Daily Analysis Thread

ForexPros · April 14, 2008, 9:54am

Overnight Asia/Europe

� USD firmed in Asia on G7 comments
� Faltered in European trade

Today�s Economic Reports
� 7:30 AM CDT Retail Sales forecast +0.1%, no factor

Looking Ahead
� 7:30 AM CDT Tuesday PPI forecast +0.4%, core +0.2%
� 8:00 AM CDT Tuesday TICS

Summary
The USD is softer to start New York after initially starting higher in Asia. Traders say the G7 wording invoking a change to the communiqu�s verbiage was seen as USD supportive but the Greenback was unable to add to early gains seen in Asia. Gapping higher across the board the USD began to fall in European trade eventually opening New York on the lows for the session so far; technical levels in a few pairs are again being tested and if the USD can�t hold the current lows more downside is expected before the London fix. Today�s data will likely not be a factor as the market appears focused more on the employment and growth data but a large decline might accelerate the USD�s fall. Cable initially started softer but held last week�s low at 1.9648 for a technical double-bottom. The rate began to trade higher on lighter volume and some close in stops were seen again as the rate lifted into the 1.9720/30 area; the release of UK data helped push the GBP higher during late European trade. UK output prices hit a 17 year high and combined with a firmer EURO the GBP rallied through stops higher at the 1.9800 area and currently is on the highs in New York at 1.9875; rate almost putting in a reversal. EURO remains firm after a slow start, lows in Asia at 1.5671 attracted large names traders say and the rate recovered quickly. Mid-East buying was seen in the rate around the 1.5780 area as was also seen last week in that area; high prints in NY at 1.5876 still unable to lift through the offers resting in the 1.5880 area. Forex Traders note that the rate is building a fairly obvious rising wedge into the lifetime highs and expect at least one try for stops said to be in the 1.5920/30 area; option defense expected to be solid at 1.5920. USD/JPY is reversing hard with two-way volatility rising as well; high prints at 101.52 offered by exporters and the rate is on the lows in early NY at 100.32. Traders note that the rate is poised to find large stops that are in the 100.00 area just under the lows from last week. Should the rate break into stops it would make a rather poor showing on the charts and will likely attract additional selling on a close under the 100.00 handle. For the most part, the USD is starting the week on the defense with traders disappointed the USD couldn�t hold the early gains. Look for more downside if US data tomorrow disappoints.

USD/JPY Daily
R3: 101.80
R2: 101.50
R1: 100.80
Current Price: 100.33
S1: 100.00/100.10
S2: 99.80
S3: 99.50
Rate fails hard at recent resistance making the 102.00 area firm overhead cap; stops under the lows from last week likely growing in size. Support under the 99.50 area likely to give at least one bounce so aggressive traders can sell the next rally. Look for stops above the market to be lowered into the 101.50 area as aggressive shorts likely to think that the high for the week is in should stops under the 100.00 area get triggered. Potential for higher prices is lower after rejection of G7 upside help.

EUR/USD Daily
R3: ?
R2: 1.5915
R1: 1.5880
Current Price: 1.5873
S1: 1.5820
S2: 1.5780
S3: 1.5740/50
Rate up against offers at this moment, size said to be on the offer but bids so far able to absorb. Stops likely over the recent lifetime high but the speed of the recovery overnight suggests that those bids are the last of the stops; lots of close-in action from daily traders some desks report. If hook reversal is negated by a close over the 1.5915 area upside target is easily the 1.6080 area in my view. Look for a lot of volatility near term as traders cope with a potential breakout.

Analysis by: Jason Alan Jankovsky

Disclaimer:
Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.

ForexPros · April 17, 2008, 10:16am

Today�s US Dollar Trading

� USD has range-bound trade despite news
� CPI as expected, Housing data worse
� EURO scores a lifetime high

Overnight Preview
� Look for the USD to consolidate with weaker tone
� Book-squaring ahead of US data tomorrow likely
Looking Ahead
� 9:00 AM CDT Thursday Philly Fed forecast -14.0

Summary
The USD was under pressure most of the trading day today after a quiet two-way start in Asia that saw the highs for the day. Remaining inside established ranges on the highs, the Greenback continued to probe for serious buyers but found none as today�s inflation data and housing data disappointed USD bulls quickly. Although benign, the CPI numbers suggest that producers are holding back some of the pain that the inflation pressures seem to be giving the economy at this time; PPI yesterday showed that inflation was certainly being seen at the manufacturing level while today�s �as expected� CPI numbers show the cost is not being passed to the consumer very quickly. That leaves a lot of room for the Fed to stimulate growth and most analysts are upping the forecasts to include a 25 BP rate cut at the April 30 FOMC meeting. In my view, the lack of hard downward pressure on the USD despite the bad housing data suggests that the jury is still out as to the extent of the potential for a housing rebound. Still declining the housing starts fell 11.9% while permits continued to lag. Traders took the opportunity to sell USD across the board but the lack of downside follow-through argues for continued two-way trade. The one exception was EURO which scored another lifetime high at 1.5980 and ends NY near the highs suggesting more upside on the way. Aggressive traders can look for the 1.60 area of psychological �big-figure� resistance to offer a selling opportunity. Likely to see a �first through the even� scenario and I suggest a short from above the 1.6000 handle. Cable rallied along with EURO but found resistance at the 1.9800 handle; high prints at 1.9809 before falling back with the rate dropping under the 1.9720/30 area �sell-zone� on the close. More selling expected in GBP so hold shorts if you have them. USD/JPY continued to trade two-way with high prints at 101.94 in Asia going unchallenged in NY; lows at 100.81 also unchallenged leaving most of the day mid-range. Firmer stocks were a big help for the rate and traders expect offers between 101.80 and 102.00/10 to cap further gains should the Nikkei open firmer. In my view, a sideways selling opportunity today; look for the USD to suffer more tomorrow.

GBP/USD Daily
R3: 1.9800/10
R2: 1.9750
R1: 1.9720/30
Current Price: 1.9710
S1: 1.9680
S2: 1.9650
S3: 1.9620
Although reversal pattern is active for the bounce off the 1.9600 area the long selling wick is more significant as the stops above the 1.9720/30 area �sell-zone� failed to include fresh buying. Close under the 1.9700 handle ideal but with a few minutes left to run a close under 1.9720 is still technically viable for a �head-fake� up day. Look for stops to build under the 1.9680 area in range for late longs today adding to volatility. 50 bar MA offered resistance today and as long as rate hold below; stay short.

USD/JPY Daily
R3: 102.20/30
R2: 102.00/10
R1: 101.80/90
Current Price: 101.66
S1: 101.20/30
S2: 100.80
S3: 100.50
Overhead resistance continues to remain thick with lots of offers reported between 101.80 and 102.00/20 area (?) suggesting that the rate will remain range-bound at least through Philly Fed tomorrow. Look for stops above the 102.30 area to build as well as under the 100.50 area with more at 100.00/10. If rate can hold under the 101.50 are by Friday�s trade I think a downside test of support is in the works for next week. Stops likely large under the trend line for the small up channel.

Analysis by: Jason Alan Jankovsky

Disclaimer:
Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.

ForexPros · April 23, 2008, 10:18am

[B][U]Overnight Asia and Europe[/U][/B]

� USD two-sided and consolidates
� No real market moving news

[B][U]Today�s Economic Reports[/U][/B]

� None in the US today

[B][U]Majors open New York mixed[/U][/B]
The USD is trading sideways in a reasonable pattern of consolidation this morning after a quiet two-way overnight session. No real market moving news was on tap and the majors are both sides of yesterday�s New York close. Currently at the start of New York trade the majors are mixed as light volumes and technical trade start the day. The USD is higher against the GBP; overnight highs on light volume were 1.9976 and after the release of BOE MPC minutes the rate sold off for a low print at 1.9866 on better volume. Traders say the split vote was seen as bearish and sentiment continues to be neutral to bearish long term; cross spreading for EURO continues to increase volatility some say. EURO fell back from the all-time high yesterday as traders remain cautious ahead of US data due tomorrow. Desks report thin order books but also a Swiss private bank on the bid around the 1.5960 area; highs overnight at 1.6002 with low prints at 1.5939 during European trade. Stops are likely building under the 1.5920 area and aggressive traders can look to add to shorts on a break into the 1.5800 handle; a close under the 1.5880 area argues for a deeper pullback in my view. USD/JPY is on the defense this morning as no bids were seen in Asia for a high print at 103.34 before offers took over; low prints just ahead of New York at 102.74 making the day an inside range day so far. Traders note that tensions with China ahead of the Olympics and trade talks with the Eurozone are making trade �nervous� which often is seen as USD bullish; potential will likely keep USD/JPY two-way and within established ranges making for good opportunity on the short time-frames. Swissy is also locked inside range today with very little action; traders expect support at the bottom of the range near-term. In my view, today will likely remain a consolidation day with the GBP sliding around for the most part; I don�t think the EURO has another high in mind this week and I think the USD will remain range-bound through the data tomorrow. Look for data to be USD neutral-to-bearish on Thursday and for the weeks� range to extend to the downside for the Greenback during Thursday.

[B][U]GBP/USD[/U][/B]
Resistance 3: 1.9980/2.0000
Resistance 2: 1.9940/50
Resistance 1: 1.9900
Latest New York: 1.9845
Support 1: 1.9820/30
Support 2: 1.9800
Support 3: 1.99750
Rally yesterday was indeed a head-fake so far this next 24 hours. Offers are thick ahead of the 1.9980/2.0000 area again, stops said to be under the 1.9850 and 1.9820 areas today.

[B]Comments[/B]
Rate back below the 1.9900 handle on the day; look for continued pressure back to the support zone around the 1.9750 area.
Stops likely to drive trade lower today and rate is making lows in early New York action. Close below the 1.9800 handle opens the door for a test of the 1.9700 handle.
Upside is limited in my view but ranges can be wide as evidenced by the past 48 hours of trade. Sell rallies if not short; buying dips dangerous in my view.
Aggressive traders can sell over the 1.9880 area during the day.

[B][U]EURO/USD[/U][/B]
Resistance 3: 1.6020/30
Resistance 2: 1.6000
Resistance 1: 1.5980
Latest New York: 1.5940
Support 1: 1.5920/30
Support 2: 1.5900
Support 3: 1.5880
Rhetoric from ECB to remain hawkish, Wednesday German manufacturing news, Thursday IFO.
4-22-08 SHORT EURO/USD 1.6000 Stops @ 1.6100
Hold and look to add on a close below 1.5900 area

[B]Comments[/B]
Market is failing at resistnace, be patient on the potential break
Overhead resistance is heavy above the 1.5980 area; traders say offers extend into the 1.6000/30 area with stops above.
Looking for a �first through the even� scenario; a strong long-liquidation break is coming and aggressive traders can look to sell into a sharp rise.
Sell zones today are 1.5980, 1.6000, 1.6020; buy zones 1.5850, 1.5830, 1.5800
Watch for two-way volatility; expect a sell signal on the hourly charts. Hook reversal still valid. Be ready to add quickly if this rally fails.

[B][U]USD/JPY[/U][/B]
Resistance 3: 104.00/10
Resistance 2: 103.80
Resistance 1: 103.50/60
Latest New York: 103.05
Support 1: 102.70
Support 2: 102.40/50
Support 3: 102.20
Yuan still marching higher taking the Yen with it.
04-21-08 SHORT USD/JPY 103.60/80 Stops @ 104.80
Look to ADD Wednesday/Thursday on a close under the 102.50 area.

[B]Comments[/B]
Drop under the 103.00 area still labored as conditions are thin.
Traders note that the market is still trading technically and expect stops to be run in both directions near-term; expect some volatility. Day traders may get a lot of opportunity as the rate will likely cover a lot of the same ground twice on the hourly time-frame.
Need a close back under the 50 bar MA today before the start of Tokyo, REALLY making us wait for it.
Balance of trade number no factor overnight Tuesday; close under 103.00 likely to attract more selling.

