Daily Forex Fundamentals – February 7, 2013

What’s on the Economic Horizon

SNB Foreign Currency Reserves report on tap!
ECB to sound hawkish?
BOE anticipated to hint at further stimulus
Australia’s unemployment rate improves in January

U.S. Dollar (USD)

Aaah! Another mixed day for the dollar. While the Greenback was able to finish the day in the green against its European and comdoll counterparts, it gave up ground against the yen. What gives?! Read more…

Euro (EUR)

The pain isn’t over yet. After its victory on Tuesday, EUR/USD found itself in correction mode again as it fell to the 1.3525 level. The pair started off at 1.3584, rallied slightly to test the 1.3600 area, but eventually faltered and closed the day at 59 pips lower. Read more…

British Pound (GBP)

And the plot thickens. With the MPC interest rate decision only a couple of hours away, the pound ended up in deadlocks against the dollar and the yen and even gained 40 pips on the euro. What were the investors thinking? Read more…

Japanese Yen (JPY)

Doji alert! Finally, the yen was able to hustle some muscle in yesterday’s trading! After tapping the 94.00 handle, USD/JPY traded lower, finishing the day 2 pips below its opening price at 93.37. I know it’s just two pips, but a win is still a win, right? Read more…

Canadian Dollar (CAD)

Despite the better-than-expected Ivey PMI, USD/CAD was unable to break out of its 50-pip trading range yesterday. USD/CAD simply moved sideways as it found resistance at the .9990 level and support at .9950. Read more…

Australian Dollar (AUD)

The Aussie just couldn’t catch its breath! With the retail sales report from the Land Down Under disappointing forecasts, the comdoll spent another day in the bear lair. AUD/USD finished the day lower at 1.0316 after opening at 1.0415. Read more…

New Zealand Dollar (NZD)

Looks like the Kiwi bulls haven’t had enough of the Waitangi Day bank holiday! The bears were in control of NZD/USD’s price action as they dragged the pair to a close 35 pips lower than its open price. What made them sell the Kiwi anyway? Read more…

Swiss Franc (CHF)

With no data out from Switzerland yesterday, the franc just lollygagged against its counterparts. It lost a couple of pips to the dollar, pound, and the yen, but it gained 35 pips on the euro. Read more…

Bonnie and Clyde, peanut butter and jelly, Justin Bieber and his hair. Some things just go well together.

In forex trading, you get better odds at securing pips when your fundamental analysis is complemented by technical analysis.

Head on to Big Pippin’s Daily Chart Art for some pip-locking technical setups!