17 Dec 2014 Forex Market Updates: FOMC will be a big trigger to what will play out in markets for next few days. Dollar- Ruble continues to be at the center of FX market. Its capitulation continues reaching high of 79.50 (Sep 1st: 37.32. Last trades: 68.32). The situation is uncertain and potentially dangerous. Euro (1.2503) is still below some key resistances. The profit booking in Dollars and even some safe-haven bids from other currencies seem to be supporting Euro for the moment. The next key resistance is at 1.2560, support at 1.2420. Pound-Dollars (1.5725) again trade both high and low of the range (1.5600-1.5750). We await a breakout before taking a call on this pair. Dollar-Yen (116.80) tested its first important support at 115.50 in volatile trading with Yen catching some safe-haven bids. The range for the day is between 115.50 and 117.50. 118 is the resistance for now. The chart pattern target suggests a drop to 114.50, near its second important support of 114.00. Aussie-Dollar (0.8166) is making new lows. To reiterate deteriorating fiscal situation and drop in resource exports are likely to cap gains and pressure Aussie into 7-handles in 2015.
Posted on: Wed, 17 Dec 2014 07:24:35 +0000
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