Forex Market pending the outcome of the report of the Employment Non-Farm

The euro was down from the highest levels recorded by the recent positive comments after the European Central Bank and the strength of U.S. employment data in the private sector. If the U.S. economic data released yesterday bear any indication of the U.S. employment report today, the Dollar continues to rise.

Economic Analysis

USD USD

- Conflict of movement of the dollar after strong U.S. data
The U.S. dollar has not seen a clear trend in the market in the wake of U.S. economic data that came better than expected. The meeting was packed with U.S. economic data positive U.S., where rates fell complaints from unemployment to 415 thousand of 457 thousand that it was the previous week. The expectations of analysts point to read the 420 thousand. The index of purchasing managers in the industrial sector more powerful high expectations to 59.4 versus 57.4 reading. It is worth noting that any reading above the 50 level for this indicator represents a high rate of economic growth in the country. The U.S. factory orders rose unexpectedly by 0.2%, while it was forecast to decline by 0.2%. This has teamed up with good data from the U.S. European Central Bank's decision on interest rates make a currency U.S. dollar mixed in the movement against the major currencies. And met with the euro, the greenback is stronger gains in this new year. The EUR / USD trading at 1.3625 from 1.3797 level. The GBP / USD trading at low levels, but not before approaching this pair from the highest level in 3 months at a level of 1.6277, the pair closed at 1.6140, while the opening price at 1.6184. The dollar was trading AUD / USD at high levels, rising to 1.0170 from 1.0103 level. And will shift market focus now to the report Non-Farm Employment of Farm which is one of the most important economic data published in this market at all, which is to be announced today at 13:30 GMT. It is expected by economists to increase the number of U.S. jobs increased by 138 thousand a new job in January, while the unemployment rate expected to rise to 9.5% from 9.5%. The strength of the U.S. employment data on the impact on the dollar and the Fed look to economic development. If the data came in Non-Farm Payrolls results better than expected, it starts with the Fed in return for monetary policy is soft, which means that there will be the possibility of raising interest rates, which is positive for the dollar. Comes first support level for the EUR / USD at 1.3570 followed by 1.3500. While resistance is now at its highest level this week at 1.3860.

EUR EUR

- Decline of the euro after Trichet's comments
ECB keep interest rate unchanged earlier today and when the level of 1.0%, and displays the euro for the operations of the sell-off after this resolution, but he appeared to rebound to the top once again during the period of questions and answers at the press conference conducted by the Central Bank President Trichet . During the press conference, Trichet said, told reporters that the risks facing the economic outlook of inflation is still in the downward direction, but the outlook in the medium term refers to the balance of inflation has tended to rise. The increased intensity of selling the euro after Trichet said that interest rates are still at an appropriate level and that recent data has not changed the assessment of the European Central Bank. The euro was up for sale on all sectors yesterday, as EUR / USD dropped to its lowest level at 1.3608 before bouncing back to 1.3625 level. And the pair opened at 1.3795. The EUR / CHF 1.2887 level sharply to the level of 1.2971. With the decline in expectations of traders probability of higher interest rates in the euro area in the future, the value of the euro will decline more. But he at the same time can not be said that expectations of higher European interest rates have disappeared. And thus may result in the next meeting of the European Central Bank hikes for the euro.

Japanese Yen JPY

- The continued strength of the Japanese yen
The Japanese Yen saw a rise in volatility yesterday, strongly influenced by U.S. economic data and the decision of the European Central Bank on interest rates. The close pair is trading near the opening price. The U.S. dollar / Japanese yen, its highest in the day at 82.05 before the end of the day shut down slightly at 81.55. The pair began trading yesterday at 81.63. The increased strength of the dollar and the yen fell because of U.S. employment data and the U.S. service sector data that was better than expected results. With the approaching end of the day, the pair failed gains in resilience. There was a similar situation to that after reducing the credit rating of Japan last week. Not threaten the inability of the dollar / yen to achieve new heights well for the pair and make it tend to trend downward. The support is for the pair at the level of 81.30, followed by the lowest level was recorded in December at 80.90. And resistance is at 82.05, the highest level on record yesterday, followed by the 83.20 level, which had been struck on Jan. 27.

Crude Oil Crude Oil

- Crude Oil Rises on positive employment data
Crude oil prices fell yesterday after the immediate rise of the dollar. Continues to focus traders to prompt economic data and political events in the Middle East. The Close the spot price of crude oil trading at 90.75, after opening at 91.34 dollars. Item and recorded its lowest level at 90 dollars, but managed to keep it as support. The reason was the willingness of traders to sell this commodity is the strength of U.S. employment data on what is expected and improved results for factory orders is also expected. This in turn has helped the rise of the dollar, making the crude oil with a higher cost for those who hold non-dollar currencies. Oil prices have been subjected to fluctuations in the movement are higher than normal volatility as a result of chaos in Egypt, where rising oil prices as a result of these events, including approximately $ 8. However, the spot price of oil failed to rise above the highest level of unprecedented at 93.00 dollars. Today will be affected by crude oil prices the report of the Employment Non-farm, which, if the outcome was better than expected, it provides a reason for traders to reverse the decline in the price at which witnessed yesterday. The support is for the price of oil at $ 90.00 immediately, followed by the level of 87.00 dollars, while resistance is at the level of $ 93.

Technical Analysis

EUR / USD EUR / USD
After two days of decline of the euro / dollar pair has found support at the bullish support line, which is located on the lower levels of January. This may be an opportunity to go long on this pair with a first target at 1.3860, which represents the highest level he had set this week.

GBP / USD GBP / USD
The pair is testing at the current level of resistance at 1.63, a price that we saw last time in November. The break of this level opens the way to test the highest level he had set the pair in 2010 at 1.6460.

USD / JPY USD / JPY
Warn of the inability of the dollar / yen to achieve new heights well for the pair and make it tend to trend downward. The support is for the pair at the level of 81.30, followed by the lowest level was recorded in December at 80.90. And resistance is at 82.05, the highest level on record yesterday, followed by the 83.20 level, which had been struck on Jan. 27.

USD / CHF USD / CHF
The pair states slope downward trend line, which starts from the highest levels in May. And return the price to this line, which makes it possible to go short with a minimum price target at 0.9300.

Crude Oil Crude Oil
After the rise in oil prices by nearly $ 8, the model of science bullish on the daily chart. This indicates that the form on the forex traders can target level of $ 98.40 if the price broke through the upper level