[B][U]USD/CHF[/U][/B]
Resistance 3: 1.0180
Resistance 2: 1.0140/50
Resistance 1: 1.0100
Latest New York: 1.0087
Support 1: 1.0050
Support 2: 1.0010/20
Support 3: .9980
If short from 1.0180/1.0200 area hold and look to ADD on a close below the 1.0050 area today.
2-22-08 SHORT 1.0030 Stop @ 1.0130

[B]Comments[/B]
Rate still two-way and consolidating, waiting for US housing data tomorrow most likely. Stops a risk above the 101.40/50 area; also under the .9950 area
look for a test of the lower portion on the range within 48 hours (Wednesday AM)
Expect a bounce from .9950 so OK to cover shorts and go long from that zone. Be nimble though as a break below there likely to draw aggressive selling.
No follow-through is to be respected; look for inside range day closing higher tomorrow 4-22-08 with no action over the 1.0140/50 area.
ADD on the close 4-22-08; should be Short 1.0180 Stop @ 1.0280, more on at 1.0030 Tuesday.

[B][U]USD/CAD[/U][/B]
Resistance 3: 1.0220
Resistance 2: 1.0200
Resistance 1: 1.0160
Latest New York: 1.0122
Support 1: 1.0070
Support 2: 1.0020/30
Support 3: 1.0000/.9990
04-21-08 SELL 1.0060 Stops @ 1.0160
BOC cuts rates 50 BP; slightly surprises market.
Stop was missed; OK to ADD on further weakness.

[B]Comments[/B]
Sell signal overnight, OK to hold through the close as stops are out of range from last week. Close below 1.0000 sets up break into the bottom of the range in my view.
Massive head-fake on the news this morning but rate misses our stop; OK to ADD more on a break of the 1.0000 handle
Tested downside for light support at the 50 bar MA,
Nothing to do but continue to wait in my view.

[B]Analysis by:[/B] Jason Alan Jankovsky

[B]Disclaimer:[/B]
[I]Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.[/I]

ForexPros · April 24, 2008, 7:57am

[B][U]Today�s US Dollar Trading[/U][/B]

� USD mixed
� EURO fails at highs

[B]Overnight Preview[/B]

� Look for more booksquaring
� Quiet ahead of US data in the morning

[B]Looking Ahead[/B]

� 7:30 AM CDT Durable Goods forecast +0.1%
� 9:00 AM CDT New Home Sales forecast 490K

[B][U]Summary[/U][/B]
The USD is mixed to end New York today after a correction overnight driven by rhetoric and stops. Traders note that the Greenback traded two-sided in Asia vesting both sides of the New York close and volumes were light suggesting that technical trade was dominate. Once the European session opened the USD began to climb a bit led by a drop in EURO as enthusiasm for an ECB rate hike faded. German manufacturing data was on the lighter side and the failure of the EURO to score another high after the psychological 1.60 handle traded yesterday added to a bout of profit-taking by nervous longs. Opening lower in NY the EURO ran for lows and printed at 1.5860 during the day; a close under the 1.5900 handle appears to have solidified the bears argument that a correction is in the works. Aggressive traders can add to shorts on a close under the 1.5880 area. Cable rotated lower for a low print at 1.9771 and found stops all the way down layered 1.9880, 1.9850, 1.9820 and 1.9800 but support ahead of the 1.9750 area suggests that the rate will bounce; look to sell a 1.9880 area bounce in my view. MPC minutes showed a split vote at the last meeting and the doves are not agreed moving forward; seen as mildly bullish the rate was unable to hold and remained under pressure all day. USD/JPY had a brief bout of short-covering and a rally to 103.50 area but as expected the rate found offers on the approach and fell back for lows at 102.74 before bouncing again for a short-squeeze to 103.80 area; close around 103.50 suggests the top of the range. In my view, the USD has had a low-volume rally that has kept prices within established ranges. I would look to sell the rally and expect a break lower on US data due out tomorrow. Look for poor housing to push the Greenback tomorrow but tonight expect a quiet overnight session.

[B]Analysis by:[/B] Jason Alan Jankovsky

[B]Disclaimer:[/B]
Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.

ForexPros · April 28, 2008, 9:18am

[B][U]Overnight Asia/Europe[/U][/B]

� Greenback starts firm then falls in Europe
� Lots of rhetoric from Europe
� Technical trade dominates

[B]Today�s Economic Reports[/B]
� None in the US

[B][U]Summary[/U][/B]
The USD is slightly weaker this morning after a quiet start in Asia last night; traders note that firmer equities in Asia had no impact on USD/JPY this time and most feel that the market is sidelined ahead of FOMC rate announcements on Wednesday. Desks report some early demand for USD/JPY but once the European markets opened the demand fizzled; high prints in USD/JPY at 104.83 after a slow start. Exporters are noted to be ready on the offer at 105.00 with stops resting above traders say. GBP had a slow start as well but follow-through bids from Friday lifted the rate into early stops at the 1.9850/60 area and a high print in Europe at 1.9913 before dropping back when selling emerged in the EURO-Sterling cross; lows in Asia currently unchallenged at 1.9780 in early NY trade. Lots of rhetoric out during European trade and some data; traders note that the EURO seems heavy at the highs after the release of CPI data but the rate is still firmer on the day; high prints at 1.5694 with lows at 1.5592 making for some volatile trade early. ECB Mersch had no comment on the report but did emphasize that the bank is still concerned with upside risks to inflation; traders note that the market is braced for no ECB rate cut until at least Q4 2008 but note that dips are bought at key technical levels suggesting that at least for the near term the EURO will remain more two way even in a correction. Traders holding open shorts in EURO and GBP can sit tight for now as it appears that the technical S/R levels will contain dips and rallies; stops on the other side of those levels likely to be growing in size as the market is looking for a decisive move by the Fed with more rate cuts to come; if that is not the impression the markets get on Wednesday then the USD may rally hard against the European currencies. Other major pairs remain range-bound and technical in nature this morning; USD/CAD has had a volatile morning so far and buying dips seem to be the favored move to start the week. Look for the Greenback to consolidate today and into tomorrow; it�s a light calendar until then. Aggressive traders can trade from both sides as the USD is likely to cover a lot of the same ground twice.

[B][U]GBP/USD[/U][/B]
Resistance 3: 1.9980/90
Resistance 2: 1.9950/60
Resistance 1: 1.9910/20
Latest New York: 1.9883
Support 1: 1.9750
Support 2: 1.9690/1.9700
Support 3: 1.9650

[B]Comments[/B]
Rate bounces nicely on lighter volume, should be a �dead cat bounce� Closing under the 1.9800 the next 24 hours likely set the stage for a return to lower prices early in the week.
Upside is limited in my view but ranges can be wide as evidenced by the past 72 hours of trade. Sell rallies if not short; buying dips dangerous in my view.
Drop to under the MA�s very important in my view. Long selling wick makes sell side attractive for further losses. Need down bars with higher volume to confirm.

[B][U]EURO/USD Daily[/U][/B]
Resistance 3: 1.5750
Resistance 2: 1.5720/1.5730
Resistance 1: 1.5690/1.5700
Latest New York: 1.5633
Support 1: 1.5590/1.5600
Support 2: 1.5550
Support 3: 1.5520

[B]Comments[/B]
Market has failed at 1.6000 area resistance with confidence now, be patient on the potential break.
Overhead resistance is heavy above the 1.5750 area; traders say offers extend into the 1.5800/30 area with stops above.
Two-way trade at resistance to start on Monday suggests a deeper pullback is in the works.
Strong long-liquidation break is still coming; look for a test of the lows again within 24 hours. Watch for two-way volatility. Be ready to add quickly if a rally happens; likely to fail quickly.
Today a close back under the 1.5600 handle very important; look for a test of the 1.5550 area early this week, offers likely on a rally to 1.5700 area.

[B]Analysis by:[/B] Jason Alan Jankovsky

[B]Disclaimer:[/B]
[I]Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.[/I]

ForexPros · April 30, 2008, 4:46am

Today�s USD Trading
USD ends mixed
GBP falls through support

Today�s Economic Reports
Consumer Confidence out at 62.3

Looking Ahead
All times EASTERN (-5 GMT)
8:15am USD ADP Nonfarm Employment Change -60K 8K
8:30am USD Advance GDP q/q 0.2% 0.6%
10:45am USD Chicago PMI 47.5 48.2
2:15pm USD FOMC Statement
2:15pm USD Federal Funds Rate 2.00% 2.25%

USD mixed, GBP and EURO fall through support
Actually a very unexpected day for the GBP and the EURO as the USD ends a mixed session sharply higher against the Europeans and mixed against everyone else. BOE Blanchflower was making dovish remarks this afternoon and the GBP extended losses from the London fix to make lows under the 1.9700 handle later in the day; the lack of volume from the Far East today likely contributed to the run on the stops as bids were simply not there. A new weekly low and a press for bids under the 1,9680 area left a low print at 1.9665; good enough to wreck a few balance sheets. EURO pressed into stops as well as the potential for correction continues; low prints at 1.5539 in early US trade were untouched for the end of the day and EURO rallied on dip buying but not enough to discourage the bears. Low prints under the 1.5520 area expected tomorrow after the FOMC meeting I think. Other pairs remained fairly range-bound; no real action either way with the exception of USD/JPY.
Many traders get so absorbed in trying to find the �best� entry point that they completely lose focus on the really important things.The most significant thing to always remember is that price action needs to be exploited from the point of view that you need to buy low and sell high in order to profit.It doesn�t matter if you are shorting the market or going long�you ALWAYS must have a buy execution lower than your sell. Anything else is a loss. Therefore, you must always be selling strength; whether or not you are covering a long or going short. Same for the other way around. It doesn�t matter if you are covering a short or going long; you must buy weakness. In the final analysis, your trading results are determined by your willingness to buy when everyone else is selling�and buy when everyone else is selling. Don�t look for the perfect place to enter. Rather look for a buy zone after a break and vice-versa.
Actually a very unexpected day for the GBP and the EURO as the USD ends a mixed session sharply higher against the Europeans and mixed against everyone else. BOE Blanchflower was making dovish remarks this afternoon and the GBP extended losses from the London fix to make lows under the 1.9700 handle later in the day; the lack of volume from the Far East today likely contributed to the run on the stops as bids were simply not there. A new weekly low and a press for bids under the 1,9680 area left a low print at 1.9665; good enough to wreck a few balance sheets. EURO pressed into stops as well as the potential for correction continues; low prints at 1.5539 in early US trade were untouched for the end of the day and EURO rallied on dip buying but not enough to discourage the bears. Low prints under the 1.5520 area expected tomorrow after the FOMC meeting I think. Other pairs remained fairly range-bound; no real action either way with the exception of USD/JPY. The rate found stops under the 103.50 area for a low print at the 103.21 number before rallying hard to re-gain the 104.00 handle; sympathy buys along with equities as well as cross-spreading likely lifted the pair. Looking ahead to US data tomorrow you can expect a volatile day in my view. First up is ADP private payrolls which have added a lot of two-way forex action. Next is GDP and last is FOMC�all things considered tomorrow is the day to set the tone for the rest of the week. Look for the Greenback to be quiet overnight.

GBP/USD Daily
Resistance 3: 1.9820
Resistance 2: 1.9750
Resistance 1: 1.9720/30
Latest New York: 1.9683
Support 1: 1.9650/60
Support 2: 1.9600
Support 3: 1.9550
Other Things to Watch/Open Trades/News
Currently flat�stopped out of short yesterday.
Rate has strong buy signal but top is at
resistance; possible �late� conflicting signal.
Rate under 1.9720 area important, major stops likely under the 1.9600 handle; likely to be challenged soon but given conditions a bounce is coming first.
Closing under the 1.9600 the next 24
hours likely set the stage for a return to 2008 lows near-term.
Upside is limited in my view but ranges can be wide as evidenced by the past few
days of trade. Sell rallies if not short; buying dips dangerous in my view.
Drop to under the MA�s very important in my view. Long selling wick makes sell
side attractive for further losses. Need down bars with higher volume to confirm
Overnight data unfriendly with more to come, Some pressure from EURO also.
Data due Wednesday All times EASTERN (-5 GMT)
Tentative GBP Nationwide House Prices m/m -0.5% -0.6%

EURO/USD Daily
Resistance 3: 1.5680
Resistance 2: 1.5650/60
Resistance 1: 1.5600/10
Latest New York: 1.5565
Support 1: 1.5630/40
Support 2: 1.5600/10
Support 3: 1.5480
Other Things to Watch/Open Trades/News
4-22-08 SHORT EURO/USD 1.6000 Stops @ 1.6100
4-24-08 SHORT EURO/USD 1.5650 Stops @ 1.5750
Look to add to shorts again soon.

