Forex Commentary: EURUSD recap, 1st August 2011

Trading Setups / Chart in Focus:

EURUSD

The EURUSD has carved out a pretty obvious trading range between about 1.4500 – 1.4000.

Further consolidation is possible in the near term. Watch the upper and lower boundaries of the trading range for price action setups should price move into one of these levels in the near-term.

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Forex Commentary:

The U.S. dollar fell to new lows Monday against the Swiss franc and the Japanese yen, which traders tend to buy when they’re seeking safety, however, the greenback pared losses against the yen to register a small gain over Friday’s close as the New York trading day came to a close today. It gained against most other major currencies.

In late trading the euro dropped to $1.4244 from $1.4368, and the British pound fell to $1.6296 from $1.6431.

The greenback rose to 95.65 Canadian cents from 95.54 Canadian cents and was higher versus the Australian dollar, the Scandinavian currencies and emerging-market currencies such as the Hungarian forint, Mexican peso and Brazilian real.

Other Markets:

On Wall Street today the S&P 500 fell for the sixth day in a row as any positivity over the U.S. debt deal was stymied by further signs the economy is stalling via disappointing ISM report.

The Dow lost 10.75 points, or 0.09 percent, the S&P 500 lost 5.34 points, or 0.41 percent, and the Nasdaq lost 11.77 points, or 0.43 percent.

Upcoming important economic announcements: 8 /2/2011

12:30am EST: Australia – Cash Rate
12:30am EST: Australia – RBA Rate Statement
3:15am EST: Switzerland – Retail Sales y/y
4:30am EST: Britain – Construction PMI
9:30pm EST: Australia – Retail Sales m/m
9:30pm EST: Australia – Trade Balance