Posted: 27 Jan 2011 06:33 AM PST

Here is the hourly perspective updated for the US session:

http://www.fxstreet.com/technical/analysis-reports/currency-majors-technical-perspective/2011/01/27/

Best pair to trade now: EUR/USD

Posted: 27 Jan 2011 02:43 AM PST

Here is the technical update for EUR/USD:

http://www.fxstreet.com/technical/forex-strategy/the-best-pair-to-trade-now/2011/01/27/

Starting the day

Posted: 27 Jan 2011 02:23 AM PST

Hi everyone and welcome back! Wednesday was quite choppy, with market trading in past day’s range, mostly consolidating dollar loses across the board. Unchanged FED policy late US session, left dollar vulnerable across the board.

While Asian session has been extremely quiet, early Europe, news that S&P downgraded Japan rating from AA to AA-, triggered a risk aversion spike, that send stocks lower and dollar higher across the board: USD/JPY jumped over 100 pips to the upside to 83.20 although price quickly retreated below 83.00. Majors already erased post news spike, yet dollar seems to be finding some support across the board right now, with commodities again under pressure, and US futures in negative territory. Still, no much of a technical confirmation for a continuation rally, yet short term charts point for more dollar gains today.

Anyway, Durabe Goods and housing reports in the US will catch investors attention, I won’t expect any kinf of strong break before the data.

Here is the link for today's calendar:

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

Have a great day!