Comments
Market has failed at 1.6000 area resistance with confidence now, be patient on the
potential break. Overhead resistance is heavy above the 1.5750 area; traders say
offers extend into the 1.5800/30 area with stops above. Two-way trade at resistance to start on Monday suggests a deeper pullback is in the works. Strong long-liquidation break is still coming; look for a test of the lows again within 24 hours. Watch for two-way volatility. Be ready to add quickly if a rally happens.
Data due Wednesday All times EASTERN (-5 GMT) Forecast Last
3:55am EUR German Unemployment Rate 7.8% 7.8%
5:00am EUR CPI Flash Estimate y/y 3.4% 3.5%
5:00am EUR Consumer Confidence -13 -12

USD/JPY Daily
Resistance 3: 105.00
Resistance 2: 104.80
Resistance 1: 104.20/30
Latest New York: 104.00
Support 1: 103.50/60
Support 2: 103.20/30
Support 3: 103.00
Other Things to Watch/Open Trades/News
Still Flat but aggressive traders can sell on a test
of the 105.00 area;
Looking at the sell side early this week.

Comments
Extra effort by the bulls cleans out stops and makes the 105.00 area in view now.
Don�t expect a rally over the 105.00 area to last, need a failure on good volume but
rate continues to trade firm; no failure on Friday sets the tone for a test of 105.00
today at some point.
Traders note that the market is still trading technically and expect stops to be run in
both directions near-term; expect some volatility. Day traders may get a lot of
opportunity as the rate will likely cover a lot of the same ground twice on the hourly time
frame.
With rate back under the 104.00 handle expect a bounce from the 103.20/30 area if
stops accelerate the move; look to sell that bounce the next 48 hours.
Data due Wednesday All times EASTERN (-5 GMT) Forecast Last
1:00am JPY Housing Starts y/y -6.5% -5.0%
Tentative JPY BOJ Governor Shirakawa Speaks
2:00am JPY BOJ Monthly Report

USD/CHF Daily
Resistance 3: 1.0450
Resistance 2: 1.0420
Resistance 1: 1.0380
Latest New York: 1.0373
Support 1: 1.0320/30
Support 2: 1.0300
Support 3: 1.0270/80
Other Things to Watch/Open Trades/News
SHORT USD/CHF 1.0380 Stops @ 1.0480
Aggressive traders can sell 103.70/80 area and
hold over the weekend (Higher risk so trade accordingly)

Comments
Rate clears stops above near-term resistance. Rate now at very top of range; look for
a sell-off from here but news is needed. Pullback was bought after the fix on Friday
and the rate is firm now for a test of the 104.30/40 area again.
Test of the lower range now expected if rate can fail again at resistance.
Expect a bounce from 1.0250 now so be nimble though as a break below there likely
to draw aggressive selling. Rate has set up to attract dip buying so we need to see if
that is a head-fake. Need a failure at 1.0420 near-term to go short in my view.
No follow-through is to be respected; look for offers to show up higher than the1.0400
handle now that the bounce followed through higher.
Data due Wednesday All times EASTERN (-5 GMT)
5:30am CHF Leading Index m/m 1.46 1.54

Analysis by: Jason Alan Jankovsky

Disclaimer:
Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.

ForexPros · May 1, 2008, 6:15am

[B][U]Today�s USD Trading[/U][/B]
� USD quiet in Asia, firms in Europe
� GBP and EURO rally after rate cut
� Whipsaw in the majors
[B]Today�s Economic Reports[/B]
All times EASTERN (-5 GMT)
� 8:15am ADP Private Payrolls, Actual+ 10,000
� 8:30am Advance GDP q/q 0.2%0.6%, Actual +0.6, -0.2%
� 8:30am Advance GDP Price Index q/q 3.0%2.6%
� 8:30am DECI q/q 0.8%0.8%
� 9:45am Chicago PMI 47.548.2 Actual 48.3
� 2:15pm FOMC, actual 25 BP cut
[B]Looking Ahead to Thursday[/B]
All times EASTERN (-5 GMT)
� 7:30am Challenger Job Cuts y/y 9.4%
� 8:30am Personal Spending m/m 0.2%0.1%
� 8:30am Core PCE Price Index m/m 0.1%0.1%
� 8:30am Unemployment Claims 363K342K
� 8:30am Personal Income m/m 0.4%0.5%
� 10:00am ISM Manufacturing Index 48.048.6
� 10:00am ISM Manufacturing Prices 83.583.5
� 10:00am Construction Spending m/m -0.8%-0.3%
[B][U]USD two-way again, GBP rallies back, Fed cuts[/U][/B]
As expected the FOMC cut interest rates 25 BP today and changed the wording of the statement suggesting that the Fed is taking a more neutral course in the coming months. Analysts are debating that the Fed would like to see the effect of both the new liquidity windows and the government rebate-stimulus package before weighing in on further rate cuts. The Fed made clear that it is still considering the inflation pressures seen recently and the bottom line to the rate cut is a �wait and see� attitude. In response the USD whipsawed trader�s on the news; initially rising against some pairs and then getting slammed later. Traders note that the rally in GBP as well as EURO are �knee jerk� responses to trade volatility and don�t expect a serious change in trend; most agree the USD �squeezed� weak longs initially. For the record, the GBP rallied on news starting this morning as other US news was not USD friendly but popped higher on stops and short-covering above the 1.9800 handle for a high print at 1.9897 before finding offers at technical resistance around the recent developing down trend. Traders note that cable has been exceptionally volatile the past several weeks and today was no exception; if the rate follows suit the next 24 hours we should see a return to the 1.9600 handle by the end of the week. EURO rallied initially on the news for a high print at 1.5645 and looks set to continue higher but offers in the 1.5650 area and 1.5680 area are said to be getting thicker so this rally off the lows may be a dead-cat bounce. Look for a lack of follow-through overnight. USD/JPY broke under the 104.00 handle in heavy trade for a low print at the 103.68 number at last look; traders note that the rate has had good selling from CTA types and exporters around the 104.60/80 area this morning. USD/CAD and Swissy also taking their lumps but not nearly as aggressively as other pairs; OK to hold open shorts across the board and let the overnight action work for us. Tomorrow is a light day for news so expect a rotation in the USD; especially against GBP.
[B][U]GBP/USD[/U][/B]
Resistance 3: 1.9950
Resistance 2: 1.9900/10
Resistance 1: 1.9820/30
Latest New York: 1.9883
Support 1: 1.9820/30
Support 2: 1.9780
Support 3: 1.9750
Other Things to Watch/Open Trades/News
4-30-08 SELL GBP/USD 1.9820 OB Stops@ 1.9920
(Should be short from this afternoon)
Whipsaw still evident, selling into the top of the trend line and volatility.
[B]Comments[/B]
Rate under 1.9720 area important but rally back clears weak shorts. major stops likely under the 1.9600 handle; likely to be challenged soon but given conditions a bounce is coming first (which happened after FOMC)
Upside remains limited in my view but ranges can be wide as evidenced by the past few days of trade. Sell rallies if not short; buying dips dangerous in my view.
Drop to under the MA�s very important, long selling wick makes sell side attractive for further losses. Need down bars with higher volume to confirm.
Overnight data unfriendly with more to come, Some pressure from EURO also.
Rate attracting bids from momentum players so look for stops close-in overnight.
Data due Thursday: All times EASTERN (-5 GMT)
2:00am GBP Nationwide House Prices m/m -0.5%-0.6%

[B][U]EURO/USD[/U][/B]
Resistance 3: 1.5700/10
Resistance 2: 1.5680
Resistance 1: 1.5650
Latest New York: 1.5615
Support 1: 1.5580
Support 2: 1.5540/50
Support 3: 1.5520
Other Things to Watch/Open Trades/News
4-22-08 SHORT EURO/USD 1.6000 Stops @ 1.5750
4-24-08 SHORT EURO/USD 1.5650 Stops @ 1.5750
ROLL Stops to 1.5750 on entire position; look to add to shorts again later today.
Close under the 1.5550 area sets up a test of stops.
[B]Comments[/B]
Market has failed at 1.6000 area resistance with confidence now, be patient on the potential break. Overhead resistance is heavy above the 1.5750 area now with 1.5660 first; traders say offers extend into the 1.5800/30 area with stops above. Two-way trade at resistance to start on Monday suggests a deeper pullback is in the works. Strong long-liquidation break is still coming; test of the lows as expected Wednesday. Watch for two-way volatility. Be ready to add quickly if a rally happens; rate has BIG stops under the 1.5520 area and a break under the 50 bar MA could be swift. Rally after FOMC is a �head fake�; look for retreat within 24 hours.
Data due Thursday: All times EASTERN (-5 GMT)
All Day EUR Holiday: Labour Day

[B]Analysis by:[/B] Jason Alan Jankovsky
[B]Disclaimer:[/B]
Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.

ForexPros · May 5, 2008, 9:31am

[B][U]Overnight Asia/Europe[/U][/B]

� USD very quiet
� Holidays in Asia and UK

[B]Today�s Economic Reports
[/B]All times EASTERN (-5 GMT)
� 10:00am USD ISM Non-Manufacturing Composite forecast 49.6

[B]Looking Ahead
[/B]All times EASTERN (-5 GMT)
� None in the US , Very light start to the week; housing data Wednesday likely to carry more weight.

[B][U]Summary[/U][/B]
The USD is trading sideways to slightly lower to start New York after a very quiet overnight start to the week. Asian trade was very subdued with Japan, Korea and Thailand market centers closed; traders noted good demand for USD/JPY from a UK momentum fund as well as order driven trade in EURO. With the UK closed also for a minor holiday European trade was also on the quiet side; traders note that volumes were very light and trade remained technical in nature. For the most part the USD remained within a few pips either way of the Friday New York close; cable saw downside pressure from light selling around the 1.9720 area and more in sympathy from a weaker EURO. High prints in Cable at 1.9786 were a few pips shy of the 100 day MA suggesting that larger offers are willing to sell rallies despite the thinner conditions. Stops elected under the 1.9700 area gave GBP one more push lower ahead of the NY open for a low print at 1.9660; traders expect a slight bounce from this support area and today�s ISM services may provide the impetus. EURO is a bit better than Friday�s close but still trading two-way and respecting the 1.5500 area of current resistance. Traders note no real market-moving news but mention the cross-spreaders for Yen and Sterling have been active on the Buy side overnight. EURO not expected to extend gains today and rallies are seen as a selling opportunity. USD/JPY continues to hold the 105.00 handle in light trade with the lack of follow-through buying a concern for the bulls. In my view, the fact that momentum accounts were on the buy side of USD to start the week is a great clue the rate is about to reverse; aggressive traders can sell USD/JPY over the 105.20 area if not short already. Swissy and Loonie are also slightly lower but still within established ranges from last week. Looking for a solid break in both pairs this week so any strength will likely be a selling opportunity. After ISM this morning look for the markets to have a brief �Knee-Jerk� reaction to the news and then settle back to pre-report numbers. Without real news in the US until Wednesday and the holidays overseas today should remain fairly quiet without major action.

