Fears are Not Leaving the Market...

Daily Forex Fundamentals | Written by Crown Forex | Jan 29 09 15:37 GMT |

The portrait so far of the currencies market is a little alike to the one that was drown in the previous session as fears are still spread due to the global overall economic outlook that is endlessly darkening. For that reason, a slight unwinding of carry trades is still present and the dollar is currently seeing its value deteriorated due to the further drop of Durable Goods and the rise of the Unemployment Claims as it was reported lately in the U.S. Still, the euro-dollar pair is slightly falling despite the fact that the green currency has weakened, as the appeal of the Union currency remains eroded by the presence of this slight unwinding of carry trades. Therefore, the euro is now traded at 1.3087 recording a high of 1.3179 and a low of 1.3026 with a resistance detected at 1.3135 and a support at 1.3048. Moreover, the pair shows a strong tendency to slip further to the downside as the momentum indicators show that the pair is declining at different time scales. As for the pound-dollar pair, it continues on inclining a little due to a considerable upside recovery movement, having the pound so far traded at 1.4262 recording a high of 1.4410 and a low of 1.4070 along with a resistance level witnessed at 1.4350 and a support at 1.4205. Additionally, the pair is forecasted to decline as it is noticeable that the pair is falling strongly through the overall momentum indicators. Now, the dollar-yen pair is continuing its collapse as on one hand the appeal of the yen as a the lowest-yielding asset pushes traders to get rid of the dollar in front of the yen. On the other hand, the dollar lost significant power after that the government reports showed a fall of U.S durable goods along with an inclined unemployment claims. Consequently, the yen is traded at 89.84 recording a high of 90.65 and a low of 89.61. Also, a resistance level could be noticed at 90.39 and a support at 89.44 which are actually levels in which the pair is trading among as some mixed signs could be detected at different time scales through the momentum indicators. Crown Forex disclaimer:The above may contain information for investors/traders and is not a recommendation to buy or sell currencies, gold, silver & energies, nor an offer to buy or sell currencies, gold, silver & energies. The information provided is obtained from sources deemed reliable but is not guaranteed as to accuracy or completeness. I am not liable for any losses or damages, monetary or otherwise that result. I recommend that anyone trading currencies, gold, silver & energies should do so with caution and consult with a broker before doing so. Prior performance may not be indicative of future performance. Currencies, gold, silver &energies presented should be considered speculative with a high degree of volatility and risk.