Forex News
The Spot, Cash or Money market is the biggest market.
You probably heard about futures, options and forwards
which are derivatives of the main Cash Market.
The word FOREX is derived from Foreign Exchange
and is the most largest financial market in the world. Unlike many markets the FX market is open 24
hours per day and has an estimated $2.0 Trillion in turnover every day. This tremendous turnover is
more than the combined turnover of all the wordls' stock markets on any given day. This tends to
lead to the most liquid market and thus makes it a very interesting market to trade.
The Forex Market is an OTC Market (Over The Counter), meaning it doesn't have to be traded on an exchange.
The FX market does not have a fixed exchange. Nobody can claim having the right
price but the high liquidity of this market makes it autoregulated. It is primarily traded through
banks, brokers, dealers, financial
institutions and private individuals. Trades are still executed through
phone and increasingly through the Internet as the Internet penetration is growing drastically. It
is only in the last few years that the smaller investor has been able to gain access to this market,
around year 2000. Previously the large amounts of deposits required precluded the smaller investors and the monopoly of the big institution enabled a lot of cheating. With the advent of the Internet and growing competition it is now easily in the reach of most investors and the margin of the institution reduced automatically.
Today's market comments
(See News for historical data)
February 9, 2010.
| EUR-USD |
 |
Market should pop up towards 1.3681 or 1.3701 this bullish scenario would be damaged if 1.3626 - 1.3611 zone is broken, a severe break down could then occur. |
| USD-CHF |
 |
While below 1.0777 it is more likely to fall further towards 1.0730 or 1.0709 level. |
| GBP-USD |
|
It may meet resistance in 1.5585 - 1.5594 zone for a drift down to 1.5527 zone, after which bounce to 1.5652 is anticipated. |
| USD-JPY |
|
Any possible decline should be supported around 89.0863 - 88.9057 zone for rally to above 89.7457. A clear break of 88.6663 will damage this expected rally. |
| USD-CAD |
|
Difficult to predict the next move. If first down it should hold 1.0708 or 1.0691. If first up it should face resistance in 1.0758 - 1.0792 zone to 1.0691 zone. |
| NZD-USD |
|
While below 0.6876 - 0.6892 it might drop to 0.6797 or 0.6764. |
| EUR-JPY |
|
Current move should be supported in 121.7015 - 121.3403 zone for a rise to 122.5603. A break below 120.8427 opens the way down. |
| EUR-CHF |
|
Decline should be supported around 1.4586 zone for rally to above 1.4679. A clear break of 1.4586 will damage this expected rally. |
| EUR-GBP |
 |
Resistances lie around 0.8778 and 0.8793. It should test lower towards 0.8728 zone. A clear break of 0.8740 would be bearish. |
| EUR-CAD |
|
It should test 1.4781 area after which a sell off down to 1.4612 or extended to 1.4543 area is expected. |
| EUR-NZD |
|
Corrective dips should ideally halt near 1.9893 or 1.9855 for one more thrust upwards towards 1.9995 - 2.0059 area or 2.0135 in extention. Fall below 1.9728 puts it back on a downward path. |
| EUR-AUD |
|
It should test 1.5829 area after which a sell off down to 1.5734 or extended to 1.5683 area is expected. |
| GBP-CHF |
|
One more dip to 1.6706 - 1.6671 is likely followed by a grind higher to 1.6770 - 1.6799. After which it can resume his downtrend. |
| GBP-JPY |
|
One more dip to 138.8815 - 138.5277 is likely followed by a grind higher to 139.5315 - 139.8277. After which it can resume its downtrend. |
| GBP-CAD |
|
It should try higher up to 1.6769 - 1.6818. Entry point 1.6721 or 1.6694. After this rise, a correction is expected. |
| GBP-AUD |
|
It should try higher up to 1.8039 - 1.8081. Entry point 1.7998 or 1.7970. After this rise, a correction is expected. |
| CAD-JPY |
|
It is a triangle configuration. Market should break either side. Acceleration should occur above 84.0230 or under 82.9420 limits. |
| NZD-JPY |
|
While below 61.4645 - 61.6450 it might drop to 60.6040 or 60.2430. |
| AUD-JPY |
|
There are initial signs of a good corrective recovery to at least 77.5605 or even above 77.7067. Supports at 76.8837 zone. |
| XAG-USD |
|
It might hold above 14.9760 or around 14.9500 for a rise towards above 15.2227. Stop loss below 14.8657 zone. |
| XAU-USD |
|
It looks more likely that it would rise to 1070.5916 - 1078.2832 from 1062.4125 or 1058.5667. After which a downside move is expected. |
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