[B][U]GBP/USD Daily[/U][/B]
Resistance 3: 1.9820
Resistance 2: 1.9780
Resistance 1: 1.9720
Latest New York: 1.9684
Support 1: 1.9650/60
Support 2: 1.9600
Support 3: 1.9550

[B]Comments[/B]
Rate drops under the 1.9700 handle to start, look for a test of the 1.9600 area within 24 hours. Close under the 1.9700 handle again needed to wash out the longs.
Upside remains limited in my view but ranges can be wide as evidenced by the past few days of trade. Sell rallies if not short; buying dips dangerous.
Drop to under the MA�s very important, long selling wick makes sell side attractive for further losses. Need down bars with higher volume to confirm.
Some pressure from EURO remains. Cross-spreading for Yen, Swissy and EURO evident; look for additional sell-off to end the week. NFP today increased volatility and negative close is great for follow-through Monday
Data due Tuesday: All times EASTERN (-5 GMT)
4:30am Services PMI 51.7
7:01pm Consumer Confidence Index 74

[B][U]EURO/USD Daily[/U][/B]
Resistance 3: 1.5600/10
Resistance 2: 1.5550/60
Resistance 1: 1.5500
Latest New York: 1.5453
Support 1: 1.5400/10
Support 2: 1.5350/60
Support 3: 1.5300

[B]Comments[/B]
Additional selling to new low early, Rate clears stops again and attracts active selling after 1.5400 area falls; bounce sure to happen soon but upside likely limited to 1.5520/30 area. Look to sell a bounce during the next 48 hours. Strong long-liquidation break is still coming; test of the lows as expected. Watch for two-way volatility. Be ready to add quickly if a rally happens; close under the 50 bar MA could attract active selling.
Data due Tuesday: All times EASTERN (-5 GMT)
4:00am Services PMI ® 51.8
5:00am PPI m/m 0.6%

[B]Analysis by:[/B] Jason Alan Jankovsky

[B]Disclaimer:[/B]
Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.

ForexPros · May 6, 2008, 8:23am

[B][U]Today�s US Dollar Trading[/U][/B]

� Major pairs two-way, end stronger
� Volumes light due to minor holidays
� USD ends near lows

[B]Overnight Preview[/B]
� Look for more two-way and consolidation trade

[B]Looking Ahead to Tuesday[/B]
All times EASTERN (-5 GMT)
� None in the US, very light start to the week; housing data Wednesday likely to carry more weight.

[B][U]Summary[/U][/B]
A very quiet two-way session left the USD slightly lower from Friday�s closing levels against the majors; traders note that the holiday thinned conditions contributed to the lack of interest either way. On the day, after what would have been the London fix, the USD fell into some active selling as the rate cleared below initial opening levels seen in Asia; traders suggesting that model and momentum accounts were liquidating late long positions when the USD saw no follow-through after the initial push higher on the day seen around the release of the ISM Services numbers this morning. Coming out a bit better than forecast the USD rallied on the news but was unable to hold gains and quickly fell back to test lows. EURO was able to clear above the 1.5500 handle for a high print in late trade at 1.5520 recovering a full handle off the 1.5422 low print; traders say there was no real reason for the move other than short-covering and that was likely exacerbated by the thin conditions. Cable initially broke to fresh lows at 1.9653 but then began a slow-steady march until reaching the opening range before popping higher on technical trade; closing above the 1.9700 handle leaves a �doji� point of indecision today suggesting the rate is poised to rotate higher near-term. If short the GBP; I would cover and re-set shorts after the rally that seems sure to happen overnight. USD/JPY tried again for the 105.60/80 area with a post-news high print at 105.63 but was again turned back; even with Japan closed today exporters were no doubt on the offer. The rate fell into support at the 105.10/20 area for most of the day before falling to pressure seen in other rates; low prints at 104.72 continue to support the 104.80 area but traders feel confident the stops seen under the 105.00 are only the early longs getting out. Traders feel bids extend to 104.50 area with large stops likely in the 104.30/40 area; look out below if those trigger this week as a technical top would form in the USD. Swissy and Loonie both lower as well with Loonie holding above the 1.0100 handle again despite good offers all the way down to the lows at 101.18; most likely stops are under the 1.0100 area. Swissy is well off the overnight highs of 1.0598 making lows in New York at 1.0509 and closing near the lows. In my view, the USD is off to a defensive start and if you are holding shorts from last week look to add on any strength; it�s my view the Greenback is headed for support by the end of the week.

[B][U]GBP/USD Daily[/U][/B]
Resistance 3: 1.9820
Resistance 2: 1.9780
Resistance 1: 1.9740/50
Latest New York: 1.9722
Support 1: 1.9650/60
Support 2: 1.9600
Support 3: 1.9550

[B]Comments[/B]
Rate drops under the 1.9700 handle to start, look for a test of the 1.9600 area within 24 hours. Close under the 1.9700 handle again needed to wash out the longs. Bounce back to trade at or near the 1.9720 area into the close suggests a rally is coming.
Upside remains limited in my view but ranges can be wide as evidenced by the past few days of trade. Sell rallies if not short; buying dips dangerous.
Drop to under the MA�s very important, long selling wick makes sell side attractive for further losses. Need down bars with higher volume to confirm; not getting that today.
Some pressure from EURO remains. Cross-spreading for Yen, Swissy and EURO evident; look for additional sell-off to end the week. NFP today increased volatility and negative close is great for follow-through Monday
Data due Tuesday: All times EASTERN (-5 GMT)
4:30am Services PMI 51.7
7:01pm Consumer Confidence Index 74

[B][U]EURO/USD Daily[/U][/B]
Resistance 3: 1.5600/10
Resistance 2: 1.5550/60
Resistance 1: 1.5520
Latest New York: 1.5492
Support 1: 1.5400/10
Support 2: 1.5350/60
Support 3: 1.5300

[B]Comments[/B]
Additional selling to new low early, Rate clears stops again and attracts active selling after 1.5400 area falls; Strong long-liquidation break is still coming; test of the lows as expected. Watch for two-way volatility. Be ready to add quickly if a rally happens; close under the 50 bar MA could attract active selling. Continue to hold shorts and look for a short-covering rally to stall around the 1.5550/1.5600 area; look to add to open shorts in that area.
Data due Tuesday: All times EASTERN (-5 GMT)
4:00am Services PMI ® 51.8
5:00am PPI m/m 0.6%

[B]Analysis by:[/B] Jason Alan Jankovsky

[B]Disclaimer:[/B]
Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.

ForexPros · May 7, 2008, 2:58am

[B][U]Today�s US Dollar Trading[/U][/B]

� USD two sided, ends flat-to-mixed
� Reverses early weakness
� Traders waiting for tomorrow�s data

[B]Overnight Preview[/B]
� Expect consolidation.
� USD likely to range trade on light volumes ahead of data tomorrow

[B]Looking Ahead to Wednesday[/B]
All times EASTERN (-5 GMT)
� 9:00 AM CDT Pending Home Sales forecast -0.6%, Look for weak housing data.

[B][U]Summary[/U][/B]
Aside from some early fireworks on the sell side this morning the USD was relatively subdued for most of New York trade. Starting slowly in Asia overnight as the last day of Golden Week slowed the pace of early action the USD remained two-sided in technical trade until New York got underway. A �stop-fest� in the USD/CAD as early USD weakness spilled over into all the pairs; the majors all rallying into resistance with stops the other side for almost everybody creating a near-term break in the Greenback. Loonie sliding under the 1.0050 area and finding lots of action as expected, low prints at .9996 on the second attempt at par. After the lows in USD/JPY and the highs in EURO and GBP all held resistance the USD mounted a turnaround that extended a full handle higher in Swissy and back through the opening ranges in the other pairs. On the day the USD has put in a buying wick in most pairs suggesting that today�s early weakness was only weak shorts. GBP managed a high print at 1.9775 just barely above the 1.9750 pivot area before falling back to trade through the opening range at 1.9725; Cable looks set up for a rotation lower as the EURO also failed and these two are trading in sympathy together. EURO highs at 1.5596 attracted a lot of active offers once the stops were cleared traders say; the rate stays positive on the day but with a long wick at resistance. Across the board the volumes were modest as traders complained of thin conditions due to the various minor holidays this week. With no real news on the boards today the action today is most likely random noise between existing S/R levels; most agree the recent USD strength has a bit more to go before a correction so possibly today was an opportunity to get long from some recent lows. In my view, the USD closed higher than I would like to see for an extended correction and I suggest getting out of USD/JPY shorts and waiting on selling the Greenback until after the news is out tomorrow. Price action is always correct and the drop today needed to stay under pressure if the fire was out of the rally but due to the swift turnaround in thin conditions I think the USD has a bit more to go to the upside yet.

[B][U]GBP/USD Daily
[/U][/B]Resistance 3: 1.9820
Resistance 2: 1.9780
Resistance 1: 1.9740/50
Latest New York: 1.9730
Support 1: 1.9650/60
Support 2: 1.9620/30
Support 3: 1.9600

[B]Comments[/B]
Rate stays two-way all day, closes above the 1.9700 handle, still in the �sell zone� with existing S/R still active. Look for a test of the 1.9600 area within 24 hours; likely after the news Wednesday. Close under the 1.9700 handle again needed to wash out the longs. Bounce back to trade at or near the 1.9720 area into the close suggests a rally is coming. Upside remains limited in my view but ranges can be wide as evidenced by the past few days of trade. Sell rallies if not short; buying dips dangerous.
Closes over the MA�s likely not to last so a rally over the 100 bar MA a good sell in my view. Still need down bars with higher volume to confirm; not getting that today.
Some pressure from EURO remains. Cross-spreading for Yen, Swissy and EURO evident; look for additional sell-off to end the week.
Data due Wednesday: All times EASTERN (-5 GMT)
4:30am GBP Services PMI 51.7
7:01pm GBP Consumer Confidence Index 74

[B][U]EUR/USD Daily[/U][/B]
Resistance 3: 1.5650
Resistance 2: 1.5590/1.5600
Resistance 1: 1.5550/60
Latest New York: 1.5536
Support 1: 1.5450
Support 2: 1.5400
Support 3: 1.5380

[B][U]Comments[/U]
[/B]Two-way action all day, weaker close after push to resistance, look for rotation lower tomorrow. Rate clears close in stops both ways again and attracts active selling above the 1.5500 handle. Strong long-liquidation break is still coming; test of the lows as expected. Watch for two-way volatility. Be ready to add quickly if a rally happens; close under the 50 bar MA could attract active selling. Continue to hold shorts and look for a short-covering rally to stall around the 1.5550/1.5600 area; look to add to open shorts in that area; missed it today unless actively watching.
Data due Wednesday: All times EASTERN (-5 GMT)
3:30am EUR ECB President Trichet Speaks
4:00am EUR Services PMI 51.8
5:00am EUR PPI m/m 0.6%

[B][U]Analysis by:[/U][/B] Jason Alan Jankovsky

[B]Disclaimer:
[/B]Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.

ForexPros · May 12, 2008, 9:27am

Overnight Asia/Europe

� USD opens mixed
� Firms into Europe
� Sovereign demand seen

Today�s Economic Reports
All times EASTERN (-5 GMT)
� None in the US
� Treasury Budget during the day

Looking Ahead to Tuesday
All times EASTERN (-5 GMT)
� 08:30 Export Prices ex-ag
� 08:30 Import Prices ex-oil
� 08:30 Retail Sales forecast 0.0%
� 08:30 Retail Sales ex-auto forecast 0.5%
� 10:00 Business Inventories 0.3%

Summary
The USD is rallying back after Friday�s sell-off but action is quite choppy and volumes only modest. Overnight Asia saw the best levels on the day for most pairs and two-way chop and whipsaw is driving some traders to the sidelines. Technical trade is evident as S/R areas are testing in both directions and some pairs have seen stops run intraday so far this morning. Starting New York the USD is on the offensive against Yen and Swissy but losing ground against Cable; slightly better against EURO. Traders note that the Greenback is reacting to a US-positive WSJ article published in Asia overnight although rhetoric and fundamentals may not support the USD through the week. Trading to a low of 1.9441, cable rallied off the lows in European trade as better-than-expected UK PPI data muted the USD�s gains; high prints at 1.9605 are well shy of expected major offers so the rate may have more upside to go before strong selling is seen. EURO is marking time with mostly sell-side action overnight. Never challenging the opening range on the day at 1.5486 the rate broke down on active selling for a low print at 1.5365 before bouncing smartly to open New York within striking distance of the highs at 1.5440 area; traders note Asian sovereign buying as well as model-accounts on the bid. Aggressive traders can look to buy the dips as EURO likely has more upside to go in my view. USD/JPY continues to attract importer demand and rumors of semi-official names on the bid continue to underpin the pair. Low prints in Asia at 102.56 were enough for shorts to cover once the rate passed back through the 103.20 area lifting the rate to a high print at 104.00 ahead of New York; rate currently on the highs to start US trade. For the most part, stops were seen close-in in all pairs suggesting that the whipsaw will continue until the weak hands on both sides are cleaned out. Look for the USD to weaken at existing technical levels seen from last week. I would look to be a USD seller within the next 24-36 hours; a rally could easily be a low-volume affair by short-covering that would fit nicely with expected bearish fundamentals due starting Wednesday.

