Daily Forex Fundamentals – September 26, 2012

What’s on the Economic Horizon
U.S. New Home Sales Expected at 381,000
What The Heck is Going On in Spain?!
Japan’s Finance Minister Steps Down

U.S. Dollar (USD)

Score another one for the Greenback! Thanks to stronger-than-expected U.S. data and risk aversion in markets, the dollar dominated its counterparts yesterday. EUR/USD fell 67 pips down from its intraday high, while USD/CHF closed 15 pips higher than its open price. Booyah! Read more…

Euro (EUR)

EUR/USD was off to a good start yesterday as it rallied up to the 1.2950 area. However, the situation in Spain took a turn for the worse and pushed EUR/USD back down to the 1.2900 mark. What the heck is going on in Spain?! Read more…

British Pound (GBP)

Cable went on a wild seesaw ride yesterday as it managed to climb early in the trading day but sell-off heavily during the U.S. session. The pair opened the day at 1.6217, marked an intraday high at 1.6268, and then eventually fell below the 1.6200 major psychological handle. Read more…

Japanese Yen (JPY)

The list of the BOJ’s problems keep piling up! As if dealing with the resignation of Japan’s Finance Minister isn’t enough, the yen also ended another day with gains against its counterparts. And Japan didn’t even release any economic reports! What the heck caused the yen’s gains? Read more…

Canadian Dollar (CAD)

Check out the .9800 area holdin’ like a boss for USD/CAD! Thanks to better than expected Canadian retail sales data, USD/CAD kept its head below that major psychological level and closed at its day open price. Will .9800 still hold today? Read more…

Australian Dollar (AUD)

Surf’s up, Aussie bears! Despite an upside surprise in China’s leading index, the Aussie crashed and burned against the Greenback yesterday. AUD/USD fell from its 1.0463 intraday high and only managed to cut its losses at 1.0385. Yeouch! Read more…

New Zealand Dollar (NZD)

Just when you thought the Kiwi was going to stage a spectacular performance, risk aversion weighs down on it heavily. The Kiwi rose strongly early on yesterday but the rally was extinguished during the U.S. session. It went as high as .8285 only to slide back down and close near its day open price. Read more…

Swiss Franc (CHF)

It was one wild rollercoaster ride for the Swiss franc yesterday. At first, the currency was sold-off heavily due to pessimistic comments from the SNB Chairman. Midday, the franc was able to recover and reverse its losses. And then, just when you thought volatility was over, risk aversion struck the markets brought the Swissy down again! At the end of the day, USD/CHF was sitting at .9377, 15 pips higher from its day open price. 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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