Dollar strengthened against almost every pair on the back of positive US numbers released yesterday coupled with ECB President’s intention of not boosting interest rates in near future. ECB Monetary announcement dented the up rally of Euro, which corrected almost 1.40 percent yesterday. USDCHF managed to hold support near 0.9380-0.9300 and rallied yesterday to 0.9525. US Jobless claims declined to 415,000 against industry forecast of 425,000. Factory Orders for December surprisingly rose by 0.2 per cent against median estimate of 0.4 per cent decline.
ISM Manufacturing numbers jumped to 59.4 against consensus of 57. NYMEX Crude Oil settled at $90.58 against previous close of $90.92 trading in a tight range of $1.50. EURUSD likely to test support area of 1.3560-1.3500, before rallying further.
Instrument Trend Trading Strategy
EURUSD Down Sell in the ranges of 1.3722-1.3725 S/L: Above 1.3825 TGT:1.3560
Buy in the ranges of 1.3560-1.3555 S/L: Below 1.3488 TGT:1.3720
GBPUSD Sideways down Sell in the ranges of 1.6200-1.6180 S/L: Above 1.6278 TGT:1.6065
USDCHF Up Buy at 0.9425-0.9420 S/L: Below 0.9370 TGT:0.9520
USDJPY Sideways Buy in the ranges of 81.30-81.50 S/L: Below 80.93 TGT: 82.45
EURJPY Sideways Sideways in 110.80-113.00 range
AUDUSD Up Buy in the ranges of 1.0104-1.0110 S/L: Below 1.0055 TGT:1.0254
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