On Monday we highlighted EURJPY’s break above the 2009 high around 139.20 and how it opened the door to a further advance over the coming days. Interestingly, EURJPY was initially rebuffed by 140.00, which was our noted key psychological & barrier/option level. However, after consolidating over the past few sessions
Ahead of the much-anticipated nonfarm payrolls release, the markets are fairly quiet with US stock index futures, precious metals and dollar index all slightly firmer and crude oil mixed. Once again analysts have shrugged off the much stronger-than-expected ADP number released mid-week, as the consensus forecast is calling for the
The Euro was broadly higher against its major peers during Friday’s Asian trading session, getting a solid boost after the European Central Bank’s monetary policy decision left investors secure in the knowledge that there wouldn’t be any further stimulus measures in the near term.
NZDCAD has been flirting with an important resistance zone around 0.8800 ahead of Canadian labour market data. Canada is due to release labour market figures for November, with the market expecting 12K jobs to be added over the month and the unemployment rate to remain unchanged at 6.9%.
Several weeks ago we highlighted that ‘while many will argue this break higher is decidedly bullish for treasury yields, we remain cautious. Technically, the US 10-year yield is approaching 61.8% retracement of the Sept-Oct. decline around 2.80%, furthermore this has been coincided by daily RSI testing the key 60/65 level,
USDCAD has come onto our radar recently as it broke to a fresh multi-year high, above 2011′s peak of 1.0650, and with the potential to see a further advance we decided to put our proprietary model to the test.
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The Foreign Exchange market, also referred to as the "Forex" or "FX" market, is the largest financial market in the world, with a daily average turnover larger than the combined volume of all U.S. equity markets.
"Foreign Exchange" is the simultaneous buying of one currency and selling of another. Currencies are traded in pairs, for example Euro/US Dollar (EUR/USD) or US Dollar/Japanese Yen (USD/JPY).
Forex is a true 24-hour market, open continuously from 5:00pm ET on Sunday to 5:00 pm on Friday. With three distinct trading sessions in the US, Europe and Asia, you can trade on your own schedule and respond to breaking news.
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The sheer volume of Forex facilitates price stability in most market conditions. 85% of all forex transactions involve the 7 major currency pairs.