Forex Trade 2011/12/29

EUR
After substantial gains on Tuesday, German benchmark DAX index was marginally up on Wednesday. At the moment of writing DAX index is 0.07% or 4.21 points up at 5,893.97. Among main decliners were German automakers BMW AG and Volkswagen AG tumbling 1.2% and 1% respectively.

USD
Dow Jones Industrial Average traded nearly flat on Tuesday following 427 point increase previous week. Blue chip index slipped 0.02% or 2.65 points closing at 12,291.35. Dow Jones was higher most of the session but retreated shortly ahead of closing as Sears announced about closing 120 of its stores.

GBP
Brazil has outperformed the UK as it has become the sixth largest economy in the world, according to an economic research group. Brazilian economy expanded by 7.5% in 2010 and is expected to growth by 3.5% this year as the negative headlines from the Euro Zone impacted Brazilian economy.


JPY
Japan's Nikkei Stock Average traded almost flat on Wednesday giving up 0.2% or 16.94 points, finishing at 8,423.62 amid tedious US data. Tokyo Electric Power Co plunged 12% after Yukio Edano, minister of Japan's trade and industry suggested company to consider nationalizing as firm's shares have lost around 90% of value after nuclear catastrophe in its Fukushima plant.

EUR/USD
Daily maximum: 1.3080
Daily minimum: 1.2943
EUR/USD crossed the 1.30 mark after previously touching the daily forecast mean at 1.3066 on successful Italian bill auction on the ECB offer of loans to more banks. Daily Resistance: 1.3088; 1.3106; 1.3129. Daily Support: 1.3047; 1.3024; 1.3006. Daily Bias: Neutral.

EUR/JPY
Daily maximum: 101.78
Daily minimum: 100.80
The Euro pierced the market participants’ forecast at 101.78 against the Yen after the CPI declined less than expected. Daily Resistance: 101.90; 102.03; 102.15. Daily Support: 101.65; 101.53; 101.40. Daily Bias: Bearish.

GBP/USD
Daily maximum: 1.5773
Daily minimum: 1.5468
The pair slumped today and breached the daily forecast mean at 1.5656 on the CIPD report the UK unemployment will rise next year. Daily Resistance: 1.5705; 1.5741; 1.5795. Daily Support: 1.5615; 1.5561; 1.5525. Daily Bias: Bullish.

USD/JPY
Daily maximum: 77.78
Daily minimum: 77.56
The pair returned back into the 77-78 price range after the Yen after the Japan’s CPI declined less than expected. Daily Resistance: 78.00; 78.12; 78.23. Daily Support: 77.77; 77.66; 77.54. Daily Bias: Neutral.

USD/CHF
Daily maximum: 0.9424
Daily minimum: 0.9321
The Swiss Franc depreciated today on negative Swiss consumer confidence in November, causing the daily forecast consensus at 77.89 to breach. Daily Resistance: 0.9367; 0.9394; 0.9412. Daily Support: 0.9322; 0.9304; 0.9277. Daily Bias: Neutral.