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Daily Analysis – Jan. 28th, 10:00am EST

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Daily Analysis – Jan. 28th, 10:00am EST

Technical Analysis

Pair: EURUSD

Resistance: 1.1320, 1.380, 1.1400, 1.1450
Support:  1.1300, 1.1280, 1.1250, 1.1200, 1.1520, 1.1460
Bias: Neutral. The focus is on FOMC statement today coming out at 2pm. Expect the market to be range bound ahead of that. A dovish sentiment out of FOMC will be negative for the US dollar and we can expect to see EU go higher. EU has recovered half of its losses incurred last week post ECB QE announcement. However, it could not hold the high of 1.1422 and retraced from that level. I’d be looking at 1.1530 level for the next potential move up on this pair which is also the 78.6% retracement level of the last move down. Beyond that we are looking at 1.1550 which is the release point for the move down.

Pair: GBPUSD

Resistance:  1.5211, 1.5280, 1.5300
Support:  1.5180, 1.5150, 1.5050, 1.5000, 1.4950
Bias: Neutral. The focus is on FOMC statement today coming out at 2pm. Expect the market to be range bound ahead of that. A dovish sentiment out of FOMC will be negative for the US dollar and we can expect to see GU go higher as well. GU has recovered all the losses incurred last week post ECB QE announcement and is holding high now. The next move up could push the price up to 1.5280 area which is the previous resistance and also 127% extension of the last swing low or further up to 1.5320 area which coincides with 138% extension.

On the downside, in case of a hawkish FOMC statement, we could see GU move down to 1.5110 area which is the 61.8% retracement level of the last move down or even further to 1.5050 or 1.5000 support areas.

Fundamentals

High Impact News scheduled for today:

  1. Crude oil Inventories
  2. BOE Gov Carney Speaks
  3. FOMC Statement
  4. Federal Funds Rate
  5. Official Cash Rate

Indices and Commodities

DOW – up – 17,442.89
S&P500 – down – 2,029.55
Nasdaq – down – 4,681.50
Nekei – down – 17,795.73
FTSE100 – up – 6,815.50
DAX – up – 10,693.12

Gold – down – $1,281.50
Oil – down – $45.35

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