Data Splurge


Currency markets had a quiet session in Asia, with no new breakout levels recorded. Today we have a lot of economic data to be released today. Most of it will be ignored by forex traders, but all is likely to confirm expected Central Bank moves on interest rates. The Japanese Yen is trading in a tight range around the 116.20 level. A break below 116.00 should see day traders test of 115.50. It would need a move above 116.75 to halt the bullish trend for the Japanese Yen. The British Pound looks most vulnerable to fall first to the US Dollar bulls. A trade below 1.7375 would have fx day traders looking for a quick move down to the next perceived support at 1.7310. The Swiss Franc is holding on to 1.3200, but would look vulnerable if currency traders took the CHF to 1.3230 then 1.3285 would be very much in the sights of US Dollar bulls. A trade below 1.3160 would possibly claw the Swiss Franc back to 1.3080. The Euro is hemmed in around the 1.1850 level. Look for a breakdown below 1.1810 for a target of 1.1780 then the 2005 low of 116.40.