Conditions: The main news from Asia today was the Australian jobs report.
UP NEXT:
EUR: German CPI will be of particular interest as there is debate as to whether Germany is heading into recession. If so this will surely put Eurozone into deflation and become even more bearish for EUR. However the ECB monthly report and Draghi speech should provide the most volatility for the Eurozone today.
CAD: Despite record breaking housing figures for Canada recently it hardly helped the Greenback rising against the Loonie. Perhaps another string number may reinforce the first and finally see USD/CAD break below 1.094 support, but a weak number could see further buying around these levels.
TECHNICAL ANALYSIS:
EUR/JPY: Bull Triangle or Tripe Top potential near the highs
The run up from 136 is within a clear bullish trend with shallow pullbacks to suggest this is an impulsive move. Had it not been for the previous highs at 138 I would assume direct gain, but we have to be open to the potential for a larger retracement before we break above these highs.
If we see a break down I would still consider bullish setups above the 137.3 swing low to target 138.68-92.
USD/CHF: Another crack at 0.94?
While the daily timeframe is beginning to look a little over-stretched, the intraday timeframe appears poised for another leg higher.
The Daily Pivot has already been respected to suggest a swing low has formed so any retracement towards this level could provide a tighter stop (and increased reward to risk ratio). As long as the level holds as suppport of course...
With 0.94 the clear resistance level it may be wise to move your stop up or scale out if we reach these levels. If lucky enough we'll gun for 0.9435