Daily Forex Fundamentals – January 10, 2012

What’s on the Economic Horizon

Fed Members Williams and Pianalto Set to Speak
Canadian Housing Starts on Tap

U.S. Dollar (USD)

After tearing up the joint to start the year, the dollar bulls finally took a break, allowing the greenback to retrace. EUR/USD climbed 85 pips to finish at 1.2773, while GBP/USD closed at 1.5465, up 42 pips from its opening price. Read more…

Euro (EUR)

The euro pulled an R. Kelly move in yesterday’s trading as it bounced-bounced, bounced-bounced on the charts. EUR/USD found support at the 1.2700 handle and ended the day 85 pips above its opening price at 1.2773. Meanwhile, EUR/JPY closed at 98.13 after opening at 97.54. Read more…

British Pound (GBP)

The pound’s decline proved to be too overdone yesterday as it was able to retrace some of its losses. GBP/USD, which opened at 1.5413 yesterday, slowly climbed higher during the day to close the U.S. trading session with a respectable 46-pip gain. Read more…

Japanese Yen (JPY)

With risk appetite on a roll, the yen took some hits in yesterday’s trading matches. GBP/JPY closed at 118.81, up 33 pips from its opening price, while EUR/JPY finished 59 pips higher at 98.13. Read more…

Canadian Dollar (CAD)

After tapping a low of 1.0320 against the dollar, the Loonie hustled its muscles to a rally and ended the day with a 51-pip win at 1.0229. Now that’s how you start the week right! Read more…

Australian Dollar (AUD)

As my man Pip Surfer would say, surf’s up bro! Buckling the release of poor retail sales data, Aussie bulls rode a nice wave of risk appetite later in the day, allowing AUD/USD to post some gnarly gains. After trading as low as 1.0146, AUD/USD finished the day at 1.0246, up exactly 50 pips from its opening price. Read more…

New Zealand Dollar (NZD)

Despite the disappointing economic news releases, the Kiwi was able to surge higher across the board yesterday. NZD/USD, for instance, closed the U.S. trading session at .7879 yesterday, 91 pips higher from its opening price that day. Read more…

Swiss Franc (CHF)

Due to the news of SNB Chairman Philipp Hilderbrand’s resignation yesterday, the Swissy was able to make some small gains across the board. EUR/CHF closed the day 33 pips lower while USD/CHF posted a 90-pip fall. 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!