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Daily FX Report

Since September, the EUR has lost against the CHF

Wed, Sep 30 2009, 08:59 GMT
by Varengold Bank Research Team

Varengold Wertpapierhandelsbank AG  |  View company's profile


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Good morning from Hamburg and welcome to our daily FX Report. The GBP could recover against the EUR and the USD after the publication of important economic data. However, we wish you a good and successful trading day.


Market review

The GBP rose to the most against the EUR since the beginning of June to 0.9138 after an index of the U.K. retail sales climbed to the highest level in five months and a report showed that the economy shrank less than previously estimated. Also the GBP rose versus the USD to 1.5928. The JPY dropped versus the USD to a level at 89.77. The GBP/JPY rose also 1.1 % to 143.76.

At the same time World Bank President Robert Zoellick said that the U.S. should have a strong USD, especially if it takes steps needed to rein in budget deficits and bolster long term financial stability. Furthermore, he said that China has played a very constructive role in helping the world emerge from recession. He expects that Asia get out of the crisis quicker than other regions, posing a dilemma to central banks in the region over when raising borrowing costs in order to tame inflation.


EUR/CHF

EURCHF

Since September, the EUR has lost against the CHF. It started a bearish phase along a downward Andrews Pitchfork channel. Currently, the market trades inside the lower channel and reached the support at 1.5084, but the support line was strong enough to pull back the EUR in the lower channel. Now, it approaches to the upper channel. At the last time as the EUR reached the lower line of the fork, it recovered into the upper channel. This might be a signal for a successful pull back.


EUR/AUD

EURAUD

Since the middle of August, the EUR has been trading in a bearish trend. Now, it reached the bottom of the Bollinger Bands. Three times before, when it touched the low Bollinger Band, the EUR was able to recover over the middle Bollinger Band. Also the RSI could indicate a rising trend and we may expect a recovery from this currency pair.

Published on  Wed, Sep 30 2009, 10:33 GMT


Varengold Wertpapierhandelsbank AG http://www.varengold.de/ | info@varengold.de

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Legal disclaimer and risk disclosure

This document is issued and approved by Varengold WPH Bank AG. The document is only intended for market counterparties and intermediate customers who are expected to make their own investment decisions without undue reliance on the information set out within the document. It may not be reproduced or further distributed, in whole or in part, for any purpose. Due to international laws/regulations not all financial instruments/services may be available to all clients. You should have informed yourself about and observe any such restrictions when considering a potential investment decision. This electronic communication and its contents are intended for the recipient only and may contain confidential, non public and/or privileged information. If you have received this electronic communication in error, please advise the sender immediately, and delete it from your system (if permitted by law). Varengold does not warrant the accuracy, completeness or correctness of any information herein or the appropriateness of any transaction. Nothing herein shall be construed as a recommendation or solicitation to purchase or sell any financial product. This communication is for informational purposes only. Any market or other views expressed herein are those of the sender only as of the date indicated and not of Varengold. Varengold reserves the right to consider any order sent electronically as not received unless it is confirmed verbally or through other means.
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