Daily I-Forex Report by www.epicresearch.sg 9th January 2014

TRADING TIPS

• SELL EUR-USD BELOW 1.3550 TGT 1.3525,1.3490 SL1.3590

• BUY USD-CAD ABOVE 1.0730 TGT 1.0755 ,1.0790 SL 1.0690

• Forex – Dollar strengthens after strong ADP, Fed minutes ahead

• Forex – Euro slides to session lows against dollar

• Forex – Dollar rises vs. yen and euro with Fed minutes ahead

   

USD/JPY rose to session highs of 105.12 and was last up 0.36% to 104.96.

ADP nonfarm payrolls rose by 238,000 in December, easily surpassing expectations for an

increase of 200,000. November’s figure was revised up to a gain of 229,000 from a

previously reported increase of 215,000.

The strong data bolstered the outlook for the recovery in the labor market going into 2014

ahead of Friday’s keenly anticipated jobs report for December.

Investors were turning their attention to the minutes of the Federal Reserve’s December

meeting, due for release later Wednesday, for indications on the possible timing of further

reductions in the bank’s stimulus program.

EUR/USD hit session lows of 1.3572 during European morning hours and was last down

0.23% to 1.3583.The pair was likely to find support at 1.3525, the low of December 3 and

resistance at 1.3634, the session high.Eurostat said that the euro zone’s unemployment

rate held steady at 12.1% in November, in line with expectations and unchanged from

October.

USD/JPY up 0.35% to 104.96.

The dollar found support after data on Tuesday showed that the U.S. trade deficit shrank

to the lowest level in four years in November as exports rose to a record high.

Investors remained focused on the minutes of the Fed’s December meeting, due for

release later Wednesday, for indications on the possible timing of further reductions in the

bank’s stimulus program

HOURLY EURUSD CHART

ANALYSIS

EURUSD LOOKS DOWNSIDE

TREND: BEARISH

STRATEGY:

BUY AROUND SUPPORT

SELL AROUND RESISTANCE

RESISTANCE: 1.3635

SUPPORT: 1.3590

HOURLY USDJPY CHART

ANALYSIS

USDJPY LOOK DOWNSIDE

TREND: BULLISH

STRATEGY:

BUY AROUND SUPPORT

SELL AROUND RESISTANCE

RESISTANCE: 105.00

SUPPORT: 104.60

HOURLY EURGBP CHART

ANALYSIS

USD/CHF LOOKS UPSIDE

TREND: BULLISH

STRATEGY:

BUY AROUND SUPPORT

SELL AROUND RESISTANCE

RESISTANCE: 0.9080

SUPPORT: 0.9030

HOURLY EURGBP CHART

ANALYSIS

USD/CAD LOOKS DOWNSIDE

TREND: BULLISH

STRATEGY:

BUY AROUND SUPPORT

SELL AROUND RESISTANC

RESISTANCE: 1.0850

SUPPORT: 1.0780

HOURLY GBPUSD CHART

ANALYSIS

GBPUSD LOOKS UPSIDE

TREND: BEARISH

STRATEGY:

BUY AROUND SUPPORT

SELL AROUND RESISTANCE

RESISTANCE: 1.6575

SUPPORT: 1.6460

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