FXDD Forex Commentary -32.wmv

The GBPUSD benefitted from stronger data today (PMI up strongly) but held the topside channel resistance. Meanwhile in the EUROZONE weaker German Retail Sales hurt the EURO. As a result the EURGBP fell back below the 200 day MA today and that currency pair will be watched closely. The 200 day MA comes in a 0.8865 in the EURGBP. Stronger China data helped send the JPY higher but the USDJPY rebounded toward the 2010 high price of 93.77, reaching a high of 93.71 and finding happy profit taking sellers before the key level. We start NY at 93.45 near intraday MA support on the 5 minute chart. The EURCHF made new all time lows as stronger data out of Switzerland (PMI up to 65.5) makes a tightening by Switzerland closer than one in the Eurozone. The EURCHF started its move down a few weeks ago when officials said businesses and consumers should get ready for higher rates and a free floating currency. NZDUSD was hit sharply on the back of an IMF report saying the NZD was overvalued. The pair is using the 200 hour at 0.7064 as upside resistance.

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• eurusd
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• nzdusd
• IMF
• overvalued