http://www.fxstreet.com/technical/analysis-reports/daily-forex-technical-report/http://www.fxstreet.com/technical/http://mediaserver.fxstreet.com/images/fxstreet-provider-logo1-en.gif7http://www.fxstreet.com/technical/analysis-reports/daily-forex-technical-report/2009-01-29.htmlUSD/CHF rebounds from channel support and break of 1.1471 minor resistance indicates that pull back from 1.1714 has completed. Intraday bias is flipped back to the upside. Break of 1.1714 will indicate that rise from 1.0366 has resumed for 1.2248/96 resistance zone. On the downside, however, below 1.1313 will suggest that fall from 1.1714 is still in progress. More importantly, this will argue that rebound from 1.0366 has completed and deeper decline could be seen to 1.0864 cluster supportThu, 29 Jan 2009 08:39:11 GMThttp://www.fxstreet.com/technical/analysis-reports/contact@actionforex.com (ActionForex.com)http://www.fxstreet.com/technical/analysis-reports/daily-forex-technical-report/2009-01-29.htmlhttp://www.fxstreet.com/technical/analysis-reports/daily-forex-technical-report/2009-01-28.v03.htmlUSD/CAD's fall from 1.2765 resumes in early US session and dives to as low as 1.2024 so far. Break of 1.2104 support indicate that rebound from 1.1761 has completed. Further decline is now in favor to this 1.1761 low first. Also, note that consolidation from 1.3015 is still in progress and deeper decline might be seen to retest 1.1464 support. On the upside, above 1.2330 is needed to indicate fall from 1.2765 has completed. Otherwise, further fall is now in favor even in case of recovery. InWed, 28 Jan 2009 15:05:10 GMThttp://www.fxstreet.com/technical/analysis-reports/contact@actionforex.com (ActionForex.com)http://www.fxstreet.com/technical/analysis-reports/daily-forex-technical-report/2009-01-28.v03.htmlhttp://www.fxstreet.com/technical/analysis-reports/daily-forex-technical-report/2009-01-28.v02.htmlEUR/CHF's rebound extends further today and the break of 1.5143 is inline with our view that a short term bottom is in place at 1.4657, after drawing support from 78.6% retracement of 1.4315 to 1.5880 at 1.4650. Fall from 1.5880 should have completed, and more importantly, as a correction to whole rise from 1.4315. Further rise is now in favor to retest 1.5880 resistance first. On the downside, though, below 1.4964 will mix up the short term outlook again and flip intraday bias back to theWed, 28 Jan 2009 11:04:24 GMThttp://www.fxstreet.com/technical/analysis-reports/contact@actionforex.com (ActionForex.com)http://www.fxstreet.com/technical/analysis-reports/daily-forex-technical-report/2009-01-28.v02.htmlhttp://www.fxstreet.com/technical/analysis-reports/daily-forex-technical-report/2009-01-28.htmlUSD/JPY's recovery lost steam after hitting 90.09 and intraday outlook is turned neutral since then. With 91.29 resistance intact, there is no confirmation that fall from 94.61 has completed. Below 87.97 minor support will flip intraday bias back to the downside first. Further break of 87.13 low will confirm medium term down trend has resumed. On the upside, above 90.09 will indicate that rise from 87.12 is still in progress. Further break of 90.09 will revive that case that fall from 94.61Wed, 28 Jan 2009 08:25:46 GMThttp://www.fxstreet.com/technical/analysis-reports/contact@actionforex.com (ActionForex.com)http://www.fxstreet.com/technical/analysis-reports/daily-forex-technical-report/2009-01-28.htmlhttp://www.fxstreet.com/technical/analysis-reports/daily-forex-technical-report/2009-01-27.v02.htmlIntraday bias in USD/CAD remains on the downside as long as 1.2385 minor resistance holds. However, while further fall cannot be ruled out, we're still expecting support from the current zone of 1.2104/2339. Above 1.2385 minor resistance will flip intraday bias back to the upside. Further break of 1.2765 will target a retest of 1.3005/15 resistance zone. However, below 1.2104 will indicate that rebound from 1.1761 has completed and deeper fall should be seen to this support and below. In theTue, 27 Jan 2009 12:21:03 