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NEW YORK
13:21
LONDON
18:21
PARIS
19:21
FRANKFURT
19:21
HONG KONG
00:21
TOKYO
02:21
SYDNEY
03:21
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UFXBank Forex Outlook: Dollar Remaining Strong

Written by UFXBank Research Team
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USD Dollar (USD) – The Dollar strengthened versus most of the major pairs of Forex trading despite the Unemployment Claims which showing that the number of U.S. workers filing new claims rose slightly last week, the Dollar stay strong due to the positive forecast of the payrolls  . NASDAQ strengthened by 0.28% and Dow Jones weakened by 0.22%, Crude oil fell by 2.18%, closed at $88.33 a barrel ,  Gold (XAU) weakened by 0.2%, closed  at 1371.70$ an ounce. Today, Non-Farm Employment Change is expected to increase from 39K to 150K, Unemployment Rate is expected to weak from 9.8% to 9.7%, Fed Chairman Bernanke Testifies.

Euro (EUR) – The Euro weakened to a one month low against the Dollar as the report of the retail sales which released and came worse than the forecast (-0.8% vs. 0.3%) cause the investors to be worry about the European economic solutions .The momentum of the EUR/USD is strongly bearish, as long as the rate is bellow 1.3050 level a short position is preferred. Overall, EUR/USD traded with a low of 1.2997 and with a high of 1.3170. Today, Unemployment Rate is expected to remain at 10.1%, ECB President Trichet Speaks, Final GDP is expected to remain at 0.4%.

EUR/USD – Last: 1.3001

Resistance

1.3040

1.3130

1.3245

Support

1.2970

British Pound (GBP) – The Pound weakened against the dollar after a report showed U.K. service industries unexpectedly shrank in December for the first time in more than 1 ½ years, the PMI was released at 49.7 vs. 52.9 forecast. The main support line of the GBP/USD is 1.5350, if the rate breakdown this level the pound could decline to 1.5200 even less. Overall, GBP/USD traded with a low of 1.5449 and with a high of 1.5564. No economic data expected today.

GBP/USD - Last: 1.5453

Resistance

1.5500

1.5565

1.5650

Support

1.5435

1.5400

Japanese Yen (JPY) –The Yen continued to weak versus the dollar as Asian stocks rose for the eighth day as a stronger dollar boosted to sell the yen. The USD/JPY has still been trading on a bullish trend, as long it’s trading above 82.50 level a long position is preferred. Overall, USD/JPY traded with a low of 82.88 and with a high of 83.39. No economic data expected today.

USD/JPY-Last: 83.33

Resistance

83.40

Support

82.85

82.30

81.70

Canadian dollar (CAD) – The Canadian Dollar rose against most of the major and was fluctuated versus the Dollar on speculation jobs reports tomorrow will show the North American recovery is accelerating . The USD/CAD has been much fluctuated in the last three days, the next support level on the daily chart is still located at 0.9900, if the rate breakdown the support line the US Dollar will be more attractive .Overall, USD/CAD traded with a low of 0.9925 and with a high of 0.9993. Today, Employment Change is expected to rise from 15.20K to 20.30K, Unemployment Rate is expected at 7.7% vs. 7.6% prior.

USD/CAD - Last: 0.9970

Resistance

0.9980

1.0015

Support

0.9950

0.9920

0.9900

 

 

 

 

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