Forex Mid-Day Technical Report 3-31-06 2006-03-31T15:28:02+01:00
EUR/USD's retreat from 1.2174 continues but overall outlook remains mixed. On the upside, EUR/USD is still close to key short term resistance zone of falling trend line (from 1.2587 to 1.2322, now at 1.2192) and 78.6% retracement of 1.2322 to 1.1825 at 1.2216. A firm break above this resistance zone is needed to confirm that the current rally is of a higher degree, i.e. as continuation of rebound from 1.1825. In such case, 1.2587 will be next medium term target..

Daily FX Forecasts 3-31-06 2006-03-31T12:56:47+01:00
EUR/USD has fallen deeper than expected down to 1.2080 during the European trade session.Our Long position was stopped at 1.2095 with small 35 pip loss.In short term the sentiment looks negative and further downmove is likley to be seen later today down to 1.2050( 61.8 % Fibonacci level).First Support comes around 1.2065.On the other side,eventual reversal may stay limited to 1.2165-75 highs from yesterday..

Markets Remain Volatile As Ranges Narrow 3-31-06 2006-03-31T10:36:26+01:00
Euro bulls managed to push the pair above 1.2115, a level defended by the 50.0 Fib of the 1.2588-1.1639 USD rally. A further move to the upside will most likely see EUR/USD head toward 1.2227, a level marked by the 61.8 Fib of the 1.2588-1.1639 USD rally. A sustained momentum on the part of the euro bulls will most likely see the pair head higher and target offers around 1.2226, a level marked by the January 25 daily high..

Forex Daily Technical Report 3-31-06 2006-03-31T09:10:57+01:00
Recent volatile market has made trading very difficult with majors still bounded in established range, rising 200 pts one day and dropping as deeply the other day. EUR/USD's rebound carried on to as high as 1.2174 before retreating in European session. Break of mentioned resistance of 1.2106 indicates the rebound from 1.1951 is still underway..

Daily FX Technical Strategy 3-31-06 2006-03-31T07:56:05+01:00
The Dollar came under pressure in the NY session, the short-term bullish move gained momentum as the pair broke 1.21 and a high of 1.2180 was reached. Currently on a pullback to 1.2130 we have room to move on down to 1.2110, strong support and bullish trend-line. While above, stay long and expect a move back to 1.2180, stretching the top nearer to the 1.2200 key level, a daily close above is bullish. The Euro bearish view becomes attractive again upon a break at 1.2100, minor support 1.2050, key 1.2000..

Daily Forex Market Commentary 3-31-06 2006-03-31T06:09:22+01:00
The dollar fell sharply on Thursday, as the lack of direction during late March continued unabated. This time, the pretext for the sell-off was concern that the UAE and possibly other Middle Eastern central banks will increase their reserves of euro at the expense of the dollar. With the end of the month on our hands, trading should be choppy and the US currency should see further weakness before attempting to recover..

FX Technical Commentary 3-31-06 2006-03-31T06:04:06+01:00
Euro 1.2160: Initial support at 1.2020 (Mar 30 low) followed by 1.1979 (Mar 29 corrective low). Initial resistance is now located at 1.2209 (Mar 17 reaction high) followed by 1.2324 (Jan 25 reaction high)..

Forex and Dow Jones Levels 3-31-06 2006-03-31T05:42:11+01:00
EUR/CHF: Today's support: - 1.5750, 1.5727 and 1.5704 (main), where correction may happen. Break would present 1.5682, where a correction may also be. Then 1.5658. If a strong impulse, we would see 1.5623. Continuation will give 1.5611 and 1.5592. Today's resistance: - 1.5791 (main). Break would give 1.5809, where a correction may be. Then 1.5814. Break of the latter would give 1.5829. If a strong impulse, we would see 1.5846. Continuation will bring 1.5882..

Forex Daily Analysis 3-31-06 2006-03-31T03:11:21+01:00
EUR achieved a strong rally as bears were not able to build their downmove patterns at the resistance trendline area and bearish crown, allowing bulls to regain control of the market reaching the 1.2165 high. Bulls will probably be interested in taking the next highs, heading for the higher resistances at 1.2193 and 1.2220, while bears will try to prevent this by playing the same game of placing the currency into a sell zone in the smaller timeframe..

