMIs. We expect overall euro area PMIs to increase,
FX Daily
Market movers today * ECB holds a press conference about its Comprehensive Assessment of banks’ balance sheets which includes an Asset Quality Review and stress tests.
FX Daily
Market movers today * The main release is US existing home sales, which could give further evidence of the effect on housing from the rise in mortgage rates.
FX Daily
Market movers today * With no major data releases, focus will be on the flood of speeches from members of the major central banks.
FX Daily
Market movers today * We have a nervous day ahead of us with the ‘soft’ deadline for raising the debt ceiling set to be midnight in the US.
FX Daily
Market movers today * It now looks as if there will be a bi-partisan deal later today in the US Senate,