FX.co ★ Fundamental Analysis For January 09, 2013

Without many economic references, the Forex market has performed very cautious. The euro and the sterling have been affected in European morning by industrial production data from Germany and UK trade balance respectively, with results below expectations.
Both currencies are still unchanged to a greater extent, but daily charts are turning to bearish scenario. In the case of the EUR/USD pair there is an uptrend line that comes from the end of July, the next support point is 1.2960.
The pound has at its junction with the dollar, firm support in the range 1.60 to 1.6010. It will not be easy for this level to be exceeded, but once it happens, the target of the pound will be at 1.5850 or so. We hope to touch value for this week if you do not change the short-term trends, which look pretty improbable.
As the yen slowed recovery in the Asian session on Wednesday, but still has a lot more to grow, before starting a new downward move. On Tuesday afternoon it has broken the area of 87 but lost steam in the early hours of this day. The break of 87.10 again appears as the trigger for a new growth of the yen, which has its target at 85.50/60.
Finally, the Australian dollars does not change course, without growing, but also falling steadily. The Aussies looks comfortable in the area of 1.05