Forex-Metal Daily Analysis -31/01/2012

[Forex-Metal]

The Euro fell on expectations of started today EU summit in Brussels.

Asian and European trading sessions:

Euro: The Euro had correction against the U.S. dollar, after its five days growth. Market participants expected the EU summit which should have been started today in Brussels for the reason of conducting agreement to restructure the debt of Greece. The EUR/USD couple fell during the Asian session to $1.3145 area. The pressure on the single currency also had a lack of positive news on Greece's debt-reduction agreements with private investors. The European currency did not change its negative trading dynamics even despite of the positive results of Italy’s government bonds auction. Italy attracted today the amount of 7,475 billion euro with the target of 5.5-8.0 billion. The EUR / USD pair decreased, showing the session low at $ 1.3085 level.

British Pound: The GBP/USD pair fell below $ 1.5700 during the Asian session. It’s European’s session low was around of $1.5662 area .

Japanese Yen: Against the background of the problems in euro zone the Yen accumulated today a lot of long positions. The demand for safe-haven currencies increased in spite of the positive results of the Italian auction of government bonds. The yen continued rising against its competitors. The USD / JPY: during the Asian session the pair was in the range of Y76.62-Y76.74. During the European trading session the couple steeply fell to Y76.56 area.

American trading session:
Swiss Franc: The Swiss franc strengthened against of increased demand for safe-haven currencies as well as the Japanese yen. The Swiss currency reached its critical against the euro almost touching the 1.203 area.
Gold: Gold prices were down today for two reasons: first, on the background of decreasing demand of taking any risks, second, due to closing some of longs positions by investors, which were taken after FOMC decided to keep the interest rate unchanged. The low of the day was at $ 1715 area.
Oil: Oil prices dropped amid investors fears about the negative results of the EU summit. The cost of the March WTI’s futures recorded 98.89 dollars per barrel as a close price for today.


Technical analysis for 31/01

EURUSD
The pair has risen to 1.31674, above Fibonacci 38%. If the pair stays above this level the pair will rise to 1.33143.
Resistance: 1.33143, 1.34882, 1.35984
Support: 1.31674, 1.30277, 1.28630
GBPUSD
The pair has MACD convergence that may support pair to start upwards corrections. The pair is aiming to 1.58543.
Resistance: 1.58543, 1.60322, 1.62050
Support: 1.56722, 1.54842, 1.53482
USDCHF
On daily graph MACD divergence which might be a signal of downwards corrections. The aim of correction can be at Moving Average (200) at 0.90279.
Resistance: 0.92026, 0.93069, 0.93949
Support: 0.91079, 0.89635, 0.88418
USDJPY
The pair has broken support 76.463 and aiming to 75.425.
Resistance: 76.463, 77.539, 78.345
Support: 75.425, 74.414, 73.573
AUDUSD
The pair has broken triangle and risen to 1.06164. The pair may rise to 1.07005.
Resistance: 1.06164, 1.07005, 1.07739
Support: 1.05332, 1.04407, 1.03535