Dollars & Cents
Federal Reserve chairman Ben Bernanke reported to the House financial
services committee that due to high unemployment and low inflation the Fed will
remain "highly accommodative" for the foreseeable future. Bernanke’s comments
were pretty much in line with investors’ expectations and neither equities nor
the dollar saw much reaction; however 10-year bond yields did experience some
selling.
The EUR/USD has lost some bullish momentum as the pair approached 1.32 resistance, and with the consolidation and failure to break above 1.32 would indicate a likely retracement to 1.28. The outlook should become more clear by early next week. (see EUR/USD below)
The USD/CAD is still holding at short term support. Typically an economic report is needed to break the doldrums and today the Bank of Canada released interest rates which usually will do the trick but the report all fell in line with expectations. There are other reports Thursday and Friday that should push the pair below support. (see USD/CA below)
The GBP/CHF nearly hit our tightened stop loss at 1.4180 but then rallied leaving our trading in profitable territory by the close of the candle. We will continue to monitor the trade and look to break some short term resistance at 1.4500 as we target 1.4700. (see GBP/CHF below)
The EUR/USD has lost some bullish momentum as the pair approached 1.32 resistance, and with the consolidation and failure to break above 1.32 would indicate a likely retracement to 1.28. The outlook should become more clear by early next week. (see EUR/USD below)
The USD/CAD is still holding at short term support. Typically an economic report is needed to break the doldrums and today the Bank of Canada released interest rates which usually will do the trick but the report all fell in line with expectations. There are other reports Thursday and Friday that should push the pair below support. (see USD/CA below)
The GBP/CHF nearly hit our tightened stop loss at 1.4180 but then rallied leaving our trading in profitable territory by the close of the candle. We will continue to monitor the trade and look to break some short term resistance at 1.4500 as we target 1.4700. (see GBP/CHF below)
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