Daily Forex Fundamentals – November 1, 2013

What’s on the Economic Horizon
Chinese official manufacturing PMI up from 51.1 to 51.4
U.S. ISM manufacturing PMI due today
U.K. manufacturing PMI to show small decline?

U.S. Dollar (USD)

Way to go, Greenback! The U.S. dollar extended its gains to the euro and the Swiss franc, pushing EUR/USD down by roughly 200 pips. It consolidated against the pound and the yen, as GBP/USD was able to stay above the 1.6000 major psychological support. Where is it headed today? Read more…

Euro (EUR)

What in the world…? The euro dove sharply against its major counterparts yesterday, as it fell by nearly 200 pips to the dollar in a span of a few hours. EUR/USD plummeted from the 1.3775 area to a low of 1.3575 while EUR/JPY slipped below the 134.00 handle. Read more…

British Pound (GBP)

Still holdin’ like a boss! The 1.6000 major psychological level refused to give way to GBP/USD, as the pair managed to stay above this support area for the entire trading day. GBP/JPY, on the other hand, edged a little lower as it dipped to a low of 157.28. What’s in store for the pound today? Read more…

Japanese Yen (JPY)

Saddle up, yen traders, the bulls are charging! The Japanese currency advanced by roughly 200 pips against the euro, as EUR/JPY tumbled from the 135.00 area to 133.00. GBP/JPY chalked up a smaller decline, as it found resistance around 158.00 but bounced from a low of 157.28. Read more…

Canadian Dollar (CAD)

What a recovery by the Loonie! USD/CAD was unable to keep up its rallies yesterday, as the Canadian dollar’s gains pushed the pair down from a high of 1.0487 to a low of 1.0418. CAD/JPY also saw its share of gains, as the pair climbed above the 94.00 mark. Can the Loonie keep it up? Read more…

Australian Dollar (AUD)

Thursday was not a good day to be an Aussie bull, as the commodity currency was unable to advance against the U.S. dollar and the Japanese yen. AUD/USD slipped lower to the .9450 level while AUD/JPY crashed back to 93.00. Will Aussie pairs have a chance to bounce back? Read more…

New Zealand Dollar (NZD)

The Kiwi tiptoed carefully yesterday, trying its best to stay above the .8200 major psychological support against the U.S. dollar. Against the yen, the Kiwi also moved sideways between support at 81.00 and resistance near 81.50. Read more…

Swiss Franc (CHF)

Nope, not today! The Swiss franc passed up another chance to move higher against the U.S. dollar, as USD/CHF climbed higher above the .9000 handle instead. Against the euro though, the franc was able to enjoy a lot of gains, as the shared currency was having a bad day. 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!