EUR/USD Daily
Resistance 3: 1.5600/10
Resistance 2: 1.5550
Resistance 1: 1.5490/1.5500
Latest New York: 1.5435
Support 1: 1.5380/90
Support 2: 1.535060
Support 3: 1.5300/10

Comments
Bounce is developing nicely, rally over the 1.5400 handle significant. Rate holds opening range on the fall-back; solid sign of no sellers left. Rally back from dip under the 1.5400 on stops suggests more losses are coming but a corrective bounce is needed (which is developing now) Support at 1.5280 is firm near-term. Look for rotation higher to continue into next week. Rate clears close in stops again. Strong long-liquidation break is still coming; Watch for two-way volatility. Be ready to re-short quickly when the rally ends, look for a short-covering rally to stall around the 1.5550/1.5600 area again; look to re-short in that area.
Data due Tuesday: All times EASTERN (-5 GMT)
Tentative EuroGroup Finance Ministers Meeting

USD/JPY Daily
Resistance 3: 104.80
Resistance 2: 10450/60
Resistance 1: 104.10/20
Latest New York: 103.90
Support 1: 102.50/60
Support 2: 102.00
Support 3: 101.80

Comments
Rally back from the Friday lows likely a Head-Fake; double �top has formed and a strong sell signal suggests a potential short is now confirmed at the 105.00/50 area again. Rate has broken trend line support. Traders note that the market continues to trade technically and expect stops to be run in both directions near-term; expect more volatility. Looking for the rate to briefly follow through higher for a short-covering rally through Tuesday but fall harder into mid week. Day traders may get a lot of opportunity as the rate will likely cover a lot of the same ground twice on the hourly time frame. Stops could be in size at the 102.50/80 area. Resistance at 104.80 area remains significant now and rallies should be sold.
Data due Tuesday: All times EASTERN (-5 GMT)
7:50pm CGPI y/y 3.6%
7:50pm Current Account 1.95T

Analysis by: Forexpros.com written by Jason Alan Jankovsky

Disclaimer:
Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.

ForexPros · May 13, 2008, 3:20am

[B][U]Today�s US Dollar Trading[/U][/B]

� USD opens mixed, ends lower
� Technical levels hold gains in check
� Stops in range

[B]Overnight Preview[/B]
� Look for two-way action to continue
� Technical trade likely

[B]Looking Ahead to Tuesday[/B]
All times EASTERN (-5 GMT)
� 08:30 Export Prices ex-ag
� 08:30 Import Prices ex-oil
� 08:30 Retail Sales forecast 0.0%
� 08:30 Retail Sales ex-auto forecast 0.5%
� 10:00 Business Inventories 0.3%
This data likely to be a non-event. Markets are really watching for the larger data due on Wednesday.

[B][U]Summary[/U][/B]
The USD is ending the day heavily mixed to start the week. Initially firmer in overnight Asia the Greenback gave back hard-won follow-on gains from European trade at previous S/R areas against most major pairs. Cable advanced on cross-spreading demand to post a high print in New York for the day at 1.9635 making the day an outside-range engulfing bar on the daily; a strong potential reversal signal from the two-month lows at 1.9441 earlier in the day. Although the trade was considered a strong signal the volumes were not impressive suggesting the rate will follow-through only modestly the next 24-36 hours. EURO rallied back to the potential sell-zone in the 1.5550 area for a high print at 1.5572 before dropping back a bit on the close. Traders note stops in range triggered on the rally over the 1.5450/60 area overnight; lows at 1.5365 went unchallenged in New York. Model account demand also seen suggesting that momentum traders are coming in on the buy side. Also active in USD/JPY, model traders likely had their stops too close to protect themselves against a reversal suggesting that the EURO and the Yen will whipsaw traders the next 24-36 hours. Look for a pullback in both pairs; EURO/JPY also active overnight suggesting the USD will remain under pressure against the Yen near-term. Highs in USD/JPY at 104.05 were offered rumored by semi-official names and the rate is off the highs to finish New York. For the most part, the Greenback had a solid two-way day against most of the majors and despite the two-way action is holding between established support and resistance. The GBP likely will follow-through to the upside a bit but sellers are expected to show at the 1.9680/1.9720 area. EURO has likely made the high for the week seeing as no real stops over the 1.5550 area were seen today and that is precisely where they would have been if shorts were active over the weekend; aggressive traders can look to ADD to open shorts in EURO at the 1.5550 area OB today and tomorrow. Looking ahead, expect technical trade to dominate ahead of Wednesday�s CPI data; Tuesday�s data likely no factor.

[B][U]EURO/USD Daily[/U][/B]
Resistance 3: 1.5600/10
Resistance 2: 1.5570/80
Resistance 1: 1.5550
Latest New York: 1.5535
Support 1: 1.5500/1.5490
Support 2: 1.5450
Support 3: 1.5400

[B][U]Comments[/U][/B]
Bounce is developing nicely, rally over the 1.5400 handle significant. Rate holds opening range on the fall-back; solid sign of no sellers left. Rally back from dip under the 1.5400 on stops suggests more losses are coming but a corrective bounce is needed (which is developing now) Support at 1.5280 is firm near-term. Look for rotation higher to end about now�the next 24-36 hours. Rate clears close in stops again. Strong long-liquidation break is still coming; Watch for two-way volatility. Short-covering rally stalled where expected in the 1.5550/1.5600 area again; look to re-short in that area now.
Data due Tuesday: All times EASTERN (-5 GMT)
Tentative EuroGroup Finance Ministers Meeting

[B][U]USD/JPY Daily[/U][/B]
Resistance 3: 104.80
Resistance 2: 10450/60
Resistance 1: 104.10/20
Latest New York: 103.92
Support 1: 102.50/60
Support 2: 102.00
Support 3: 101.80

[B]Comments[/B]
Rally back from the Friday lows likely a Head-Fake; double �top has formed and a strong sell signal suggests a potential short is now confirmed at the 105.00/50 area again. Rate has broken trend line support. Traders note that the market continues to trade technically and expect stops to be run in both directions near-term; expect more volatility. Looking for the rate to briefly follow through higher for a short-covering rally through Tuesday but fall harder into mid week; likely in the 10460/80 area. Day traders may get a lot of opportunity as the rate will likely cover a lot of the same ground twice on the hourly time frame. Stops could be in size at the 102.50/80 area. Resistance at 104.80 area remains significant now and rallies should be sold.
Data due Tuesday: All times EASTERN (-5 GMT)
7:50pm CGPI y/y 3.6%
7:50pm Current Account 1.95T

[B]Analysis by:[/B] Jason Alan Jankovsky

[B]Disclaimer:
[/B]Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.

ForexPros · May 14, 2008, 7:15am

[B][U]Today�s US Dollar Trading[/U][/B]

� USD extends rally during New York
� Flows described as light and disorderly

[B]Overnight Preview[/B]
� Look for book-squaring
� USD may have gotten ahead of itself

[B]Looking Ahead to Wednesday[/B]
All times EASTERN (-5 GMT)
� 8:30am USD Core CPI m/m 0.2%
� 8:30am USD CPI m/m 0.3%
� 9:15am USD Fed Governor Kroszner Speaks
� 10:30am USD Crude Oil Inventories

[B][U]Summary
[/U][/B]The USD is higher to end New York after a volatile session after the release of US data. Although the Retail Sales data came in about as expected, upwardly revised data from last month sparked a swift rally in the greenback sending it to the best levels of the day. The USD managed to hold gains against the Yen and Swissy but gave back some gains against EURO and Cable to end the day; traders note that volumes were very patchy on the move and order-flow was sporadic and directionless despite the firm pricing. USD is likely setting up for a rotation lower and the technical picture looks a bit supportive of that view. Cable made a new monthly low at 1.9417 before rotating higher to eventually print 1.9496 for the New York high but well off the European high at 1.9589; traders note the reversal was unexpected after the release of higher than expected UK CPI data this morning. Cable settled around the 1.9450/60 area in quiet trade. EURO fell in sympathy with GBP as cross-spreaders lifted EURO off the post-data lows of 1.5429 and EURO gained the 1.5500 handle again before settling back as flows became confusing after the London Fix. Traders note that EURO appears to have found a near-term bottom and believe support is firm around the 1.5380/1.5400 area. The rate will likely draw some short-covering by late shorts this morning during the next 24 hours so expect a continued grind higher ahead of US data in the morning tomorrow. USD/JPY continued to grind higher all afternoon on light volume; making the high for the day ahead of the close at 104.93 touching the 100 bar MA in the process. Sellers said to have plenty of offers waiting at the 105.00 area and it will be important to see if those offers show up overnight in Japan this evening. Given the recent strength in the Yen this correction higher by the USD is likely to attract sellers and the key is how thick they are at this level. Aggressive traders can look for a short on any further USD strength in my view. Tomorrow is US CPI data and with the recent information tending to support the Fed is not done easing yet, I would expect that a weaker than expected number could ignite a bout of USD long-liquidation in the morning. The market seems prepared for that and recent strength despite weak volumes appears to be an opportunity to sell.

[B][U]USD/JPY Daily[/U][/B]
Resistance 3: 105.80
Resistance 2: 105.50
Resistance 1: 105.00/10
Latest New York: 104.72
Support 1: 104.20/30
Support 2: 104.00
Support 3: 103.80

[B]Comments[/B]
Rally back from the Friday lows likely a Head-Fake; double �top has formed and a strong sell signal suggests a potential short is now confirmed at the 105.00/50 area again. Today�s test of the highs stalls on light volume just under the 100 bar MA. Late sell-off significant as longs likely threw in the towel. Stops above 104.30 area drove trade today; they are gone so look for the rate to rotate lower overnight. Rate has broken trend line support and Tuesday�s attempt to score a high over the 104.00 handle may be the test of the trend line break. Traders note that the market continues to trade technically and expect stops to be run in both directions near-term; some of which likely happened overnight Tuesday. Continue to expect more volatility. Looking for the rate to briefly follow through higher for a short-covering rally through Tuesday but fall harder into mid week; likely under the 103.00 handle. Day traders may get a lot of opportunity as the rate will likely cover a lot of the same ground twice on the hourly time frame. Stops could be in size at the 102.50/80 area. Resistance at 104.80 area remains significant now and rallies should be sold.
Data due Wednesday: All times EASTERN (-5 GMT)
7:50pm JPY Core Machinery Orders m/m -5.2%

[B][U]USD/CHF Daily
[/U][/B]Resistance 3: 1.0610/20
Resistance 2: 1.0580
Resistance 1: 1.0550/60
Latest New York: 1.0524
Support 1: 1.0470/80
Support 2: 1.0410/20
Support 3: 1.0380

[B]Comments[/B]
Rally overnight may be expected in sympathy with YEN and/or weaker commodities but upside appears limited. Pullback from 105.00 area gained some credibility as offers appear from big names traders say. Monday�s failure above the 1.0500 handle significant in my view. Likely this rally overnight Tuesday is testing the break-down; be ready to sell. Upside is limited and the volumes aren�t that great so far today again. Be nimble though as a break below 1.0380 likely to draw aggressive selling. Rate continues to attract dip buying; next dip will likely be bought around 1.0250 area again; but last three dips have failed to create significant rally. Failure last week at 1.0550/1.0600 area is setting up a short; look to sell the next rally; around 1.0500/20 I think. Highs above the 1.0500 area may keep the rate two-way action before a move in either direction. Close under the 1.0400 area sets up a loss to 1.0250 near-term.
Data due Wednesday: All times EASTERN (-5 GMT)
NONE

[B]Analysis by:[/B] Jason Alan Jankovsky

[B]Disclaimer:
[/B]Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.

