1. How is the US dollar trading during European session?The dollar extended its falls against the yen on Tuesday, hitting its lowest in six and a half weeks, as the single currency came under broad selling pressure in thin post-Christmas trade.The dollar fell 0.6 percent to 82.27 yen, its weakest since Nov. 12, according to Reuters data.
2. It broke below support at the Dec. 7 low around 82.31 yen, having earlier dropped below its 55-day moving average around 82.59 yen. The dollar depreciated 0.6 percent against the euro at 10:35 a.m. in London. How is euro trading against other currencies? The euro gained on Tuesday, recovering from recent weak levels. The move came in very illiquid markets, with public holidays in the UK and Australia causing thin volumes and erratic trade, while concerns about debt problems in peripheral euro zone countries were expected to cap any euro gains.
3. How is swiss franc trading in todays low volume market? The Swiss franc climbed against all 16 of its major peers, reaching a record against the U.S. currency. The franc appreciated 1.8 percent to 94.35 centimes against the dollar, and rose 0.9 percent versus the euro.
4. So finally..what are the key resistance and support levels to watch out for todays US trading session?
6. Major economic data releases for the day? · Japanese unemployment rate was unchanged at 5.1% · Japanese Prelim Industrial production m/m increased by 1%. · Japanese Retail Sales y/y increased by 1.3% as against 0.4% expected. · UK is having a Bank holiday. · US Consumer Confidence data : 56.2 (Expected) as against 54.1 (Previous) · US Richmond Manufacturing Index : 11 (Expected) as against 9 (Previous).
7. The key support and resistance levels to look out for COMEX trading session. Let us begin with Gold? Gold continued witness selling interest building up from the key resistance level of $1396 during yesterdays trading session. $1380 will be the key support to watch out for during intraday trading. A successful breakdown below this levels could see the prices testing the next levels of $1360. . $1390 will be the key resistance level to watch out for. $1400 will be acting as a key psychological resistance level to watch out for . RSI is currently hovering around the 58.79 levels ahead of the COMEX trading session.
8. What about Silver? Silver witnessed good buying interest coming as the commodity broke above the key resistance level of $29.28 with a trend break out. $30.24 will be the key resistance level to watch out for intraday trading during COMEX session. A successful breakdown below the key support level of $29 will see the prices testing the trend line support level of $28.45. RSI is currently hovering around the 62.28 levels ahead of the COMEX trading session.
9. And coming to Crude..what is the trend that is shaping up? Crude witnessed good buying interest coming in during the Asian trading session as the prices witnessed technical breakout above the key resistance level of $88. $89.50 will be the key resistance level to watch out for intraday trading during NYMEX session. A successful breakout above this level could see the prices testing the next key resistance level of $93 on the upside. A successful breakdown below the key support level of $87 will see the prices testing the DMA support level of $86. RSI is currently hovering around the overbought territories of 59.76 levels ahead of the NYMEX trading session.
10. What about Natural gas? Are we seeing any good volume build up happening? Natural gas prices are hovering around the key support level of $4.12 ahead of the NYMEX trading session. In case of a correction one could see the prices testing the $4.00 levels on the downside. $4.23 will act a s good resistance level for intraday trading. A successful breakout above this level could see the prices retesting the $4.54 levels on the upside. RSI is currently hovering around the over sold territories of 44.18 levels ahead of the NYMEX trading session.
11. What about Copper? Copper witness buying interest building up from the key support level of $420 during yesterdays trading sessions. Down side might be limited for the commodity prices as the technical charts indicates a possibility of bullish continuation pattern emerging if prices breaks above the key resistance level of $429.65. $433 will be the upside resistance level to watch out for in case of a successful breakout. $421 will continue to act as a good intraday support level for the prices. RSI is currently approaching the overbought territories of 71.10 levels ahead of the COMEX trading session.
