Forex Zone (Forex Zone)
Czech markets  |  August 31, 2012 09:26:52

Ben throws it today?


Today around 16:00 is scheduled performance Fed chief Bernanke on the economic symposium in Jackon Hole, USA. In his words certainly expect, but the question is what impact will have on the markets. We believe that Bernanke in his speech will not bring anything radically new. Rather repeat what we have heard from him in recent months - the economy and closely monitor data coming out of it, we are ready to intervene if it's bad, etc. After all, it is not Only Bernanke, who decides on the monetary policy of the U.S..It's all FOMC and we believe that it can operate Bernanke to unnecessarily never exhibited his person pressure. The possibility that Bernanke surprise today, we give 20% probability.

More important for the development of primarily U.S. equity indices and the USD will be the FOMC meeting, which will take place 12 to 13 9th 2012th As we have already informed you, the 12th 9th German Constitutional Court will rule on the legality of rescue mechanism ESM. Even before the sixth 9th ECB meeting will be held. These events will be crucial for us by mid-development on the one hand, USD and risk assets on the other. It is possible that both the ECB and the Fed will be able to simply keep repeating no hope in the said markets. We rather prefer the view that the markets will be disappointed and some traders speculated that the other forms of QE announcement leaves the market. However, only in the event that CB surprising and notifies the new QE in any form. But it will have to wait.

As regards developments in the monitored pair EUR / USD, so that yesterday developed as expectedWhen it came to test yesterday's Asian session low and the 1.2518 level. After yesterday's sell-off during the U.S. session came to market Reviews Support around 1.2490, for which we are warned . The fact that the market yesterday closed below an important support, recorded a further weakening of the EUR / USD to a level around 1.2445 and potentially medium to heavy Reviews Support around 1.2400 to note that for several days.

Today could galvanize market macro data published at 11:00 and at 14:30 and then maybe Bernanke. Statistically speaking today for strengthening the euro, which recorded the fact that it will continue to move in the commercial range, which are formed last 5 days. (1.2490 to 1.2580).

Currently the pair EUR / USD traded at 1.2507 price. Technically we perceive the direction of the potential for testing today's Asian session high. Furthermore, there is less potential for movement to the surface around 1.2550.
Below the current market price of the perceived major supports of around 1.2440 and about 1.2390. Above the current market price we see significant resistance around 1.2535 and about 1.2550 and 1.2600.

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