Posted: 20 Jan 2011 03:36 AM PST

Here is my first choice for today:

http://www.fxstreet.com/technical/forex-strategy/the-best-pair-to-trade-now/2011/01/20/

Majors’ sentiment for today

Posted: 20 Jan 2011 01:49 AM PST

Majors’ sentiment for today:

Eur/Usd: Bullish

Gbp/Usd: Bullish

Usd/Chf: Bearish

Usd/Jpy: Slightly Bearish

Eur/Gbp: Neutral

Eur/Jpy: Bullish

Gbp/Jpy: Bullish

Starting the day

Posted: 20 Jan 2011 01:44 AM PST

Hi everyone and welcome back! Asian session bring some risk aversion following US negative afternoon, with Nikkei strongly down, as well as commodities; gold is unable to sustain gains above $ 1372/oz area, and investors start considering the 1421 high as an interim top in the long term bullish trend. Failure below $ 1300 should confirm that.

Anyway, European stocks markets had erased early losses, with dollar again under pressure and european currencies to the upside: GBP/USD has consolidated in a tight range most of the past 2 sessions, finding support at 1.5910, 23.6% retracement of the last daily bullish run, and aiming to regain the 1.60 level; EUR/USD despite some downside pressure, managed to hold above 20 SMA in the 4 hours chart, now around 1.3400, and 4 hours momentum is heading back higher. The bullish bias continues ruling the cross.

Here is the link for today's calendar, we will be right back after news:

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

Have a great day!