Forex Flash: EUR/USD confirms negative bias by closing week below 1.3202 - Commerzbank

Commerzbank analysts will keep a negative bias to EUR/USD although still preferring to see a weekly close below here as added confirmation after the erosion of its 1.3202 7 month uptrend. “We have a downside target to 1.2679/61. This is the 61.8% retracement of the move up from July 2012 and the November 2012 low. Initial support is 1.3075/3, the 38.2% retracement of the same move”, wrote analyst Karen Jones, suggesting near term rebounds to terminate circa 1.3270. “The previous 3 month trendline should now act as resistance at 1.3308 and the outlook will stay negative below 1.3435”, she added.

Feb 22, 2013

Forex: USD/JPY higher on Friday but risks closing week lower

The USD/JPY recovered the 93.00 steadily as the market entered the Asian session, but the upside was limited to 93.40. A very paused price action followed and only recently some movement is seen, dropping to 93.20 and approaching the opening price of 93.11.

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Feb 22, 2013

Forex Flash: Risk looks to take backseat as stimuli are in short supply – UBS

According to Research Analyst Gareth Berry at UBS, “Risk continues to look fragile globally Friday as fears of tightening in the US and China are finally forcing markets to have second guesses about the current run in risk. Unfortunately, there are a few more potential pitfalls to navigate over the next 72 hours or so, which could set the stage for a renewed rally in the euro, or a serious correction.”

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