ForexPros · May 15, 2008, 5:29am

[B]Today�s US Dollar Trading[/B]

�USD rallies ahead of News, lacks follow-through
�Majors on S/R volumes low
�Sovereign names seen selling USD
Overnight Preview
�A round of book-squaring likely

[B]Looking Ahead to Thursday[/B]
All times EASTERN (-5 GMT)
�8:30am USD Empire State Business Conditions Index 0.1
�8:30am USD Unemployment Claims 370K
�9:00am USD TIC Net Long-Term Transactions 63.6B
�9:15am USD Capacity Utilization Rate 80.1%
�9:15am USD Industrial Production m/m -0.3%
�9:30am USD Fed Chairman Bernanke Speaks
�10:00am USD Philadelphia Fed Manufacturing Index -19.0
�1:00pm USD NAHB Housing Market Index 20
�7:00pm USD Fed Governor Mishkin Speaks

[B]Summary[/B]
The USD rallied today after a slow start again in Asia helped by better equities pricing and model/momentum accounts buying; traders note that volumes were not impressive and the majors all held significant S/R. Initially two-way in Asia the Greenback went one-way on stops and aggressive buying near the start of European trade as reserve managers bought USD in the morning only to see the majors reverse after news; the USD sold off on the BOE inflation report but then recovered reversing ahead of US data. Today�s CPI data was softer-than-expected and the USD initially broke lower on the day but held existing overnight ranges. Settling back after the London Fix the USD continued to drift in quieter range-bound action with little news driving any of the pairs. Cable continued to hold the 1.9450 area that has held stops in both directions the past 72 hours; low prints at 1.9361 were bought by cross-spreaders and semi-official names traders say. Upside limited to the 1.9487 high but the rate has solid bids at the 1.9400 handle and slightly above. Traders are looking for the rate to hold the 2008 lows and a solid bounce is expected by the end of the week. EURO no less aggressive to the upside but continues to languish under the 1.5500 handle as traders say offers appear thick on the approach. Highs at 1.5487 were met with Swiss private bank sales some traders report; same names seen on the bid under the 1.5400 handle recently. Traders note sovereign demand in EURO at around the 1.5430 area and also in USD/JPY on the buy side. USD/JPY rallied into stops above the 104.80 area and again at 105.20 area for a high print at 105.46 but the rate is really struggling to hold gains and traders report volumes are light and flows patchy; heavy offers said to be around the 105.50 area and higher suggesting the rate is at or near a top. Swissy also encountering strong resistance under the 1.0600 handle; highs at 1.0601 were more symbolic than anything else. Traders are looking for the USD to pull back from here but the lack of selling interest is a concern for the shorts. In my view, the USD needed to give back some of these gains right away rather than hold firm as it has. Tomorrow is another day of important news so watch for book squaring overnight to temper the USD advance. A long-liquidation break is coming and when it does the Greenback could break sharply very quickly.

[B]USD/JPY[/B]
Resistance 3: 106.00
Resistance 2: 105.80
Resistance 1: 105.50
Latest New York: 105.21
Support 1: 104.60
Support 2: 104.20/30
Support 3: 103.80

[B]Comments[/B]
Rate makes one more high into resistance generating a strong sell signal. Look for the rate to fall on the news but intraday volatility likely. Double-top remains strong sell signal suggests resistance area is getting thicker. Traders note that the market continues to trade technically and expect stops to be run in both directions near-term; look for close-in stops under the 104.50 area today. Continue to expect more volatility. Looking for the rate to briefly follow through higher for a short-covering rally through Tuesday but fall harder into mid week; likely under the 103.00 handle. Day traders may get a lot of opportunity as the rate will likely cover a lot of the same ground twice on the hourly time frame. Stops could be in size at the 102.50/80 area. Resistance at 105.50 area remains significant now and rallies should be sold. Traders looking for a struggle to get over the 105.50 area.
Data due Thursday: All times EASTERN (-5 GMT)
7:50pm JPY GDP q/q 0.6%
7:50pm JPY GDP Deflator y/y-1.5%

[B]USD/CHF Daily[/B]
Resistance 3: 1.0700
Resistance 2: 1.0650
Resistance 1: 1.0600/10
Latest New York: 1.0552
Support 1: 1.0500/10
Support 2: 1.0450/60
Support 3: 1.0400/10

[B]Comments
[/B]Rally overnight may be expected in sympathy with YEN but upside is labored; stalling at the 1.0600 handle significant. No follow-through after news this morning is a signal the top may be in. Pullback needed to confirm strong sell signal generated overnight. Monday�s failure above the 1.0500 handle still significant in my view. Likely this rally overnight is model and momentum accounts on the buy side. Upside is limited and the volumes aren�t that great so far today again. Be nimble though as a break below 1.0380 likely to draw aggressive selling. Rate continues to attract dip buying; next dip will likely be bought around 1.0400 area; but last three dips have failed to create significant rally. Close under the 1.0400 area sets up a loss to 1.0250 near-term.

Data due Thursday: All times EASTERN (-5 GMT)
1:45am CHF Consumer Climate
5:00am CHF SNB Board Member Jordan Speaks
Analysis by: Jason Alan Jankovsky

Disclaimer: Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.

ForexPros · May 20, 2008, 8:53am

USD sharply lower - Morning Session � GMT
[B][U][B]Overnight Asia/Europe[/B][/U][/B]

�USD sharply lower
�German data surprises, EURO higher
�Cable breaks resistance, also higher
Today�s Economic Reports
All times EASTERN (-5 GMT)
�8:30am USD PPI m/m 0.4%
�8:30am USD Core PPI m/m 0.2%
�9:00am USD Fed Vice Chairman Kohn Speaks
�:00am USD IBD/TIPP Economic Optimism 38.0
Looking Ahead to Wednesday
All times EASTERN (-5 GMT)
�10:30am Crude Oil Inventories 0.2M
�1:00pm Fed Governor Warsh Speaks
�2:00pm FOMC Meeting Minutes
[B][U][B]Summary[/B][/U][/B]
The USD is sharply lower to start New York this morning; traders note German economic news and rhetoric from ECB�s Weber providing a lot of the push higher in EURO. Starting Asia firm the USD hovered around NY closing levels early and had a brief bout of buying but reserve manger selling was seen capping the highs for the day and the USD began a gradual slide through the European open. The big mover on the boards is EURO today breaking through several levels of recent resistance areas and finding stops above the market as well. Beginning the march higher was stronger-than-expected German PPI data marking the fourth month in a row PPI has been higher than expected. Comments from ECB council member Weber suggested that an interest rate hike can�t be ruled out this year sent traders scrambling to cover shorts. Stops were noted also on the break above the Monday highs at 1.5560/70 area with more above the 1.5600 and 1.5630 area; high prints were at 1.5675 and those after a brief retracement on German ZEW data. Additionally, ZEW President Franz said he agreed with Weber that an interest rate hike by the ECB is likely which sent the EURO rallying back to test the highs before a round of profit taking dropped the rate back to the 1.5640 area to start NY. Traders note Russian buys at the start of the session linked to rumors of Ruble revaluation but so far that is not confirmed. Cable followed EURO higher and scored a high print at 1.9670 before falling a bit into the start of NY; traders note that technical resistance comes in around the highs and up to the 1.9700/10 area and that may be it on the day. A surprise by US PPI this morning is likely to encourage a bout of USD selling but with the EURO and Cable above resistance already the worst may be in for the day. USD/JPY dropped under the 104.00 handle but so far stops under the 103.50 area are out of range. Swissy also under the 1.0400 handle briefly but stops again out of range. Today�s PPI will likely offer more volatility.

[B][B]EURO/USD Daily[/B][/B]

[B][B]Resistance 3: 1.5730[/B][/B]
[B][B]Resistance 2: 1.5700[/B][/B]
[B][B]Resistance 1: 1.5670/80[/B][/B]
[B][B]Latest New York: 1.5645[/B][/B]
[B][B]Support 1: 1.5600[/B][/B]
[B][B]Support 2: 1.5550[/B][/B]
[B][B]Support 3: 1.5500[/B][/B]

[B][U][B]Comments[/B][/U][/B]
Overnight news suggests that the ECB will raise rates soon; traders caught wrong-footed and covered shorts hard. Stops noted above the 1.5630/40 area and the press to fresh highs at 1.5680 area likely to hold as resistance near-term. Today�s PPI data could ignite more buying if disappointing. The downside correction is likely over if a close is above the 1.5640 area today. Crude prices will likely continue offering a bit of volatility support on dips. Longs likely to have rolled up stops under the 1.5520 area so volatility possible. I would stay away from the short side for the rest of this week. The rate is setting up for a potential upside recovery. Bounce back from dip under the 1.5500 handle suggests active buying on dips; traders say lots of official and sovereign names seen buying dips. I think the recovery has some legs this time.
Data due Wednesday: All times EASTERN (-5 GMT)
4:00am EUR German Ifo Business Climate Index 102.1
4:00am EUR German Ifo Business Expectations Index 96.5

[B][B]USD/JPY Daily[/B][/B]

[B][B]Resistance 3: 105.00[/B][/B]
[B][B]Resistance 2: 104.80[/B][/B]
[B][B]Resistance 1: 104.50/60[/B][/B]
[B][B]Latest New York: 104.12[/B][/B]
[B][B]Support 1: 103.70[/B][/B]
[B][B]Support 2: 103.50[/B][/B]
[B][B]Support 3: 103.20/30[/B][/B]

[B][U][B]Comments[/B][/U][/B]
Rate falls back after a weak rally in Asia; traders note that stops are building in size under the 103.50 area with bids layered below to 103.00 area. Stops said to be large enough to drive the rate through bids for a test of the 102.80 area. Failure to score the 105.00 handle very significant in my view. Upside will continue to be labored now in my view but be nimble on shorts; we need a solid close under the 103.80 area next. If PPI disappoints today, that may be in the works for this afternoon. Conviction of the sellers being challenged but I think the weak hands are the longs as the volumes are increasing on the breaks and lighter on the rallies. Traders note that the market continues to trade technically and expect stops to be run in both directions near-term; Day traders continue to get a lot of opportunity as the rate will likely cover a lot of the same ground twice on the hourly time frame. Resistance at 104.80 area remains significant now and rallies should be sold.
Data due Wednesday: All times EASTERN (-5 GMT)
7:50pm JPY All Industries Activity Index m/m -0.2%
7:50pm JPY Trade Balance 0.79T
Analysis by: Jason Alan Jankovsky

ForexPros · May 21, 2008, 8:57am

[B][B][B][U]Overnight Asia/Europe[/U][/B][/B]
�USD weakens further
�IFO better-than-expected
�MPC votes 8-1 to keep rates unchanged[/B]

[B][B][U]Today�s Economic Reports[/U][/B][/B]
All times EASTERN (-5 GMT)
�10:30am Crude Oil Inventories 0.2M
�1:00pm Fed Governor Warsh Speaks
�2:00pm FOMC Meeting Minutes

[B][B][U]Looking Ahead[/U][/B][/B]
All times EASTERN (-5 GMT)
�8:30am USD Unemployment Claims 373K
�9:00am USD Fed Governor Kroszner Speaks
�10:00am USD House Price Index m/m

