USD/JPY is showing little movement on Wednesday

USD/JPY is showing little movement on Wednesday, as the pair trades in the mid-119, within striking distance of the psychologically important 120 level. On the release front, ADP Nonfarm Employment Change slipped to 208 thousand, well off expectations. Later in the day, we’ll get a look at ISM Non-Manufacturing PMI. The markets are expecting a slight improvement in the November release, with an estimate of 57.5 points. There are no Japanese releases on Wednesday.
The Japanese yen continues its disappearing act, as USD/JPY has its sights on the 120 level, which hasn’t been breached since April 2009. On Monday, the yen lost ground after a weak report from Average Cash Earnings, which slipped to 0.8% in October, short of the forecast of 0.5%. The softer reading points to less disposable income for the Japanese worker, which means a drop in spending. On Monday, the Moody’s rating agency downgraded Japan’s debt from Aa3 to A1, citing “heightened uncertainty” over the ability of the government to reduce the debt. The downgrade is seen as a response to Prime Minister Abe’s decision to delay a sales tax hike and the negative GDP reading, which means that the country is officially in a recession.
USD/JPY has shown limited movement throughout the day.
118.89 remains a weak support level. 117.94 is stronger.
119.93 is an immediate resistance line.USD/JPY ratio is pointing to gains in short positions on Wednesday, reversing the direction seen a day earlier. This is not consistent with the pair’s movement, as the yen has posted small gains. The ratio has a majority of long positions, indicative of trader bias towards the dollar moving to higher ground.

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USD/JPY has gained close to 100 points on Tuesday

USD/JPY has gained close to 100 points on Tuesday, as the pair trades above the 119 line. Is the pair headed for the 120 level? On the release front, Japanese Average Cash Earnings fell to 0.5% in October, missing expectations. In the US, there are no major releases. Federal Reserve Chair Janet Yellen will deliver remarks in Washington.
The Japanese yen continues its disappearing act, as the currency is trading above  the 119 line. The yen lost ground on a weak report from Average Cash Earnings, which slipped to 0.8% in October, short of the forecast of 0.8%. The softer reading points to less disposable income for the Japanese worker, which means a drop in spending. On Monday, the Moody’s rating agency downgraded Japan’s debt from Aa3 to A1, citing “heightened uncertainty” over the ability of the government to reduce the debt. The downgrade is seen as a response to Prime Minister Abe’s decision to delay a sales tax hike and the negative GDP reading which means that the country is officially in a recession.
USD/JPY posted gains late in the Asian session. The pair continues to move higher in European trade and broke above resistance at 118.89.
118.89 has reverted to a support role as the yen has sustained sharp losses. 117.94 is stronger.
119.93 is a strong resistance line.USD/JPY ratio is pointing to gains in long positions on Tuesday, reversing the direction seen a day earlier. This is consistent with the pair’s movement, as the yen has posted sharp losses. The ratio has a majority of long positions, indicative of trader bias towards the dollar continuing to move to higher ground.

EUR/USD is very quiet on Tuesday

EUR/USD is very quiet on Tuesday, as the pair trades in the mid-1.24 range in the European session. On the release front, German GDP posted a weak gain of 0.1%, matching the forecast. In the US, there are two key events on the schedule – Preliminary GDP and CB Consumer Confidence.
All eyes are on US GDP for Q3, which will be released later on Tuesday. The markets are expecting a strong gain of 3.3%. This is not as strong as the Q2 release, which posted a gain of 4.2%. If the indicator meets or exceeds expectations, we could see the US dollar post gains in the North American session.
The euro hasn’t had much to cheer about lately, and the currency took a tumble on Friday, losing over 150 points. This was a result of remarks from ECB head Mario Draghi, who warned that that inflation expectations were declining to levels that were very low and said the ECB is ready to expand its stimulus program. Deep interest rate cuts haven’t boosted growth or inflation, so the ECB has reached deeper into its toolbox and purchased covered bonds and asset-backed securities. So far, these purchases have been from the private sector, but the ECB could decide to expand these purchases to government bonds, known has quantitative easing (QE). However, there is strong resistance to QE from national central banks, such as the powerful German Bundesbank.
EUR/USD has showed little movement in the Asian and European sessions. The pair touched a high of 1.2444 early in the European session.
1.2518 is a strong resistance line.
1.2407 is a weak support level. 1.2286 is stronger. EUR/USD ratio is close to a split of long and short positions. This is indicative of a lack of trader bias with regard to what direction to expect from the pair.

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XAU/USD is showing limited movement

Gold has posted modest gains on Thursday, recovering losses sustained a day earlier. The spot price is trading at $1196 per ounce in the European session. On the release front, it’s a very quiet day, with only one event, Flash Services PMI. No change is expected in this reading.
The euro hasn’t had much to cheer about lately, and the currency took a tumble on Friday, losing over 150 points. This was a result of remarks from ECB head Mario Draghi, who warned that that inflation expectations were declining to levels that were very low and said the ECB is ready to expand its stimulus program. Deep interest rate cuts haven’t boosted growth or inflation, so the ECB has reached deeper into its toolbox and purchased covered bonds and asset-backed securities. So far, these purchases have been from the private sector, but the ECB could decide to expand these purchases to government bonds, known has quantitative easing (QE). However, there is strong resistance to QE from national central banks, such as the powerful German Bundesbank.
XAU/USD is showing limited movement as the pair continues to trade close to the 1200 line.
On the downside, 1175 is providing strong support.
1200 has reverted to a resistance role as the pair has posted small losses.
Current range: 1175 to 1200. XAU/USD ratio is pointing to gains in short positions on Monday. This is consistent with the pair’s movement, as gold has posted small losses. The ratio has a majority of long positions, indicative of trader bias in favor of gold moving to higher levels.

USD/CHF Daily

 USD/CHF  Daily
14::00 GMT - Mkt. is little changed overall but action has been very choppy today. Res. is still in the 0.9600/10 band followed by 0.9625. To the downside, close sup. is a touch higher at 0.9550. If this subsequently fails, a drop below 0.9530 should   follow.N.I.
R5: 0.9700 * 11 Nov high
R4: 0.9688  Fri high
R3: 0.9654  Tues high
R2: 0.9625  intraday level
R1: 0.9600/10  intraday level
S1: 0.9530  Wed low
S2: 0.9510  intraday level
S3: 0.9475  intraday level
S4: 0.9439 * 29 Oct low