Platform of the week- Powertrader training Rebroadcast
Platform of the week- Powertrader training TODAY at 4:00 PM – Learn the ins and outs of the Currenex Power Trader Forex trading platform Watch the rebroadcast
USDCHF wanders toward resistance
The USDCHF has trended to the downside today with comments from government officials (“we will have to live with the strong CHF) and lack of comment from the SNB in the London morning session, helping to lead the pair to the downside. The last few hours has been sideways, however, and this has allowed the 100 bar MA on the 5 minute chart to catch up to the price.
Now it is decision time for the pair.
The 100 bar MA comes in at the 0.8046 level. A move above should solicit additional buying interest in the pair. Above is resistance at the 0.8083 which is the 38.2% of the move down from yesterdays high (see chart below) and not far from that the 100 hour MA at the 0.8093 currently.
ECB Kranjec says growth is main Euro Region question
- He adds that the EURUSD will survive
- The Euro region is combating crisis well
Non voting Feds Lockhart says does not rule out additional QE
- US bank exposure to European debt problems is low
- Pledge to hold rates low through mid 2013 may change
- Conditional on economy
- Urges patience in regard to Fed policy changes
- Rate commitment should have big influence
- Slow growth bigger problem than inflation
- We have a Jobs Crisis
EURUSD moves to new session lows. Greek concerns weigh.
Comments from EU Barroso saying that working on a new Greek program seems to be helping to pressure the pair. He adds that Greece must implement their reforms. There seems to be increased concerns about the implications of the Greece situation. Earlier today, there was a report on how Greek auditors were skeptical about debt dynamics (CLICK HERE).
The price is moving closer to the 100 day MA. Last week the price moved away from the level on its way to the highs at the 1.4548 level. The 100 day MA currently comes in at the 1.4364 level today. Look for sellers agains t the lows from yesterday and the earlier lows from today at the 1.4383 and 1.4394 levels. If the correction can hold below this area, the downside may gather some additional steam.
WSJ reports Freddie Mac plans to accelerate Multifamily Loans
The goal is to increase the financing funds available for landlords of multi-family units.
So let me get this right, the people who have been foreclosed now will pay the same rent to landlords who own apartment buildings at reduced interest costs. I really do not see the purpose of that unless the government is sure that the housing will continue to fall and fall and fall and the American Dream of homeownership totally disappears. It sounds to me a great deal for those few who can own a multifamily apartment complex.
Meanwhile, the homeowners who pay on time, or perhaps are looking for support so they can stay in their house, get no relief.
Why not have banks refinance all mortgages from those who are paying and keeping up. Put more money in their pockets immediately. Give them relief. These middle class people are suffering too.
But no. Instead, lets make landlords who can charge whatever they want to the displaced homeowner the sole beneficiary.
The NY Midday Forex Commentary is available for viewing
GBPUSD makes new low, but quickly bounces
The GBPUSD has fallen and is making new lows for the week below the 1.6253 level. The fall in the last few hours was helped by the holding of the 100 hour MA (blue line in the chart above) and 38.2% retracement (see PRIOR POST). The low has to extended 1.6249. The price has moved back above the 1.6253 level and this should be a red flag for traders. The quick failure may be a signal the downside is limited. A move below the 1.6253 is needed still to keep the downside in charge.
Loading ...
