Forex: Asia wrap-up

FXstreet.com (London) - Heading to the end of a relatively soft session as players paused for breath after sharp reactions in previous trade. After early gains major Dollar pairs consolidated during thin Asian trade.

Nikkei sustained losses of over 120 bps as investors flocked to safe haven assets classes such as the Dollar, moving away from riskier asset classes such as stocks and commodities. Commodity currencies were however resilient this session, regaining some losses against the Dollar.

Gold traded extremely tightly moving only cents around its current level of $1129, down around $30 from its highs in the previous session

London will likely open with some negative cues form the weakness exhibited in Asia. This week ECB release interest rate decision (Thurs) both of which have significant market moving potential, should rates be changed.

• EUR/USD

EUR/USD (Jan 13 at 05:22 GMT)

1.4487/91 (0.01%)

H 1.4495 L 1.4454

S3	S2	S1	R1	R2	R3
1.4409	1.4445	1.4481	1.4491	1.4527	1.4563

[?]Trend Index	[?]OB/OS Index
Strongly Bullish	Neutral
Data updated on Jan 13 at 04:53 (15-minute timeframe)

Forex: CHF tempers multi-day rally versus EUR and USD

FXstreet.com (Barcelona) – The Swiss franc has stopped its climb respect to both the euro and the dollar during today's trading. Even so, experts say there is still a “high possibility” of an intervention by the Swiss National Bank to keep the Swissy in check.

The EUR/CHF halted its slide with a modest daily rise to 1.4746 at the time of writing from an opening price of 1.4746. The CHF had been gaining non-stop on the EUR ever since Dec. 16.

The USD/CHF also cut its two-day fall with a very modest push to currently trade in the area of 1.0160.

Both pairs have been horizontal during today's trading.

Even so, the overall climate still points to a stronger Swissy and therefore action by the SNB, according to the Swiss e Trade Strategy Team.

“Since the beginning of the year, the Swiss franc has gained further strength [...] This development is unwelcome for Switzerland in times of a weak economy - especially against the euro, the small country's main trading partner,” says the Swiss e Trade Strategy Team. “The SNB, so far reluctant to act with instruments like quantitative easing, will not allow the CHF to strengthen much further. Direct interventions are a high possibility.”

• USD/CHF
• EUR/CHF

USD/CHF (Jan 13 at 05:22 GMT)

1.0181/84 (-0.02%)

H 1.0207 L 1.0174

S3	S2	S1	R1	R2	R3
1.0126	1.0152	1.0177	1.0189	1.0214	1.0240

[?]Trend Index	[?]OB/OS Index
Strongly Bearish	Neutral
Data updated on Jan 13 at 04:53 (15-minute timeframe)

Forex: JPY flat vs Greenback, Asia firms but still down

FXstreet.com (London) - Nikkei remains down slightly off the open. The Japanese stock market has come back somewhat after gapping to the downside nearly 70 points, as shock waves were sent through the markets in earlier trade. Chinas early tightening cycle coupled with some iffy early financial reports have totally dampened mood for risk appetite.

USD/JPY is currently trading at 91.13, virtually flat on open. Yen weakness overriding USD weakness this session, and seemingly overcoming an early Dollar rally to session highs of 91.36. Low of the session is currently being hit as the pair drifts to the downside as I write, trading now at 91.07.

For key support and resistance levels Valeria Bednarik, collaborator at FXstreet.com, guides us: “pair should extend current upside movement if manages to break above first resistance around 91.40. Stocks could weight against the cross, and send it lower if further risk aversion is seen after Nikkei opening. Support levels: 91.00 90.60 90.30. Resistance levels: 91.40 91.80 92.30."

• USD/JPY

USD/JPY (Jan 13 at 05:20 GMT)

91.12/16 (0.18%)

H 91.35 L 90.87

S3	S2	S1	R1	R2	R3
90.5152	90.7426	90.9700	91.1500	91.3779	91.6058

[?]Trend Index	[?]OB/OS Index
Slightly Bullish	Neutral
Data updated on Jan 13 at 04:53 (15-minute timeframe)

Pound holds the positive tonbove 1.6110

FXstreet.com (Buenos Aires) – GBP/USD Current price: 1.6156. Capped under 1.6200, pair is losing upside momentum after renewed failure attempt of break above that level. Still pair holds a slightly bullish perspective as long as above 1.6100/10 support area, as 20 SMA in the hourly chart has a slightly positive slope, as well as 4 hours one.

Indicators show some upside exhaustion pointing for a corrective movement before next up leg. “Clear break under 1.6060 will deny further upside chances and likely turn the intraday trend bearish,” said Valeria Bednarik, collaborator at FXstreet.com.

Support levels: 1.6110 1.6060 1.6010. Resistance levels: 1.6160 1.6195 1.6230.

• GBP/USD

GBP/USD (Jan 13 at 05:24 GMT)

1.6184/88 (0.14%)

H 1.61928 L 1.6133

S3	S2	S1	R1	R2	R3
1.6094	1.6134	1.6175	1.6189	1.6229	1.6270

[?]Trend Index	[?]OB/OS Index
Slightly Bullish	Neutral
Data updated on Jan 13 at 04:53 (15-minute timeframe)

Forex: EUR/USD quoting 1.4479, Greece nothing to hide

FXstreet.com (London) - EUR/USD has traded extremely softly this session, despite the stronger Dollar. Pair currently quoting at 1.4479, having successfully broken the strong 1.4500 support level of previous session, and just a few pips off from the opening price.

Credit worries are still lingering around the Euro and eyes this year will focus on the development and action of the respective government for many Eurostates including Spain, Portugal, Sweden and in particular Greece. The Greek leader yesterday bolster confidences somewhat by professing; “there re no more skeletons in the closet”.

Pair currently trades in relatively softly ahead of any major cues, after bottoming out at 1.4457. Trade balance fees and the series of major company reports will be the next key signs on the recovery road for investors.

For primary resistance we take 1.4500 (consolidation zone previous session), and for support should downside find momentum again, we look at 1.4450 (lower bound and previous support zone).

• EUR/USD

EUR/USD (Jan 13 at 05:22 GMT)

1.4487/91 (0.01%)

H 1.4495 L 1.4454

S3	S2	S1	R1	R2	R3
1.4409	1.4445	1.4481	1.4491	1.4527	1.4563

[?]Trend Index	[?]OB/OS Index
Strongly Bullish	Neutral
Data updated on Jan 13 at 04:53 (15-minute timeframe)