Crude futures rise above $78.00 on weak dollar
2010-07-29 19:36 GMT
FXstreet.com (Barcelona) - Crude oil is attempting to snap a two-day losing streak, breaking higher Thursday on an improved risk appetite and weaker US dollar. Towards the end of the New York session, the most active contract for September delivery trades at $78.41 a barrel where it is up $1.50 since the opening price.
Crude oil for September retreated from an intraday high at $78.89 recently as Wall Street dipped into negative territory on a day of choppy trading. With equities paring those mid-day losses however, crude is once again buoyed on fragile optimism settling around $78.50. A weak US dollar is also helping to lift commodity prices higher today, with the EUR/USD at a 12-week high consolidating above 1.3000.
Forex: USD/CHF recovers slightly from 6-month lows
2010-07-29 19:00 GMT by FXstreet.com Team
FXstreet.com (Córdoba) – The Swiss Franc is consolidating considerable gains across the board. The Swissy rose to the highest price in six month against the Dollar and is posting the biggest daily gain in three weeks. USD/CHF tumbled from 1.0560 to 1.0373, reaching the lowest price since January 25.
The pair rose back above 1.0400 afterwards but still holds near daily lows and currently trades at 1.0420/25, 1.39% below today’s opening price.
“We can expect to see a re-test of the recent price platform at 1.0394 and should this fail to hold then expect to see the pair move lower, possibly even as far as 1.0131 in the medium term”, Anna Couling, technical analyst at Master the Markets, said.
According to her the weekly charts also confirm the downside bias “with the 40 week moving average providing a solid technical barrier to any move higher”.
| S1 |
S2 |
S3 |
R1 |
R2 |
R3 |
| 1.0339 |
1.0365 |
1.0390 |
1.0406 |
1.0458 |
1.0432 |
| TrendIndex |
OB/OS Index |
| Slightly Bearish |
Neutral |
| Date updated on 2010-07-29 18:45 GMT |
Forex: USD/JPY falls to 86.54, 1-week low
2010-07-29 18:06 GMT by FXstreet.com Team
FXstreet.com (Córdoba) – The Yen rose further across the board and reached a 1-week high against the Dollar. USD/JPY broke below 86.70 and fell to 86.55, fresh daily low. The pair rebound and currently trades at 86.80/85, 0.72% below today’s opening price.Greenback has fallen more than 60 pips on Thursday and is headed toward the second daily decline in a row.
The rally of the Yen across the board eased in the last hour as stocks in Wall Street found support and currently are trimming losses. The Japanese currency is slowly moving away from daily highs and with the Swiss Franc are the best performers among majors so far, on Thursday.
| S1 |
S2 |
S3 |
R1 |
R2 |
R3 |
| 86.4481 |
86.6653 |
86.8825 |
87.0375 |
87.4727 |
87.2551 |
| TrendIndex |
OB/OS Index |
| Slightly Bearish |
Neutral |
| Date updated on 2010-07-29 17:45 GMT |
Forex: EUR/USD holds above 1.3060
2010-07-29 16:50 GMT by FXstreet.com Team
FXstreet.com (Buenos Aires) – Despite dollar recovery seen in the past hour, EUR/USD managed to stay above the 1.3060 area, as the bullish trend persist in the cross, after breaking previous weekly high around 1.3045. Pair has tested 1.3100 area today, levels not seen since past May 10th, when price topped at 1.3094.
According to James Chen, from FX Solutions, pair “has reached its upside resistance target of 1.3100 within the context of an accelerated parallel uptrend channel that originally stems from the 1.1875 low in early June, and after breaking out cleanly above the prior 1.3026 high”. He also adds that despite price action has stalled, the Euro “still continues to carry a bullish momentum bias. In the event of a strong breakout and close above 1.3100 resistance, this potential bullish momentum could potentially begin targeting further upside resistance levels, including 1.3200 and then 1.3400”.
| S1 |
S2 |
S3 |
R1 |
R2 |
R3 |
| 1.3009 |
1.3042 |
1.3074 |
1.3088 |
1.3153 |
1.3120 |
| TrendIndex |
OB/OS Index |
| Slightly Neutral |
Neutral |
| Date updated on 2010-07-29 16:15 GMT |