Forex Elliott Wave Analysis USD/JPY 3-31-06 2006-03-31T02:49:54+01:00
Dollar's retreat after trading below indicated key resistance at 118.50 has retained our bearish view and weakness to 116.60 would be seen, however, break of 116.26 support is needed to confirm wave iii of C has indeed taken place for weakness to 116.00, then towards 115.50.Break of the red line would be the 1st warning and test of 118.50 would follow..

FX Daily Analysis USD/CHF 3-30-06 2006-03-30T20:27:36+01:00
I have no reasons for the destruction of what looked to be a small degree five-wave rally in $CHF. But we can still make the case that a 2nd wave retreat is underway and that it may still end up uncovering support at 1.2921-30 / 1.2967 so watch out..

Currencies at a Glance 3-30-06 2006-03-30T19:52:08+01:00
The session was a whopper so far, with a bevy of market moving data making waves all day. The real fireworks however, of course, came on the heels of the Benchmark nation's release. The initial response from the market was dollar strength, but sellers stepped in at local R and slammed the single currency to new session highs against EUR..

Forex Daily Analysis (Update) 3-30-06 2006-03-30T17:34:49+01:00
EUR breaks the bearish setup, both the bearish crown and downtrend line, now moving above a buy zone determined by a latest uptrend line recently formed that started as a retrace uptrend line, as bears were not able to develop downmove signals at the test of the resistance area. With a failure of our previous downtrend setup, we will now give preference to stand aside of the market..

Forex Mid-Day Technical Report 3-30-06 2006-03-30T14:07:16+01:00
USD/CHF remains bounded within established range so far and edged marginally lower to 1.3011. At this point, intraday bias remainson the downside as long as USD/CHF stays below 1.3080 minor resistance and further retreat cannot be ruled out. But we'd still expect downside to be contained by 1.2995 support and bring rally resumption..

Daily FX Forecasts 3-30-06 2006-03-30T12:43:11+01:00
EUR/USD has risen towards 1.2110 as it was suggested in our morning edition.Breakout above the important Resistance at 1.2110 may take price higher to 1.2165 today and even 1.2210 today and tomorrow.If,however,the Resistance holds,pullback towards 1.2050 is not ruled out too.The attention today will be concentrated upon US GDP Annualized.We will stay aside today..

Dollar Bulls Remain Deadlocked With Majors 3-30-06 2006-03-30T12:39:21+01:00
Euro bulls managed to keep the pair above the psychologically important 1.2000 handle, a level created by the 38.2 Fib of the 1.2588-1.1639 USD rally and is further reinforced by the combination of the 20-day and 50-day SMA’s, as after greenback longs failed to gain momentum. As euro bulls push the pair higher, a move above 1.2100 figure will most likely see the pair advance above 1.2115, a level defended by the 50.0 Fib of the 1.2588-1.1639 USD rally..

Daily FX Technical Strategy 3-30-06 2006-03-30T08:40:46+01:00
EURUSD: No progress to the downside so far, overnight the pair moved up to 1.2085. Rising support at 1.2045 this morning, 1.2000 remains strong support, bias remains for a move towards 1.1900. Initial resistance 1.2070, strong at 1.2110, a break there should lead to 1.22..

Forex Daily Technical Report 3-30-06 2006-03-30T08:30:59+01:00
Cable recovers after reaching 1.7316, failing to break through 1.7310 support yesterday. At this point, further consolidative trading might continue with 4 hours MACD showing sign of turning flat. However, we'd still expect upside to be limited by 1.7442 resistance and bring resumption of the fall from 1.7538..

Forex and Dow Jones Levels 3-30-06 2006-03-30T06:10:33+01:00
GBP/USD: Today's support: - 1.7380 (main), where correction may happen. Break would present 1.7359, where a correction may also be. Then 1.7336. If a strong impulse, we would see 1.7316. Continuation will give 1.7304. Today's resistance: - 1.7460 (main). Break would give 1.7493, where a correction may be. Then 1.7527. Break of the latter would give 1.7548. If a strong impulse, we would see 1.7569. Continuation will bring 1.7594..

Daily Forex Market Commentary 3-30-06 2006-03-30T06:07:02+01:00
The euro, yen and franc consolidated on Wednesday after falling on Wednesday in the wake of the US rate hike and on expectations for further tightening. However, the pound fell after a weak GDP report and after the pound forwards went through parity. Expect more choppy trading today..