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EURUSD Forecast:
The EURUSD didn't make significant movement yesterday. The main trend remains bearish but as you can see on my h1 char below price still move inside the minor bullish channel indicating the bullish corrective movement actually still intact with technical target around 1.3750 area but we need a consistent move above 1.3650 to continue the upside corrective movement. The bias is neutral in nearest term but I still prefer a bearish scenario as traders' sentiment for Euro zone fundamental situation remains negative. A violation to the minor bullish channel should be seen as a serious threat to the bullish correction scenario and continue the bearish momentum testing 1.3530 area before aim for 1.3400.

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Dollar falls against yen on U.S. rates outlook
- 22/02/2010 22:47GMT

Versus the Japanese yen, the greenback rebounded to an intra-day high of 91.90 after Friday's decline on the support from huge Japanese Investment trust ('Toushin') demand (250 billion yens, i.e. $2.72 billion issue, from Mizuho under Shinko Investment on Monday). However, the greenback retreated from the Asian high on talk of sizeable offers by Japanese exporters and seasonal repatriation talk as firms with poor cash flow domestically may repatriate funds from overseas and there may be the need among corporates to hedge their foreign exchange exposure. The pair declined further to 91.02 low in NY mid-day on active cross-buying in the yen (gbp/jpy fell ...

EURUSD had formed a short term cycle bottom at 1.3443 level on 4-hour chart. Another bounce to test 1.3838 key resistance is expected later today. As long as this level holds, the price action from 1.3585 is treated as consolidation of downtrend from 1.4579, and one more fall towards 1.3400 area is still possible. However, a break above 1.3838 resistance will indicate that the downward movement from 1.4579 has completed at 1.3443 already, then further rally could be seen to 1.4000 or even 1.4500.



Daily Forex Forecast

Welcome to the FXReturn.com London Forex Market Call for February 23rd, 2010. GBP/USD: Bullish divergence may be forming on the stochastics. If the market can manage to trade above 1.5446 and the stochastics cross over into the 20 level, that would be considered divergence and the next upside objective would be 1.5830. A failure of 1.5446 would signal a longer term downward move to 1.5250. GOLD: For the fifth trading session, Gold trades up to 1125 but can't seem to close above that major level of resistance. A close above 1125 would signal a move to 1149 then 1160. 1100 is a technical and psychological level that needs to hold for the bulls to have full control. A failure of this critical level would suggest a downside objective of 1074 then ...