Trading news

US Non-farm Payrolls on tap

US Non-farm Payrolls on tap

EURUSD made another move down dropping over 100 pips yesterday finding support around 1.3035. It’s a Bank Holiday ahead of the Easter weekend and the only important event on the calendar today will be the US Non-farm Payrolls release. Due to the low market volume we may witness high volatility on the market prior and after the release. Support for the EURUSD is seen at 1.3020 and resistance is seen at 1.3164. The Inside View indicator on HotForex shows that 55 percent of the traders are long on the EURUSD.

GBPUSD

Bank of England kept the rates at the same levels at 0.50 percent yesterday. The Cable made a slight move down finding following the US dollar strength. The pair found support around 1.5811 and its currently trading around the 1.5850 levels. We don’t expect much movement ahead of the US NFP data and a slight volatility after the release from the United States. Support for the GBPUSD is seen at 1.5817 and resistance is seen at 1.5908. The Inside View indicator on HotForex shows that 59 percent of the traders are long on the GBPUSD.

 EURCHF

EURCHF is being one of the most commented pairs lately. The SNB 1.2000 level was slightly breached yesterday and the pair is hovering above it at the moment. SNB managed to protect their level and their behavior will be very interesting to watch. Reports from numerous of places show that over 99 percent of the retail traders are keeping or adding more to their long positions expecting SNB to intervene on the market. Will it happen or not we are about to see. Keep in mind one important aspect of this trade – the outstanding long positions that has been allowed to build up, based on the SNB perceived protection. The question that will concern the SNB will be what if these longs start cutting. Support for the EURCHF is see at 1.2012 and resistance is seen at 1.2035. The Inside View indicator on HotForex shows that 99.38 percent of the traders are long on the EURCHF.

Friday, 06 Apr, 2012 / 11:57

Source : http://blog.hotforex.com/?p=1195

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