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)
July 3, 2009.
| EUR-USD |
Overall structure is bearish. Decelerating momentum could attract it towards supports at 1.3207 or 1.3166. Major support is clustered around 1.3019 limit. |
| USD-CHF |
Current rise seems to be over near 1.1461 or 1.154 for a retracement towards 1.1382 - 1.1333 area. |
| GBP-USD |
Current fall is near an end of wave around 1.4196 - 1.4197 zone, a rally should then procede to above 1.4408 or 1.4454. Fall below 1.4134 would cancel this scenario. |
| USD-JPY |
It is likely to fall towards 97.03 as its corrective rally could falter in 98.35 - 97.94 area. Stop above 98.76 zone. |
| EUR-JPY |
Market should meet resistance at 131.09. We expect then an extended move down to 129.03 -126.92 area. |
| EUR-CHF |
There is bearish potential for a fall to 1.5152 while 1.5227 - 1.5253 resist. After this fall a recovery up to 1.5253 or 1.5279 is expected. |
| EUR-GBP |
There is bearish potential for a fall to 0.9215 while 0.9316 - 0.9349 resist. After this fall a recovery up to 0.9349 or 0.9382 is expected. |
| AUD-USD |
It is likely to fall towards 0.678 unless a corrective rally breaks the 0.6987 resistance. Stop above 0.7027 zone. |
| NZD-USD |
While below 0.5719 - 0.5745 it might drop to 0.5647 or below 0.5595 zone. |
| USD-CAD |
Uptrend is still intact in a triangle configuration. It should continue to rally to 1.2449 or 1.2556 if support around 1.2377 hold. After which a pullback to 1.2377 - 1.2344 zone is possible. |
| XAG-USD |
It is likely to fall towards 13.0833 as its corrective rally could falter in 13.455 - 13.3367 area. Stop above 13.5733 zone. |
| XAU-USD |
Market should meet resistance at 926.3734. We expect then an extended move down to 918.1868 -914.2799 area. |
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