GMThttp://www.fxstreet.com/technical/analysis-reports/contact@actionforex.com (ActionForex.com)http://www.fxstreet.com/technical/analysis-reports/daily-forex-technical-report/2009-01-27.v02.htmlhttp://www.fxstreet.com/technical/analysis-reports/daily-forex-technical-report/2009-01-27.htmlAUD/USD's rebound from 0.6419 extends further to day and reaches as high as 0.6701 so far. Intraday bias remains on the upside and further rise could still be seen. Focus now turns to 0.6840 cluster resistance (50% retracement of 0.7267 to 0.6419 at 0.6843). As long as this resistance holds, fall from 0.7267 is still expected to extend further. Below 0.6543 will flip intraday bias back to the downside. Further break of 0.6419 will bring fall resumption to retest 0.6008 low. However, note thatTue, 27 Jan 2009 08:08:15 GMThttp://www.fxstreet.com/technical/analysis-reports/contact@actionforex.com (ActionForex.com)http://www.fxstreet.com/technical/analysis-reports/daily-forex-technical-report/2009-01-27.htmlhttp://www.fxstreet.com/technical/analysis-reports/daily-forex-technical-report/2009-01-26.v02.htmlGBP/USD's recovery from 1.3503 extends further today and as discussed before, further raise could still be seen to 1.4052 resistance and above. However, upside is expected to be limited well below 1.4469 support turned resistance and bring fall resumption. Decline rom 1.5722 is expected to extend to 61.8% projection of 1.8668 to 1.4557 from 1.5722 at 1.3186 next on resumption. In the bigger picture, as discussed before, decline from 2.0158 is interpreted as being a five wave sequence (1.7445,Mon, 26 Jan 2009 15:36:58 GMThttp://www.fxstreet.com/technical/analysis-reports/contact@actionforex.com (ActionForex.com)http://www.fxstreet.com/technical/analysis-reports/daily-forex-technical-report/2009-01-26.v02.htmlhttp://www.fxstreet.com/technical/analysis-reports/daily-forex-technical-report/2009-01-26.htmlDollar and yen gap higher as the week starts but lack follow through buying. Markets are quiet with most Asian markets closed, except Japan, for Lunar New Year Holiday. The economic calendar is light today with main focus on US housing data. Existing home sales continued its downward spiral and probably plunged -2% to 4.4M units in December from 4.9M units in the previous month. The recently issued Beige Book stated an increase in home cancellations in a few districts raised the likelihood ofMon, 26 Jan 2009 07:43:23 GMThttp://www.fxstreet.com/technical/analysis-reports/contact@actionforex.com (ActionForex.com)http://www.fxstreet.com/technical/analysis-reports/daily-forex-technical-report/2009-01-26.htmlhttp://www.fxstreet.com/technical/analysis-reports/daily-forex-technical-report/2009-01-24.htmlWeekly Outlook: Sterling Weakness and Yen Strength to Continue, Dollar Fate Depends on Commodities Looking back at the past week, Sterling's weakness and yen strength dominated the forex markets while dollar also strengthened on risk aversion. GBP/USD hit new 23 year low and closed -936 pips (-6.79%) while GBP/JPY made new record low and closed down -1129 pips (-0.23%). Nevertheless, the picture was mixed up a little bit towards the end of Friday as dollar retreated on strength in gold andSat, 24 Jan 2009 20:57:36 GMThttp://www.fxstreet.com/technical/analysis-reports/contact@actionforex.com (ActionForex.com)http://www.fxstreet.com/technical/analysis-reports/daily-forex-technical-report/2009-01-24.htmlhttp://www.fxstreet.com/technical/analysis-reports/daily-forex-technical-report/2009-01-23.v02.htmlAction Insight Mid-Day Report Sterling Still the Biggest Loser after Worse than Expected GDP Contraction The overall themes in the forex markets are unchanged, with Sterling's weakness being the main focus, in particular after deeper than expected contraction in UK GDP in 4Q. GBP/JPY and GBP/USD have fallen -2.6% and -2.1% today and are having cumulative loss of -11% and -8.5% respectively this week. Yen strength is also catching up as risk aversion is back following weakness in EuropeanFri, 23 Jan 2009 13:21:43 GMThttp://www.fxstreet.com/technical/analysis-reports/contact@actionforex.com (ActionForex.com)http://www.fxstreet.com/technical/analysis-reports/daily-forex-technical-report/2009-01-23.v02.htmlhttp://www.fxstreet.com/technical/analysis-reports/daily-forex-technical-report/2009-01-23.htmlAction Insight Daily Report Sterling in Range, Await GDP to Confirm Recession Sterling and Euro remain in range as markets await important economic data from Europe today. In the UK, the preliminary 4Q08 GDP is anticipated to have contracted -1.2% qoq following a decline of -0.6% in 3Q08. Two consecutive quarters of contraction will confirm technical recession in UK. On annual basis, the UK economy is expected to shrink -1.4%, the largest drop since 1991. Retail sales is expected to droppedFri, 23 Jan 2009 07:34:56 GMThttp://www.fxstreet.com/technical/analysis-reports/contact@actionforex.com (ActionForex.com)http://www.fxstreet.com/technical/analysis-reports/daily-forex-technical-report/2009-01-23.htmlhttp://www.fxstreet.com/technical/analysis-reports/daily-forex-technical-report/2009-01-22.v02.htmlAction Insight Mid-Day Report Dollar Responds Positively to Negative Data Again Dollar once again responds positively to negative data in early US session. Housing starts dropped -15.5% to new record low at 5.5m in Dec. Building permits also sank to new record low of 5.5m. Initial jobless claims surged to 16 year high of 589k, seven straight weeks above 500k mark. Dollar and yen recovers yesterday's loss on risk aversion as US stocks are set to have a lower open after yesterday's 3.5% rebound.Thu, 22 Jan 2009 14:14:09 GMThttp://www.fxstreet.com/technical/analysis-reports/contact@actionforex.com (ActionForex.com)http://www.fxstreet.com/technical/analysis-reports/daily-forex-technical-report/2009-01-22.v02.htmlhttp://www.fxstreet.com/technical/analysis-reports/daily-forex-technical-report/2009-01-22.htmlAction Insight Daily Report Yen Stays in Range after BoJ on Hold and Cut Forecasts The Japanese yen remains in range after volatile price actions in the past 24 hours. BoJ left rates unchanged at 0.1% as widely expected. The bank has revised down both the growth in inflation forecasts for 2008 and 2009 fiscal years. GDP is expected to contract by -1.8% in 2008, down from prior forecast of +0.1% growth. In 2009, GDP is expected to shrink by -2.0%, down from prior estimate of +0.6%. RegardingThu, 22 Jan 2009 08:32:02 GMThttp://www.fxstreet.com/technical/analysis-reports/contact@actionforex.com (ActionForex.com)http://www.fxstreet.com/technical/analysis-reports/daily-forex-technical-report/2009-01-22.htmlhttp://www.fxstreet.com/technical/analysis-reports/daily-forex-technical-report/2009-01-21.v02.htmlAction Insight Mid-Day Report Yen Rallies Even Though Stocks Rebound The Japanese yen continues to be firm even though DOW rebounds over 100 pts in early US session and is back above 8000 level. Though, this time, yen's strength is most apparent against the greenback with USD/JPY dive through 90 level. EUR/JPY remains soft but is still holding above today's day low so far. Dollar retreats against most currencies instead and the dollar index fails to sustain earlier gains. However, note theWed, 21 Jan 2009 15:25:57 GMThttp://www.fxstreet.com/technical/analysis-reports/contact@actionforex.com (ActionForex.com)http://www.fxstreet.com/technical/analysis-reports/daily-forex-technical-report/2009-01-21.v02.htmlhttp://www.fxstreet.com/technical/analysis-reports/daily-forex-technical-report/2009-01-21.htmlAction Insight Daily Report Sterling Pressured in Risk Averse Markets, BoE Minutes and UK Job Report Awaited The forex markets stabilize a bit in Asian session but risk aversion remains the main theme. Asian stocks are generally lower, with Nikkei down another 2% following 4% decline in DOW overnight. Note that both Euro and Aussie have taken out last week's lows against dollar and yen, and that serve as another indication of weaknesses. As discussed before, we're expecting to global stockWed, 21 Jan 2009 07:52:51 GMThttp://www.fxstreet.com/technical/analysis-reports/contact@actionforex.com (ActionForex.com)http://www.fxstreet.com/technical/analysis-reports/daily-forex-technical-report/2009-01-21.htmlhttp://www.fxstreet.com/technical/analysis-reports/daily-forex-technical-report/2009-01-20.v02.htmlAction Insight Mid-Day Report Sterling Still the Biggest Loser, BoC Cuts 50bps Sterling continues to be the biggest loser today on concern of rising level of UK government debts, Sovereign debt downgrade as well as deep recession. GBP/USD dived to a seven year low of 1.3862 while GBP/JPY continues to made new record low at 125.21. Slower than expected drop in UK inflation did little to help the Pound. Meanwhile, Dollar and yen are generally higher on risk aversion. Though, Aussie is somewhatTue, 20 Jan 2009 14:38:10 GMThttp://www.fxstreet.com/technical/analysis-reports/contact@actionforex.com (ActionForex.com)http://www.fxstreet.com/technical/analysis-reports/daily-forex-technical-report/2009-01-20.v02.htmlhttp://www.fxstreet.com/technical/analysis-reports/daily-forex-technical-report/2009-01-20.htmlAction Insight Daily Report Sterling Hit Hard on Worry of Downgrade The broad based deep selloff in Sterling that's triggered by RBS losses and UK's second bank bailout package extended further in Asian session today. Investors are clearly unconvinced by UK's 100b pound bailout, that includes a term that banks must agree to "have specific and quantified lending commitments that will be binding and externally audited", as mutual responsibility as PM Brown said yesterday. In particular, marketsTue, 20 Jan 2009 07:36:59 GMThttp://www.fxstreet.com/technical/analysis-reports/contact@actionforex.com (ActionForex.com)http://www.fxstreet.com/technical/analysis-reports/daily-forex-technical-report/2009-01-20.htmlhttp://www.fxstreet.com/technical/analysis-reports/daily-forex-technical-report/2009-01-19.v02.htmlAction Insight Mid-Day Report Report Euro and Sterling Plummet Both Euro and Sterling drop sharply today on negative news from Europe. On the other hand, the Japanese yen, and to a lesser extent dollar, reverses earlier losses rise across the board. Last week's pullback in Yen and greenback seems to be over already even though today's move might be exaggerated by thin holiday trading. Nevertheless, traders are advised to keep an eye of near term levels for signal on resumption of dollar andMon, 19 Jan 2009 14:21:44 GMThttp://www.fxstreet.com/technical/analysis-reports/contact@actionforex.com (ActionForex.com)http://www.fxstreet.com/technical/analysis-reports/daily-forex-technical-report/2009-01-19.v02.htmlhttp://www.fxstreet.com/technical/analysis-reports/daily-forex-technical-report/2009-01-19.htmlAction Insight Daily Report Quiet Markets, Thin Calendar Dollar and yen are mildly lower as the week starts quietly on higher opens in Asian stocks. Nevertheless, the moves are limited as Asian equities reverse early gains into European session. After all, with US market holiday and a thin calendar today, trading activities would continue to be low. Yen crosses gap higher but quickly lose momentum. After all, the current retreat in yen is generally viewed as a pull back in the short term downMon, 19 Jan 2009 07:47:42 GMThttp://www.fxstreet.com/technical/analysis-reports/contact@actionforex.com (ActionForex.com)http://www.fxstreet.com/technical/analysis-reports/daily-forex-technical-report/2009-01-19.htmlhttp://www.fxstreet.com/technical/analysis-reports/daily-forex-technical-report/2009-01-17.htmlWeekly Review and Outlook Dollar and Yen Gained on Risk Aversion, More Strength Ahead Dollar and yen gained modestly last week on risk aversion on the back of renewed concern on the banking sectors. World stock markets were still down to close the week despite some recovery towards the end on news of another round of bailouts and US Congress approval of TARP II. Euro was mixed after ECB's rate cut, closing the week down against dollar, yen and Swissy but up against Sterling, Loonie and Aussie.Sat, 17 Jan 2009 22:33:34 GMThttp://www.fxstreet.com/technical/analysis-reports/contact@actionforex.com (ActionForex.com)http://www.fxstreet.com/technical/analysis-reports/daily-forex-technical-report/2009-01-17.htmlhttp://www.fxstreet.com/technical/analysis-reports/daily-forex-technical-report/2009-01-16.v02.htmlAction Insight Mid-Day Report Dollar Regains Some Ground after Mixed Data Dollar remains some ground in early US session after a mixed bag of economic data. Headline CPI in Dec stayed positive at 0.1% yoy, above expectation of -0.2% but core CPI slowed deeper than expected from 2.0% yoy to 1.8%. TIC capital flow recorded -21.7B contraction. Industrial production dropped more than expected by -2.0% mom in Dec with capacity utilization dropped to 73.6. However, U of Michigan consumer sentimentsFri, 16 Jan 2009 15:40:03 GMThttp://www.fxstreet.com/technical/analysis-reports/contact@actionforex.com (ActionForex.com)http://www.fxstreet.com/technical/analysis-reports/daily-forex-technical-report/2009-01-16.v02.htmlhttp://www.fxstreet.com/technical/analysis-reports/daily-forex-technical-report/2009-01-16.htmlAction Insight Daily Report Dollar and Yen Pare Gains as Markets Stabilize Dollar and yen pare part of this week's gain following the late rebound in the US stock markets and stabilization in Asian equities. But after all, the reactions are mild. US House unveiled an $825b bill including spending projects and tax cuts while Senate voted to let President-Elect Obama to spend the $350b remaining in the TARP. Bank of America got $20b investment from the US government for absorbing Merrill Lynch'sFri, 16 Jan 2009 07:58:28 GMThttp://www.fxstreet.com/technical/analysis-reports/contact@actionforex.com (ActionForex.com)http://www.fxstreet.com/technical/analysis-reports/daily-forex-technical-report/2009-01-16.htmlhttp://www.fxstreet.com/technical/analysis-reports/daily-forex-technical-report/2009-01-15.v03.htmlAction Insight Mid-Day Report Euro Steady after ECB Rate Cut, But for How Long? Euro remains in tight range after ECB cut interest rates by another 50bps to 2.00% today on unanimous vote. In the post meeting press conference, Trichet said that demand in the Eurozone will be dampened by the financial market turmoil for a protracted period of time and uncertainties remain exceptionally high. Inflationary pressures have diminished significantly. Risks to price stability in medium term is broadlyThu, 15 Jan 2009 15:11:51 GMThttp://www.fxstreet.com/technical/analysis-reports/contact@actionforex.com (ActionForex.com)http://www.fxstreet.com/technical/analysis-reports/daily-forex-technical-report/2009-01-15.v03.htmlhttp://www.fxstreet.com/technical/analysis-reports/daily-forex-technical-report/2009-01-15.v02.htmlAction Insight Daily Report Euro Remains Soft ahead of ECB, 50bps Cut? Euro remains soft against major currencies ahead of the highly anticipated ECB meeting. Markets are expecting another 50bps cut in the benchmark interest rate from 2.50% to 2.00% today but opinions are divided. Though, recently economic data argue overwhelmingly for a rate cut, if not a deep one. In addition, inflationary pressures have already be easing rapidly with HICP dropping to 1.6% yoy which should now be below ECB'sThu, 15 Jan 2009 08:12:48 GMThttp://www.fxstreet.com/technical/analysis-reports/contact@actionforex.com (ActionForex.com)http://www.fxstreet.com/technical/analysis-reports/daily-forex-technical-report/2009-01-15.v02.htmlhttp://www.fxstreet.com/technical/analysis-reports/daily-forex-technical-report/2009-01-14.v02.htmlAction Insight Mid-Day Report Dollar Resumes Rally after Poor Retail Sales Dollar regains strength in early US session after the release of poorer than expected retail sales. Headline sales in US dropped for the 6th consecutive months by -2.7% mom in Dec, much worse than consensus of -1.2%. Ex-auto sales dropped by -3.1% mom, also much worse than expectation of -1.3%, worst since record began in 1992. Following weakness in European stocks, US markets are set to open lower. As risk aversionWed, 14 Jan 2009 14:04:10 GMThttp://www.fxstreet.com/technical/analysis-reports/contact@actionforex.com (ActionForex.com)http://www.fxstreet.com/technical/analysis-reports/daily-forex-technical-report/2009-01-14.v02.htmlhttp://www.fxstreet.com/technical/analysis-reports/daily-forex-technical-report/2009-01-14.htmlAction Insight Daily Report Dollar Retraces as Stocks Hold Key Support.... for the Moment Dollar retraces some of this week's gain as US stock held key near term support. Dow dropped to as low as 8376 yesterday but the decline stalled ahead of key near term support of 8367 mentioned in our weekly report. Note that risk aversion remains the dominant driving force in the currency markets in parallel to ECB rate cut speculations. Dollar bulls took some profit on concern of a strong rebound inWed, 14 Jan 2009 07:56:07 GMThttp://www.fxstreet.com/technical/analysis-reports/contact@actionforex.com (ActionForex.com)http://www.fxstreet.com/technical/analysis-reports/daily-forex-technical-report/2009-01-14.htmlhttp://www.fxstreet.com/technical/analysis-reports/daily-forex-technical-report/2009-01-13.v02.htmlAction Insight Mid-Day Report Dollar Firm as Trade Deficit Unexpectedly Narrowed to Five Year Low USD/CAD soars in early US session after the release of trade balance data from both countries. US trade deficit unexpectedly narrowed to -40.4b in Nov, much smaller than expectation of -54.4b and hit a five year low. On the other hand, Canadian trade surplus shrank more than expected to 1.28b in Nov. Fall in oil prices is the main reason behind the surprises in the trade data. USD/CAD extendsTue, 13 Jan 2009 14:39:57 GMThttp://www.fxstreet.com/technical/analysis-reports/contact@actionforex.com (ActionForex.com)http://www.fxstreet.com/technical/analysis-reports/daily-forex-technical-report/2009-01-13.v02.htmlhttp://www.fxstreet.com/technical/analysis-reports/daily-forex-technical-report/2009-01-13.htmlAction Insight Daily Report Yen Crosses Dive Further, Euro Weak Yen crosses continue to be edge lower on risk aversion with Nikkei falling over 4% in Asia. In particular, New Zealand dollar is additionally pressured after Standard & Poor's revised the nation's AA+ foreign-currency credit rating outlook to negative from stable. Aussie is dragged down by Kiwi as well as gold prices. Canadian dollar is also catching up on weakness with crude oil falling to as low as $36.58 today. TheTue, 13 Jan 2009 07:23:12 GMThttp://www.fxstreet.com/technical/analysis-reports/contact@actionforex.com (ActionForex.com)http://www.fxstreet.com/technical/analysis-reports/daily-forex-technical-report/2009-01-13.htmlhttp://www.fxstreet.com/technical/analysis-reports/daily-forex-technical-report/2009-01-12.v02.htmlAction Insight Mid-Day Report Yen Soars as Risk Aversion Dominates Risk aversion remains the dominant theme following negative open in the US stock markets. AUD/JPY continues to lead the way down and dropped 4% or over 240 pips as the Aussie is additionally pressured by fall in gold prices. EUR/JPY dives through 120 level while USD/JPY also takes out 90 level. Commodities are also under some pressure with gold down to as low as 821 while crude oil dropped to as low as 37.92. Dollar, on theMon, 12 Jan 2009 15:39:09 GMThttp://www.fxstreet.com/technical/analysis-reports/contact@actionforex.com (ActionForex.com)http://www.fxstreet.com/technical/analysis-reports/daily-forex-technical-report/2009-01-12.v02.htmlhttp://www.fxstreet.com/technical/analysis-reports/daily-forex-technical-report/2009-01-12.htmlAction Insight Daily Report Dollar and Yen Mildly Higher on Risk Aversion Dollar and yen are mildly higher today on risk aversion following mild weakness in the global stock markets. Aussie is leading the decline with AUD/JPY and AUD/USD falling over 100 pips so far while NZD/JPY, CAD/JPY and EUR/JPY are all down. But after all, the movements are limited so far and with a light calendar ahead, trading would probably be quite. Focus will remain on development in US stocks and risk aversion. AtMon, 12 Jan 2009 08:09:02 GMThttp://www.fxstreet.com/technical/analysis-reports/contact@actionforex.com (ActionForex.com)http://www.fxstreet.com/technical/analysis-reports/daily-forex-technical-report/2009-01-12.htmlhttp://www.fxstreet.com/technical/analysis-reports/daily-forex-technical-report/2009-01-11.htmlWeekly Review and Outlook Euro Weakens Further ahead of ECB Rate Cut Euro's weakness was the dominant theme in a week of important events of BoE rate decision and US non-farm payroll. The common currency was broadly lower on speculations of ECB rate cut this week. On the other hand, Pound survived BoE rate cut and rebounded strongly with support from EUR/GBP and GBP/JPY crosses. Dollar was mixed while the dollar index was sent modestly higher with support from weakness in EUR/USD. The JapaneseSun, 11 Jan 2009 10:43:52 GMThttp://www.fxstreet.com/technical/analysis-reports/contact@actionforex.com (ActionForex.com)http://www.fxstreet.com/technical/analysis-reports/daily-forex-technical-report/2009-01-11.htmlhttp://www.fxstreet.com/technical/analysis-reports/daily-forex-technical-report/2009-01-09.v02.htmlAction Insight Mid-Day Report Dollar Higher after Non-Farm Payroll Dollar strengthens in early US session after markets showed little reactions to data that showed another month of deep contraction in the US job markets. Non-farm payroll dropped -524k in Dec, just slightly better than expectation of -550k. Nov's figures was revised down from -533k to -584k. Combined jobless in the past two months still exceed -1m. Unemployment rate surged sharply from revised 6.8% to 7.2%, hitting a five yearFri, 09 Jan 2009 15:11:30 GMThttp://www.fxstreet.com/technical/analysis-reports/contact@actionforex.com (ActionForex.com)http://www.fxstreet.com/technical/analysis-reports/daily-forex-technical-report/2009-01-09.v02.htmlhttp://www.fxstreet.com/technical/analysis-reports/daily-forex-technical-report/2009-01-09.htmlAction Insight Daily Report All Eyes on Non-Farm Payroll Focus of the day is US non-farm payroll in December which is anticipated to have reduced by -550K (November: -533K) with severe drop in manufacturing and business services sectors. Although initial jobless claims reported yesterday fell 25K to 467K after a decline of 98K in the week before, it's probably skewed by holiday season. However, other indicators such as continuing claims and December's ADP employment released Wednesday (jobFri, 09 Jan 2009 07:35:21 GMThttp://www.fxstreet.com/technical/analysis-reports/contact@actionforex.com (ActionForex.com)http://www.fxstreet.com/technical/analysis-reports/daily-forex-technical-report/2009-01-09.htmlhttp://www.fxstreet.com/technical/analysis-reports/daily-forex-technical-report/2009-01-08.v02.htmlAction Insight Mid-Day Report No Surprise from BoE, Sterling Resumes Rebound Sterling resumes recent rebound after BoE delivered a 50bps rate cut as markets expected. The bank left the door open for further policy easing as it noted a "significant risk of undershooting the 2% CPI inflation target in the medium term at the existing level of Bank Rate" in the accompanying statement. BoE note that "pace of contraction in activity increased during the fourth quarter of 2008 and that output isThu, 08 Jan 2009 13:55:15 GMThttp://www.fxstreet.com/technical/analysis-reports/contact@actionforex.com (ActionForex.com)http://www.fxstreet.com/technical/analysis-reports/daily-forex-technical-report/2009-01-08.v02.htmlhttp://www.fxstreet.com/technical/analysis-reports/daily-forex-technical-report/2009-01-08.htmlAction Insight Daily Report Focus on BoE Rate Decision BoE interest rate announcement is the highlight today where markets expect 50bps cut to an all time low of 1.50%. Indeed, any rate cut will send the benchmark interest rate into uncharted territory. There are some speculations that BoE will surprise the markets by cutting deeper by 75bps or 100bps but as policy rates approaches zero, it's believed that BoE will tends to make small reduction each time. The tricky part of the picture isThu, 08 Jan 2009 08:12:22 GMThttp://www.fxstreet.com/technical/analysis-reports/contact@actionforex.com (ActionForex.com)http://www.fxstreet.com/technical/analysis-reports/daily-forex-technical-report/2009-01-08.htmlhttp://www.fxstreet.com/technical/analysis-reports/daily-forex-technical-report/2009-01-07.v02.htmlAction Insight Mid-Day Report Dollar Weakens Further after Poor Job Data Dollar's retreat extends further today in early US session after release of poor employment data. ADP employment report showed the job markets in the non-agricultural private sector shrank -693k in Dec, much worse than expectation of -450k and being the largest contraction since records begain in 2001. Challenger report showed US planned job cuts jumed a 274.5% comparing to a year ago. These two reports raise concern thatWed, 07 Jan 2009 13:56:21 GMThttp://www.fxstreet.com/technical/analysis-reports/contact@actionforex.com (ActionForex.com)http://www.fxstreet.com/technical/analysis-reports/daily-forex-technical-report/2009-01-07.v02.htmlhttp://www.fxstreet.com/technical/analysis-reports/daily-forex-technical-report/2009-01-07.htmlAction Insight Daily Report Dollar Mixed as Markets Driven by Euro Crosses Movements in Euro crosses continue to drive the currency markets. While dollar retreats mildly after Fed warned of 'distinct possibility of a prolonged contraction' in the US economy, overall outlook of the greenback is mixed. Note that dollar's weakness is mainly seen against Sterling, Aussie and Canadian dollar. Technically speaking, intraday levels in EUR/USD, USD/JPY and USD/CHF are still holding which supportsWed, 07 Jan 2009 07:41:52 GMThttp://www.fxstreet.com/technical/analysis-reports/contact@actionforex.com (ActionForex.com)http://www.fxstreet.com/technical/analysis-reports/daily-forex-technical-report/2009-01-07.htmlhttp://www.fxstreet.com/technical/analysis-reports/daily-forex-technical-report/2009-01-06.v02.htmlAction Insight Mid-Day Report Dollar Firm after Mixed Data Dollar remains generally firm in early US session after a mixed bag of economic data. Though again, the strength is mainly seen against Euro and Yen. ISM non-manufacturing index unexpectedly improved to 40.6 in Dec but is still deep in contraction region below 50. Employment component also improved slightly from 31.3 to 34.7 while price paid dropped slightly from 36.6 to 36.0 only. However, factory orders dropped much more thanTue, 06 Jan 2009 15:56:47 GMThttp://www.fxstreet.com/technical/analysis-reports/contact@actionforex.com (ActionForex.com)http://www.fxstreet.com/technical/analysis-reports/daily-forex-technical-report/2009-01-06.v02.htmlhttp://www.fxstreet.com/technical/analysis-reports/daily-forex-technical-report/2009-01-06.htmlAction Insight Daily Report Euro Remains Pressured ahead of Inflation Release, Busy Calendar Ahead Euro remains pressured as markets are awaiting the highly anticipated HICP inflation flash estimate in Dec from Eurozone. ECB comments took a drastic turn with ECB member Constancio and Vice President Papademos voicing out support for rate cuts should inflation ease further. HICP is expected to ease from 2.1% yoy to 1.8% yoy in Dec which is consistent with ECB's definition of price stability ofTue, 06 Jan 2009 07:19:53 GMThttp://www.fxstreet.com/technical/analysis-reports/contact@actionforex.com (ActionForex.com)http://www.fxstreet.com/technical/analysis-reports/daily-forex-technical-report/2009-01-06.htmlhttp://www.fxstreet.com/technical/analysis-reports/daily-forex-technical-report/2009-01-05.v02.htmlAction Insight Mid-Day Report Euro and Yen Selling Dominates the Markets While some's focus may be on dollar's rally today, it should be Euro's weakness that should be paid most attention to. As mentioned before, Euro's rally in Dec was fueled by speculation that ECB will pause rate cutting in Jan but markets are getting increasingly doubtful on this. More Euro long positions are closed after ECB Vice-President Papademo's comment that deflation is becoming a convern and ECB will "do what isMon, 05 Jan 2009 15:51:27 GMThttp://www.fxstreet.com/technical/analysis-reports/contact@actionforex.com (ActionForex.com)http://www.fxstreet.com/technical/analysis-reports/daily-forex-technical-report/2009-01-05.v02.html