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The major currencies posted small gains against the U.S. dollar, however, the euro, which is the biggest component of the dollar index, traded flat throughout the overnight session. The dollar index is holding above the 77.00 area, and a swing point that has been pivotal in recent trade.

The pair was seen strengthening in early trading today reversing its Friday losses and trading to as high as 1.6377 as at the time of this analysis. As referenced in our previous analyses, while GBP trades and holds above its strong support at the 1.6234/39 levels, its Dec 31?09/Jan 04?10…

A follow- through lower on the back of its past week bearish momentum saw the cross pushing decisively through the 0.8832 level, its Nov 17?09 low today. This bearish structure has resumed EURGBP?s short term declines started from the 0.9410 level and is now set to continue towards its long…

Cable has risen during the day, slightly above the Resistance zone we had been speaking of over the last 3 days. It has come down since then. A significanct rise above the Resistance zone is likely to lead the pair towards the upper end of the long term range which…

For the first time since September last year EUR/GBP has broken below the 0.880 level. The release of Rightmove?s January house price index (+0.4% m/m) supported the view that the UK?s important property market remains in recovery mode, but the move in EUR/GBP has more to do with the situation…

The single currency and other European currency pairs traded narrowly in early part of last week as traders await the ECB monetary meeting result on Thursday, therefore, we did not enter any position in euro, Swissy and cable. It turned out that market did go through some choppy sessions after…

European equity markets have opened the week on a positive footing. Equity rotation shook off a mixed picture in Asia and a disappointing trading session last Friday following JPMorgan’s [JPM] earnings release. In trading, earnings from Swiss luxury conglomerate Richemont [CFR.SZ] added upside lift to the broader sector with PPR…

Dollar/Yen traded hesitantly and within the narrow 90.64 – 91.33 range on Friday, closing the week at 90.72. The nearest support at 90.64 is still holding the bearish attacks, but if broken, we may see stronger Dollar, despite positive comments by Shirakawa that Japan’s economy is developing at a good…

Although the single currency fell to 130.10 this morning, as euro has recovered after trading above indicated support at 130.01 (61.8% Fibonacci retracement of 127.32 to 134.37), suggesting consolidation would be seen and rebound to 131.46-52 (38.2% Fibonacci retracement of 133.65 to 130.10 and previous support turned resistance) is likely,…