IGTFX technical analysis, Welcome to our Daily FX Report. We have reached Friday while we had an unpredictable and difficult trading week. IGT forex Nevertheless, we hope you had a successful one. IGT forex wishes u to Have a nice weekend.
Market review
IGT forex The JPY fell to a two-week low versus the EUR after Japanese Finance Minister Naoto Kan said that foreign-exchange intervention is always an option for the government if the currency movements are abrupt. IGT forex The JPY dipped versus all 16 major currencies after Prime Minister Yukio Hatoyama also said that the region’s government could take appropriate measures on the currency. IGT forex Another reason for the bad performance of the JPY could be the speculation that the BoJ will do a fund injection to the financial system to end deflation. IGT forex The BoJ will hold a two-day policy meeting on March 16th and 17th. According to two central bank officials, IGT forex the central bank’s easing options include an injection of 10 trillion JPY ($110 billion) to provide loans to banks. IGT forex The EUR/JPY climbed for a third day after touching a high at 124.17, IGT forex which was the highest level since February 23rd. IGT forex The USD/JPY also gained as it reached a high at 90.75, trading around the resistance level from December 04th 2009 (see report from March 10th). IGT forex The USD reached its fourth weekly gain versus the GBP before a report today is expected to show that confidence among the region’s consumers increased.
CHF/JPY
[IMG]http://www.igtfxnews.com/research/12-march-2010/chfjpy.jpg[/IMG]
IGT forex Since February 23rd, the CHF/JPY has been moving inside the lower channel of Andrews’ Pitchfork, which starts at the beginning of February. After touching the 83.00 support level, the pair pulled up and reached the middle line of the Pitchfork. IGT forex Combined with the RSI analysis, we may expect that the middle line of the Pitchfork could give the market resistance to change the direction. IGT forex
GBP/NZD
[IMG]http://www.igtfxnews.com/research/12-march-2010/gbpnzd.jpg[/IMG]
IGT forex Since the beginning of February, the GBP has been trading along a bearish Fibonacci fan against the NZD. In addition, IGT forex we can see a resistance level around 2.1935 including a bearish trend channel, both starting at February 23rd. IGT forex We expect could a continuing bearish trend while we’ve four resistance levels above the market. IGT forex Should the pair cross over the 2.1935 resistance level, we might see a bullish trend reversal.
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