UFXBank Daily Review - January 26, 2010

Written by ForexCult Team
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Daily Review 26/01/2010 

USD Dollar (USD) – The Dollar is consolidating moderate losses across the board on prospects the Federal Reserve will keep its target lending rate near zero to spur growth, pulling back after rising sharply last week. Existing Home Sales came out 5.45M worse than 5.95M expected. Wall Street finished with small gains after falling considerably last week. Dow Jones rose 0.23% and NASDAQ gained 0.25%. Commodities rose higher. Crude oil is back above $75 a barrel. Gold (XAU) trades near $1,100 an ounce. Today, the CB Consumer Confidence is expected at 53.5 vs. 52.9 previously.
EURO (EUR) – The Euro gained modestly versus the Dollar and is trading near 1.4150. The Gfk German Consumer Climate came out 3.2, unchanged as expected. If the pair remains below 1.42 the continuance of the downtrend is expected. Overall, EUR/USD traded with a low of 1.4110 and with a high of 1.4193. Today, German IFO Climate Index is expected at 95 vs. 94.7 previously.
EUR/USD – Last: 1.4160

Resistance    1.422    1.4265    1.43
Support    1.4125    1.4065    1.403


British Pound (GBP) &ndash