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Daily Forex Market Commentary:
On Wall Street today U.S. stocks pared gains late in the trading session as President Obama stepped up efforts to reform health-care and to pass new banking regulations. The Dow closed down 9.22 points, The S&P 500 gained 0.48 point, and the Nasdaq lost 0.11 point.
Stocks rose earlier in the trading session as a better than expected ISM Non-Manufacturing PMI report and ADP Non-Farm Employment Change report pointed to a strengthening economy and a stabilizing labor market.
The big market moving report will be Friday’s U.S. Non-Farm Employment Change and Unemployment Rate, both released at 8:30am EST this Friday.
Currencies:
The currency markets saw the U.S. dollar weaken today as data indicated the global economic recovery is on track and Greece agreed to further budget cuts in hopes of obtaining European aid.
Crude oil rose toward $81 a barrel as positive economic reports offset a U.S. government report showing a large rise in crude inventories.
The euro continued to climb against the greenback as hopes solidified for a plan to save Greece from its sovereign debt troubles.
Currency pair in focus: USD/CHF
Today’s currency pair in focus is the USD/CHF pair. Last Friday we posted this chart up and pointed out the fakey setup that had formed at that time. Since then we saw back to back bearish pin bar setups develop which further tipped off traders to a possible down side correction within the broader uptrend of this market.
We generally like to trade “with” the trend, however when you get well defined price action setups such as a fakey and then consecutive pin bars from key levels, there is a high probability of a correction. Notice how this correction sold down to the next logical horizontal level of support and resistance.
For a more in-depth analysis of the major FX pairs as well as price action commentary, please check out my forex educational course.
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