[B][B][U]Summary[/U][/B][/B]
The USD continues to weaken in Wednesday�s trade; starting softer in Asia in line with weaker equities pricing. Most of the Asian stock markets were lower overnight in sympathy with the losses seen in the DJIA Tuesday traders say; higher oil prices also dragging on the USD and lifting EURO. Overnight news was light but significant; the BOE MPC minutes showed an 8-1 split to leave rates unchanged with Blanchflower again voting for a 25 BP cut. Traders see the MPC holding rates firm in response to potential inflation pressures and the GBP firmed although still under the highs seen Tuesday; high prints at 1.9699 before selling was seen. Traders say the rate feels �heavy� this morning to start New York and cross spreaders are active in EURO-Sterling. EURO is higher in response to better-than-expected IFO data; high prints at 1.5775 saw profit-taking selling and stops mixed together. Initially weaker in Asia ahead of the news traders note that EURO has closed above important technical resistance in Asia making for a potential extended rally to develop. In my view the EURO has a retracement due before continuing to advance. With Oil prices topping $130 this morning it is hard to argue for a lower priced EURO for very long. USD/JPY is weaker but with two way action more evident. Traders note light stops above the 104.00 area are untouched overnight with high prints at 103.70 capped by exporter selling. Stops under the early lows at 103.40 area were finally found and the rate pressed for low prints at 103.04 before a bounce was seen. Analysts remind that technical support is under the 102.50 area leaving a lot of room for downside stops but I think the rate is due for a bounce. Look to add to open shorts on that bounce. Swissy and Loonie are now at technical downside objectives; aggressive traders can look for a long around current prices or slightly lower for Loonie. An upside correction for Swissy is due in my opinion and the strength of that correction will determine where to short. Aggressive traders can go long around the 1.0310 area
[B][B][U]EURO/USD Daily[/U][/B][/B]

[B]Resistance 3: 1.5850</SPAN>[/B]
[B][B]Resistance 2: 1.5820[/B][/B]
[B][B]Resistance 1: 1.5770/80[/B][/B]
[B][B]Latest New York: 1.5758[/B][/B]
[B][B]Support 1: 1.5630[/B][/B]
[B][B]Support 2: 1.5580[/B][/B]
[B][B]Support 3: 1.5550[/B][/B]

[B][B][U]Comments[/U][/B][/B]
IFO rallies the pair higher but tech resistance at 1.5770/80 area holds to start New York. Close over the 50 bar MA likely to draw buyers but offers are absorbing so far. Overnight news suggests that confidence in the economy is continuing to grow and combined with higher Oil prices the rate is likely to be bought on dips. Look for support on dips near the 1.5550 area. Longs likely to have rolled up stops under the 1.5580 area so volatility possible. The rate is setting up for a potential upside recovery. Bounce back from dip under the 1.5500 handle suggests active buying on dips; traders say lots of official and sovereign names seen buying dips. I think the recovery has some legs this time but the late long may have made his move today.
Data due Thursday: All times EASTERN (-5 GMT)
5:00am EUR Industrial New Orders m/m -0.4%
[B][B][U]USD/JPY Daily[/U][/B][/B]
</SPAN>

[B][B]Resistance 3: 104.50[/B][/B]
[B][B]Resistance 2: 104.00/10[/B][/B]
[B][B]Resistance 1: 103.70/80[/B][/B]
[B][B]Latest New York: 103.38[/B][/B]
[B][B]Support 1: 103.00/10[/B][/B]
[B][B]Support 2: 102.80[/B][/B]
[B][B]Support 3: 102.50[/B][/B]

[B][B][U]Comments[/U][/B][/B]
Rate falls back after a weak rally in Asia; traders note that stops were building in size under the 103.50 area with bids layered below to 103.00 area. Overnight low and action played out that scenario and the rate is set to rotate higher. That push higher needs to stall at the 103.80 area again to stay short and ADD to position. Stops said to be large enough to drive the rate through bids for a test of the 102.80 area but bids apparently were big enough on the first try. Upside will continue to be labored now in my view but be nimble on shorts; we need a solid close under the 103.80 area next for the week after a brief corrective rally. Conviction of the sellers being challenged but I think the weak hands are the longs as the volumes are increasing on the breaks and lighter on the rallies. Traders note that the market continues to trade technically and expect stops to be run in both directions near-term; Day traders continue to get a lot of opportunity as the rate will likely cover a lot of the same ground twice on the hourly time frame. Resistance at 104.80 area remains significant now and rallies should be sold.
Data due Thursday: All times EASTERN (-5 GMT)
7:50pm JPY Monetary Policy Meeting Minutes
In association with Forex Trading Edge
Analysis by: Jason Alan Jankovsky</SPAN>

Disclaimer:
Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.
</SPAN>

ForexPros · May 22, 2008, 10:02am

Today�s Economic Reports
All times EASTERN (-5 GMT)
�8:30am USD Unemployment Claims 373K
�9:00am USD Fed Governor Kroszner Speaks
�10:00am USD House Price Index m/m
Looking Ahead to Friday
All times EASTERN (-5 GMT)
�10:00am USD Existing Home Sales 4.86M
�Half Day, markets close early
�No PM Broadcast or Newsletter, back on Tuesday after holiday
Summary
The Greenback opens New York mixed this morning after a solid two-way overnight session saw the majors consolidating recent strength. Initially starting flat in Asia the USD had some early pressure as follow-on selling from a dismal stock market Wednesday leaked into Asian trade. Bouncing back to post early highs at the start of European trade the USD found light stops in most pairs as late shorts were caught wrong-footed in Europe. Better-than-expected UK retail trade data and a well-received Gilts auction drew buying in Cable after trading the 1.9600 handle most of the day; stops were triggered above the 1.9720 area and the GBP steadily advanced for highs above the 1.9800 handle making the GBP the big mover on the board overnight. A surprise CBI survey caused a flurry of active buying as the market got short into the highs putting the GBP at 1.9819 high prints ahead of early NY trade; CBI the highest since 1995 making a case for no more BOE rate cuts. Traders note that the cross-spreaders were active in EURO-Sterling and Sterling-Yen overnight and they GBP has a very buoyant tone this morning. Contrasting that action is EURO which attracted sellers into the highs at 1.5815 as it tracked GBP higher, traders note prop accounts selling into the highs after stops drove the rate above the 1.5750 area in Europe. EURO has a �buy on dips� mentality today traders say and that means stops will be set close in; the rate could have a stop-driven sell-off to end the week and I would hold open shorts through the day. USD/JPY is firming to start NY after a brief dip to the 102.70 area; low prints at 102.72 on light volume in Asia. Traders note model accounts selling USD overnight and that means close-in stops as well likely in the 103.50 area; highs to start New York at 103.49 but offers are thin. In my view the USD is starting to make the turn for the rest of the week. The lows were in overnight and most of the positions we have on are working. The early short in GBP was stopped out overnight but aggressive traders can re-short the rate anywhere above the 1.9800 handle for today. With crude oil above $135.00 this morning it appears there could be some euphoria-demand for the European crosses so be sure to place your stops; anything can happen when emotional traders make their move. Look for equities to remain weak today and that might pressure USD/JPY.
EURO/USD Daily

Resistance 3: 1.5880
Resistance 2: 1.5850Resistance 1: 1.5820Latest New York: 1.5750Support 1: 1.5740Support 2: 1.5680Support 3: 1.5650

Comments
Irate rallies on stops but then falls back, close over the 50 bar MA likely to draw buyers but offers are absorbing so far. Higher Oil prices are underpinning and the first correction in Oil prices will likely take the EURO with it. �Buy on dips� mentality active which means stops will be rolled up in range and the potential for a stop-driven rally is high. Look for support on dips near the 1.5550 area. Longs likely to have rolled up stops under the 1.5650 today so volatility possible. Looking for selling pressure at the London fix today.
Data due Friday: All times EASTERN (-5 GMT)
2:45am EUR French Consumer Spending m/m 0.4%
3:30am EUR German Manufacturing PMI 53.3
3:30am EUR German Services PMI 54.0
4:00am EUR Manufacturing PMI 50.5
4:00am EUR Services PMI 51.7
5:00am EUR Italian GDP q/q 0.2%
USD/JPY Daily

Resistance 3: 104.50
Resistance 2: 104.00/10Resistance 1: 103.70/80Latest New York: 103.33Support 1: 102.80Support 2: 102.50Support 3: 102.20/30
Comments
Rate is firming up and the late sellers are likely in. Traders not model accounts buying USD in Asia so likely their stops will drive trade off the lows and into the 103.70 area near-term. Upside will continue to be labored but a retracement is coming. Traders note that the market continues to trade technically and expect stops to be run in both directions near-term; Day traders continue to get a lot of opportunity as the rate will likely cover a lot of the same ground twice on the hourly time frame. Resistance at 104.80 area remains significant now and rallies should be sold.
Data due Friday: All times EASTERN (-5 GMT)

ForexPros · May 28, 2008, 4:32am

[B][U]Today�s US Dollar Trading[/U][/B]

� USD starts slow; makes a show for strength in NY
� US data mixed and of little help
� Traders await more tomorrow

[B]Overnight Preview[/B]
� Look for a rally in the USD overnight
� Lack of downside follow-on selling seen

[B]Looking Ahead[/B]
All times EASTERN (-5 GMT)
� 8:30am USD Core Durable Goods Orders m/m -0.4%
� 8:30am USD Durable Goods Orders m/m -1.5%
� 9:00pm USD Dallas Fed President Fisher Speaks
� 12:50pm USD Minneapolis Fed President Stern Speaks

[B][U]Summary[/U][/B]
The USD enjoyed a day of higher pricing but failed to break into any new areas of S/R against the majors. For the most part the Greenback remained inside established ranges but is showing signs of bottoming and very well may rally the next 24 hours. Today�s US data was a mixed bag and traders note that across the board the USD attracted a fairly large amount of bids relative to the volume on the day. Although the day was considered a scratch day by most the USD continued to firm into the close of New York trading. After a brief flurry of activity during the release of Housing Data this morning the rest of the day was uneventful but continued to lean on the bid side suggesting that late USD shorts have yet to be cleared if they were shorts set �on the news� as is typical for small-money accounts. Cable dropped to the low end of the range but was unable to score new lows in New York; overnight stop-driven lows at 1.9713 remained unchallenged into the New York close. Traders note that the rate is tracking EURO today and because EURO was under threat most of the session GBP held on the softer side. EURO made new lows for the day at the 1.5700 handle on the AM news but failed to attract size on the offer. The rally to the 1.5730 area was on light volume and the rate fell back to close near the 1.5720 area in thin trade. A low-volume day after a three-day weekend suggests that large traders are secure in their positions and haven�t made a move yet this week. USD/JPY has a big day ahead of itself tomorrow in my view as COT data suggests that the market is heavily short USD into the 104.20 area. Although large stops are still out of range it is very likely that the rate will try for highs within 24 hours as the lows today were bought hard enough to challenge the 104.20 area on three occasions today. Often that is a sign of a market looking to make a move. For the day�the USD trade remained technical in nature and the lack of follow-on selling suggests that the market has one push higher into resistance coming. Aggressive traders need to be ready to sell the USD on a spike higher and tomorrow�s action likely to give us a point of reference in at least two-pairs: 104.80 area in USD/JPY and 1.5650 area in EURO/USD. Look for US news to increase volatility but for the pairs to stall at previous S/R during the London fix tomorrow.

[B][U]EURO/USD Daily[/U][/B]

Resistance 3: 1.5880
Resistance 2: 1.5850
Resistance 1: 1.5810/20
Latest New York: 1.5699
Support 1: 1.5700/1.5690
Support 2: 1.5650
Support 3: 1.5600

[B]Comments[/B]
Rate holds inside range so far for the day but is evidently starting the week a bit softer. Overhead resistance appears firmer on the approach to the 1.5800/20 area with stops said to be out of range above around the 1.5850 area. Traders note that the rate feels �heavy� to start the week and warn of a potential overhang of stale longs. Stops under the 1.5700 area are said to be in size and bids ahead are from larger names, Lack of volume a concern but no trouble attracting selling pressure today. Look for model and momentum accounts to be on the bid the next 24 hours and should that be the case the rate is due for a break lower. Adding to the potential is the COT data showing a flip to net long from net short before the holiday. A washout is likely in my view.

