Daily Forex Fundamentals – November 29, 2012

What’s on the Economic Horizon

U.S. preliminary GDP report due today!
“Substantial risks” for Switzerland?
Greek debt deal weighs on the EUR

U.S. Dollar (USD)

Lady Luck wasn’t on the dollar’s side yesterday. The Greenback was hustlin’ the euro during the Tokyo and London sessions when it all of a sudden lost its upperhand. EUR/USD then finished the day just 2 pips below its opening price at 1.2932. Read more…

Euro (EUR)

The euro came under selling pressure early in the day on Greek debt deal concerns, but thanks to a last minute rally late in the New York session, it was able to salvage a draw against the dollar. After dipping to as low as 1.2880, EUR/USD ended the day just 2 pips lower at 1.2932. Read more…

British Pound (GBP)

The pound pulled off a nice comeback yesterday, as it fell behind early but recovered late versus the dollar. After trading as low as 1.5962, GBP/USD rallied back and managed to end the day at 1.6016, down just one pip from its opening price. What gives? Read more…

Japanese Yen (JPY)

Yen bulls would probably wake up feeling like P. Diddy today after the currency’s run on the charts yesterday. USD/JPY finished the day lower from its opening price of 82.17 to 81.91. Meanwhile, EUR/JPY closed 36 pips lower at 105.92. Read more…

Canadian Dollar (CAD)

Looks like Loonie traders aren’t quite ready to take the market to new levels! For the third day in a row, USD/CAD traded sideways as the pair found resistance at the .9950 handle once more. When all was said and done, it finished 17 pips lower at .9925. Will it finally break out of its range today? Read more…

Australian Dollar (AUD)

In yo face, dollah! The Aussie surfed up the charts in yesterday’s trading. AUD/USD bounced off support around its Asian lows around 1.0440, finishing the day 27 pips above its opening price at 1.0476. Read more…

New Zealand Dollar (NZD)

Talk about getting over the hump day! After two days of losses, the Kiwi made a strong push yesterday, allowing it erase its previous losses. NZD/USD rallied 34 pips higher to finish at .8237, just above the weekly open price. Read more…

Swiss Franc (CHF)

For the second day in a row, we got some wacky action on USD/CHF. It looked as if the pair was going to shoot higher for new highs, but after topping out at .9342, USD/CHF came crashing back down to its opening price at .9307. Read more…

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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!