Daily Forex Analysis November 7, 2012

071112eurusd

Fundamental Part

Today we start with figures about foreign currency reserves which will be released at 8:00 am GMT. Previous survey showed reserves at 429.5 billion franc. Analysts also expect a high impact on the Swiss franc.

Next at 8:15 am GMT Federal Statistical Office will publish data about Switzerland´s CPI. It is expected inflation will remain at 0.3 percent and will have a high impact on the franc.

Eurostat will release numbers about retail sales in the Eurozone at 10:00 am GMT. In a previous report retail sales showed rise 0.1 percent but today it is expected stagnation at 0.0 percent. Also medium impact on the euro can be awaited.

Last news for today will be published at 11:00 am GMT when Destatis will release data about German industrial production. It is expected slight improvement from minus 0.5 to minus 0.4 percent and also it will have a medium impact on the euro.


 

Technical Part

The EURUSD analysis

071112eurusd

The rising Alligator is suggesting upward move of the EURUSD and Stochastic confirms rise entering overbought zone. According to the Aroon we can expect strong uptrend and MACD is probably rebounding suggesting new higher high will be formed.

Expanding Bollinger bands and price above SMA are suggesting further rise. Strong upward move is also being indicated by RSI entering overbought zone and CCI which has reached overbought zone too.

According to the previous events the market is suggesting bullish opportunity.

Price has just tested resistance at 1.2858 and break above this level will open way towards next target at 1.2896 resistance where further rise may be limited and correction will follow. But if price rebounds earlier it will re-test former resistance at 1.2837 and then target will be at daily pivot at 1.2800.

071112eurusd2


 

The USDJPY analysis

071112usdjpy

The Alligator is suggesting downside move and Stochastic in the oversold zone indicates decline. Strong downtrend is being indicated by Aroon and MACD confirms previous conclusions falling below zero line and support further fall.

Expanding Bollinger bands and price below SMA are suggesting decline. RSI in the seller´s zone suggests deeper decline and CCI in the oversold zone confirms downward move.

According to the previous events the market is suggesting bearish opportunity.

Price has reached support at 79.824 and now seems it could be rebounding approaching daily pivot at 80.183. If price rebounds from this level downward move will be still in favor and it will focus again on support at 80.052. But sustained rise above daily pivot and resistance at 80.310 will confirm upside movement.

071112usdjpy2


 

The GBPUSD analysis

071112gbpusd

The Alligator has rebounded and is suggesting rise. This is confirmed by Stochastic reaching overbought zone. Strong uptrend is being indicated by Aroon and MACD was able to hold above zero line suggesting increase.

Expanding Bollinger bands and price above SMA are suggesting upward move. RSI holding near overbought zone indicating strong rise. CCI confirm upside movement holding in the overbought zone.

According to the previous events the market is suggesting bullish opportunity.

Price will be soon testing resistance at 1.6036 and break above this level will confirm target at 1.6057 where new high could be formed. But if price forms high at first resistance subsequent correction will re-test former resistances at 1.6016 and 1.6000 before it reaches daily pivot at 1.5980.

071112gbpusd2


 

The USDCHF analysis

071112usdchf

Falling Alligator indicates decline and it is supported by Stochastic holding in the oversold zone. Strong downtrend is being indicated by Aroon and it also confirms MACD falling below zero line.

Expanding Bollinger bands and price below SMA are indicating downward move. RSI holding near the oversold zone suggests decline. Also CCI indicates strong downside move.

According to the previous events the market Is suggesting bearish opportunity.

Price is now testing support at 0.9396 and if price rebounds target will be at 0.9405 former support. Sustained rise will focus on the daily pivot at 0.9432. But if price breaks below current support it will open way towards next objective at 0.9374 support where bottom could be formed. Also decline towards 0.9356 support hasn´t been excluded.

071112usdchf2

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Daily Forex Analysis November 13, 2012


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Fundamental Part First news for today will be published at 9:30 am GMT when Office for National Statistics will release...

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