Daily Forex Fundamentals – July 18, 2012

What’s on the Economic Horizon

U.K. set to rock markets with employment data
Swiss ZEW index on tap
U.S. building permits expected to tick lower
BOC monetary policy report due at 2:30 pm GMT

U.S. Dollar (USD)

Nice try, dollar bulls, but you’re gonna have to do better than that if you want to lock in some gains! Though the dollar gave other currencies a run for their money, it was unable to seal victories against its higher-yielding counterparts. At the end of the day, EUR/USD closed 11 pips higher at 1.2288, after falling to as low as 1.2189. Read more…

Euro (EUR)

Look who’s extending the bull party! Thanks to U.S. data, traders shrugged off weak reports from the euro region. EUR/USD closed 11 pips higher than its open price after hitting a low at 1.2189, while EUR/JPY also sported a 40-pip gain. What energized the euro bulls? Read more…

British Pound (GBP)

The pound had quite the tussle with the Greenback yesterday as GBP/USD spent the Asian and London sessions crawling towards the 1.5550 area then staged a strong rebound during the U.S. session. GBP/JPY was also able to recover at the end of the day as it closed at 123.78. Read more…

Japanese Yen (JPY)

Losses, losses everywhere! The yen just couldn’t catch a break yesterday as it weakened against all of its major counterparts. While USD/JPY rose 25 pips, EUR/JPY rallied 40 pips and GBP/JPY climbed 50 pips. Will the Japanese currency see more losses today? Read more…

Canadian Dollar (CAD)

The Loonie joined its comdoll buddies on the risk appetite train yesterday when a dollar-bearish news propelled commodity-related currencies higher in the charts. USD/CAD tipped a high at 1.0170 before it closed 21 pips below its open price. Read more…

Australian Dollar (AUD)

Thank you, RBA! Because of the central bank’s more-optimistic-than-expected meeting minutes, the Aussie was able to chalk up another victory against the Greenback. Traders took AUD/USD from its opening price of 1.0251 to 1.0311. Read more…

New Zealand Dollar (NZD)

The Kiwi ended the day unchanged against the Greenback as NZD/USD simply paced back and forth inside a range yesterday. The pair found resistance at the .8000 major psychological handle while the .7950 mark held as support for the entire day. Is there a catalyst that could trigger a breakout today? Read more…

Swiss Franc (CHF)

Tubthumping Tuesday for the Swissy! The Swiss franc got knocked out but it got up again during the U.S. session as USD/CHF closed 5 pips below its .9783 open price, after hitting a high of .9853. What caused all that commotion and will we see more fireworks today? 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!

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