Market Notes:
Last days of 2009 the market is unpredictable. For example:
· We’re used to an oil-CAD correlation, however today we see crude oil future prices are climbing up, but the CAD is a weakest currency of the day.
· AUD and NZD usually go same direction. Today AUD is weakening, but NZD is a strongest currency of the day.
To our opinion, the fundamental news at 10:30 GMT and 14:45 GMT will have a strong affect on the market, if they will come out different from the consensus.
Daily Trends & Charts
EUR/USD – 40 pips trade
The pair has developed an interesting pattern in the last 2 weeks. As we can see there is a support/resistance line every 40 pips in the 1.4230-1.4447 range. Which means if we want to trade this pair it will be with a short stop loss and about 35 pips take profit.
GBP/CHF – downtrend
The weakness of GBP can contribute to the downtrend of the pair, while 1.6390 is a nearest support.
Watch the Fundamentals!
Yesterday– US Consumer Confidence out at 52.9 as expected.
TODAY– Swiss Economic Barometer at 10:30 GMT.
US PMI at 14:45 GMT.
Tomorrow– GB House Price Index at 07:00 GMT.
US unemployment claims at 13:30 GMT.
German, Italian, Japanese, Australian & New Zealand Bank Holiday.
Written by Finexo.com