Data due Wednesday: All times EASTERN (-5 GMT)
2:00am EUR German Import Price Index m/m 0.6%
4:00am EUR Current Account 4.3B
Tentative EUR German CPI m/m § 0.3%

[B][U]USD/JPY Daily[/U][/B]
Resistance 3: 105.00/10
Resistance 2: 104.80
Resistance 1: 104.40/50
Latest New York: 104.24
Support 1: 103.20/30
Support 2: 103.00/102.90
Support 3: 102.50

[B]Comments[/B]
Late rally shows upside bias still working. Rally into the 104.80 area is the best potential short area in my view. COT data showing an increase of net JPY longs making the upside potential for the USD a bit higher in my view. Stops above the 104.10/20 area likely to be in size and the question is how big are the offers ahead of 104.40? Stops the other side of 104.50 said to be in size suggesting that speculators got heavily short near current market pricing as 104.50 area is in range with the recent weekly highs. This week�s data may support near-term as the USD has had a lot of bad press the past quarter and has managed a firm start to the year; perhaps the Yen has a further downside correction to go before the USD bears are again out in force. If this weeks� data is USD supportive then the rate has a pop higher into resting offers coming. Watch the upside volume for clues to the speed of the rally; if it is coming.
Data due Wednesday: All times EASTERN (-5 GMT)
Tentative JPY BOJ Governor Shirakawa Speaks
7:50pm JPY Retail Sales y/y 0.5%
7:50pm JPY Large Retailers’ Sales y/y -1.1%

[B]Analysis by:[/B] Jason Alan Jankovsky
[B]Disclaimer:[/B]
[I]Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.[/I]

ForexPros · May 29, 2008, 4:34am

[B][U]Today�s US Dollar Trading[/U][/B]

� USD starts lower in Asia, rallies in Europe
� Rallies on Durables data then fades
� Ends New York Mixed

[B]Overnight Preview[/B]
� Look for the USD to continue under pressure ahead of GDP tomorrow
� Volumes should drop off also

[B]Looking Ahead[/B]
All times EASTERN (-5 GMT)
� 8:30am USD Prelim GDP q/q 0.9%
� 8:30am USD Prelim GDP Price Index q/q 2.6%
� 8:30am USD Unemployment Claims 370K
� 10:30am USD Crude Oil Inventories
� 10:30am USD Natural Gas Storage
� 2:30pm USD Fed Chairman Bernanke Speaks
� 7:00pm USD Fed Vice Chairman Kohn Speaks

[B][U]Summary[/U][/B]
The USD ends the day mixed after a slow start in Asia; initial early strength after Durable Goods data hit the street fades into the London Fix. The USD went nowhere after the fix and traders complained of low volumes, thin conditions and dull ranges. After the better-than-expected Durables data provided a solid rally the sellers came out at expected resistance and the USD never challenged those prices again all day making for a toppy chart formation. Model and Momentum accounts were seen in some pairs on the bid for USD suggesting that the potential top may actually be in place across the board. Some price action after the best levels of the day for the USD offer compelling reasons to stay on the short side through the end of the week. Cable advanced to the 1.9830 area overnight Asia only to be met with selling that found close-in stops at the 1.9770 area and below for a low print after durables at 1.9703; bids lifted the rate back over the 1.9800 handle to trade firm all day in less than two hours. A 100 point move in both directions whipsawing both sides to finish higher on the day; not a good sign for the bears. EURO also stopped short on support, holding the 1.5600 handle after a sharp stop-driven break for a low print at 1.5603 before sovereign names were seen on the bid. The 50 bar MA comes in as support at the 1.5661 and although a technical sign of potential slippage; the fact that the rate found no real stops in size on a break below the MA suggests that there is no one willing to sell under the 1.5660 area. Now that weak longs have been cleared, all the remains is to see if late shorts sold EURO into the hole today. Should that be the case; expect a rally the next 24-48 hours. USD/JPY rallied through stops and resistance for a high print at 105.33 clearing all the weak shorts out before dropping back to trade 104.60 area most of the afternoon. A very long selling wick on USD/JPY today suggests that the rate is due for a retest of the near-term lows under the 103.00 area; some desks report that selling interest at the highs was from exporters and semi-official names. Swissy had a similar day but finished off the highs and nowhere near the real resistance numbers the active bears would like to see. Highs at 1.0426 were never challenged and the rate fell back to under the 1.0390 breakdown number. A close below the 1.0390 area argues for a test of the 1.0280 area again as volumes on the rally were light. Look for a quiet evening ahead of GDP tomorrow.

[B][U]EUR/USD Daily[/U][/B]
Resistance 3: 1.5880
Resistance 2: 1.5850
Resistance 1: 1.5810/20
Latest New York: 1.5645
Support 1: 1.5620
Support 2: 1.5600/1.5590
Support 3: 1.5550

[B]Comments[/B]
Rate crosses the 50 bar MA with higher volume; more losses on the way but move into the stops finds no one home; selling pressure likely not big enough now to move below the 1.5600 area easily. Support at 1.5550 likely to hold on further weakness. Overhead resistance appears firmer on the approach to the 1.5800/20 area with stops said to be out of range above around the 1.5850 area. Traders note that the rate feels �heavy� to start the week and warn of a potential overhang of stale longs; which may have been cleared on today�s dip to 1.5600. Stops under the 1.5700 area were in size overnight and volume was good. Look for model and momentum accounts active tonight�we need them on the offer as the break lower was negated by the bounce. Adding to the potential is the COT data showing a flip to net long from net short before the holiday; a washout is likely in my view and that may have been the move lower today.

Data due Thursday: All times EASTERN (-5 GMT)
3:55am EUR German Unemployment Change -25K
4:00am EUR M3 Money Supply y/y 10.3%
5:00am EUR Consumer Confidence -12

[B][U]USD/JPY Daily[/U][/B]

Resistance 3: 105.80
Resistance 2: 105.50
Resistance 1: 105.20/30
Latest New York: 104.62
Support 1: 104.20/30
Support 2: 103.80
Support 3: 103.20/30

[B]Comments[/B]
Rate powers through offers at the 104.50 area and stops drive the rate to next resistance at the 104.80 area; fails at the highs. After US news is out this morning, expect a rally into the 105.10/20 area to be sold; we opened an aggressive short in that area today. Caution on the potential top is the rate closing over the 100 bar MA today. COT data showing an increase of net JPY longs making the upside potential for the USD a bit higher in my view; but that was likely the pop this morning. Stops the other side of 104.50 were in size suggesting that speculators got heavily short near current market pricing as 104.50 area is in range with the recent weekly highs. This week�s data may support near-term as the USD has had a lot of bad press the past quarter and has managed a firm start to the year; perhaps the Yen has a further downside correction to go before the USD bears are again out in force.

Data due Thursday: All times EASTERN (-5 GMT)
7:15pm JPY Manufacturing PMI 48.6
7:30pm JPY Core CPI y/y 1.0%
7:30pm JPY Core Tokyo CPI y/y 0.9%
7:30pm JPY Overall Household Spending y/y -0.7%
7:30pm JPY Unemployment Rate 3.9%
7:50pm JPY Industrial Production m/m

[B]Analysis by: [/B]Jason Alan Jankovsky

[B]Disclaimer:[/B]
Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.

ForexPros · June 2, 2008, 9:23am

[B][U][I]Overnight Asia/Europe
[/I][/U][/B]
� USD mixed, volumes modest
� UK news disappoints Cable
� Technical trade overnight
Today�s Economic Reports
[B]All times EASTERN (-5 GMT)[/B]
� 10:00am USD ISM Manufacturing Index
� 10:00am USD ISM Manufacturing Prices
� 10:00am USD Construction Spending m/m
[B]Looking Ahead to Tuesday[/B]
All times EASTERN (-5 GMT)
� 9:00am USD Fed Chairman Bernanke Speaks
� 10:00am USD Factory Orders m/m 0.0%
� Tentative USD Domestic Vehicle Sales 10.8M

[B][U]Summary[/U][/B]
The USD is starting the week mixed in New York this morning as overseas news drives early interest in the USD. Negative news in the UK prompted a strong selling day in the GBP today, Cable dropping to a low print at 1.9595 before attempting a recovery. Reports of traders increasing short sales of UK retailers� stocks, negative press on Prime Minister Brown and reports that a large number of UK households have slipped into negative equity weighed on Sterling to start. Cross spreaders have had a great start to the week as the Sterling side of everything has pushed all the rates sharply higher. This has hurt EURO as the two pairs are tracking each other; EURO unable to extend gains from Friday and is trapped in the lower end of its early range; low prints at 1.5513 and highs at 1.5571 are making for dull trade. Good demand from Asian sovereign names was seen traders say around the opening range at 1.5550 area but offers from a well-respected German name capped the potential rally early. EURO trading right down the middle of the range in early New York at 1.5530 area. USD/JPY is slightly weaker with lows at 104.64; traders note stops on the break triggered at 104.90 area and the USD bulls are now on the defense. Asian volumes were lighter but the USD/JPY will likely remain on the defensive this week as no real news from the Japanese is seen as potentially market moving but US data due later will likely have an impact; look for the rate to continue to trade two-way with a lower bias for the week. If holding shorts in the rate look to add soon depending on the quality of the close today. Ideally, you would like a failed low-volume rally to sell into. Swissy continues to grind lower as well but has found some technical support overnight at the May daily pivot point at 1.0390; Monday�s low so far at 1.0389. Traders note that large stops are building in the 103.80/90 area suggesting that the late longs form last week are set to bail. Support is not heavy until the 1.0280 area and a hard break could be in the works there. In my view, the USD is set to resume its downward action this week. I would look for two-way action into the NFP data on Thursday with a break coming later in the week. For the most part the higher action against the GBP is a near-term �head fake� and not indicative of the overall market bias. Look for the EURO and GBP to recover higher by mid week.

[B][U]GBP/USD Daily[/U][/B]
Resistance 3: 1.9780
Resistance 2: 1.9720
Resistance 1: 1.9680
Latest New York: 1.9610
Support 1: 1.9600
Support 2: 1.9550
Support 3: 1.9520

[B]Comments[/B]
Rate reverses hard again after strong rally on Friday, Rate likely to see support come in around the 1.9630 area but volatility could whipsaw from that area. Fundamentals still suggest a lower GBP and the failure to extend gains above the 1.9850 area so soon after Friday�s reversal argue for a continued downside after a bounce is possible. Continue to expect a lot of sympathy trade with EURO; the cross-spreaders are having a field day with the Sterling crosses and I think the GBP may track EURO near-term. Need a close below the 100 bar MA to build argument for the short but volatility is higher so expect a rally back to test the breakdown.
Not a lot to do but wait in my view.
Data due Tuesday: All times EASTERN (-5 GMT)
Tentative GBP Halifax House Price Index m/m -1.1%
4:30am GBP Construction PMI 45.7
7:01pm GBP Consumer Confidence Index 68

[B][U]USD/CHF Daily[/U][/B]

Resistance 3: 1.0550
Resistance 2: 1.0500/10
Resistance 1: 1.0480
Latest New York: 1.0422
Support 1: 1.0380
Support 2: 1.0350
Support 3: 1.0310/20

[B]Comments[/B]
Rate weakens in early Asia and now remains two-way in light directionless trade. Traders say stops are likely building under the 103.80 area and a drop into lows mid-week is expected now that the rate failed again at the 1.0520 area. The late longs will have to bail if the rate slides back under the 1.0400 area; some of them likely out overnight. Look for rallies to be sold and the 104.80 area to hold key resistance on an upside rally. News this week is likely to remain non-eventful until NFP later. In my view, the rate needs to be sold on any strength; possible short at the 1.0450/60 area for today but that is a long-shot due to the trade under the 1.0400 area already.
Looking to re-short the next 24 hours�our stop just close enough today to tag us out.
Data due Tuesday: All times EASTERN (-5 GMT)
1:45am CHF CPI m/m 0.4%

[B]Analysis by:[/B] Jason Alan Jankovsky

[B]Disclaimer:
[/B]Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.