The Advisor Weblog

Best pair to trade now: USD/CHF
Gbp/Usd technical view
Eur/Usd daily perspective
Major’s sentiment for today
Starting the day

Best pair to trade now: USD/CHF

Posted: 11 Jan 2010 05:47 AM PST

Here is my choice for today:

http://www.fxstreet.com/technical/forex-strategy/the-best-pair-to-trade-now/2010-01-11.html

Gbp/Usd technical view

Posted: 11 Jan 2010 05:23 AM PST

Gbp/Usd, is testing the broken daily descendant trend line, completing a pullback for now. Also, 1.6160 is a static support zone, so, only under that level pair could lost the upside momentum clear in 4 hours charts, with next supports at 1.6110 and the 1.6080 area. To the upside, 1.6190 today’s high, ahead of 1.6230/50 strong area, are next levels to watch.

Eur/Usd daily perspective

Posted: 11 Jan 2010 05:01 AM PST

Pair has broke to the upside the daily channel, while current candle opened above the 20 SMA, even leaving a small gap. Pair rise halted shy of the 38.2% retracement of the last daily, fall, at 1.4565, next resistance level from current zone; momentum is quite bullish, supporting further rises, so, unless we lose the 1.4510 level, seems downside corrections will be limited today.

4 hours charts show pair reached the 200 EMA from where its retrating now. Indicators are a bit overextended to the upside, still with no signs of downside corrections. 1.4510, roof of the broken channel, is mentioned first support level, followed by 1.4480 area, past week highs, and finally 1.4440 zone, not seen at this point. Above 1.4565, 1.4620 is next key resistance level to watch.

Major’s sentiment for today

Posted: 11 Jan 2010 04:27 AM PST

Here is majors’ sentiment for today:

Eur/Usd: Bullish

Gbp/Usd: Bullish

Usd/Chf: Bearish

Usd/Jpy: Neutral

Eur/Gbp: Neutral

Eur/Jpy: Bullish

Gbp/Jpy: Bullish

Starting the day

Posted: 11 Jan 2010 04:25 AM PST

Hi everybody and welcome back! Dollar extend the fall across the board, after the data, and remains under selling pressure since Asian opening. Gold and oil are strongly up, with oil near $ 84 a barrel, and gold back to the $ 1160/oz. Stocks are slightly down in Europe, and so do American futures.

The so negative reading in NFP has reaffirmed the idea of no rates hikes in the U.S. anytime soon, and despite November employment revision come out positive showing a positive reading of 4K for first time in almost two years, December -85K reading was far beyond market forecast, and even more, of speculation of a positive reading. We have almost no data ahead today, but in Canada, so maybe is good time to take a look at technicals, and see if majors can consolidate last gains against dollar, and where we are heading now.

Here is the link for today's calendar:

http://www.fxstreet.com/fundamental/economic-calendar/

Have a great day!