Forex Crunch EUR/USD Sep. 17- Rising Rapidly in Steep Channel

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• EUR/USD Sep. 17- Rising Rapidly in Steep Channel
• Forex Daily Outlook – September 17 2010
• Currensee Introduces Public Trader Profiles
• No Expectations, No Disappointments – Dollar Enjoys OK Data

EUR/USD Sep. 17- Rising Rapidly in Steep Channel Posted: 17 Sep 2010 02:50 AM PDT EUR/USD continues pushing forward in a steep uptrend channel. The crowded US calendar promises an exciting close to the week. Here is a quick update on technicals, fundamentals, and community trends. EUR/USD trading higher in steep uptrend channel. EUR/USD Technicals Asian session:  EUR/USD made the breakout above 1.3110 during the Asian session.. Current Range is between 1.3110 and 1.3267. Further levels: Below,  1.3050, 1.2960, 1.2920, 1.2840, 1.2770, and 1.2610. Above   1.3267, 1.3430, 1.3530 and 1.37. Steep uptrend channel: Uptrend resistance began on Sep. 9 and uptrend support on Sep. 13. Trading is characterized with many hours of consolidation, followed by a few hours of sharp rises. EUR/USD is close to retracing the falls from the August 6 peak of 1.3334. EUR/USD Fundamentals All times are GMT. Most important events emphasized. 6:00 German PPI. Exp. +0.3%. Actual 0%. Slight disappointment. 7:30 ECB member Axel Weber spoke and assured no sovereign defaults. Positive. 12:30 US CPI. Exp. +0.2%. 12:30 US Core CPI. Exp. +0.1%. 13:55 US Consumer Sentiment. Exp. 70.2 points. 13:30 US FOMC member Daniel Tarullo talks. EUR/USD Sentiment Basel II banking accord still positively impacts the Euro. On the other hand, the debt issues never went away, and they are weighing on the common currency. Dollar weakness is the name of the game in the markets. The Euro is enjoying it but might suffer from adjustments just before the week ends. The important 1.3110 line was broken – bullish sign. Currensee Community: 55% are Short, 45% are long, down from 56:44  yesterday. These are 1032 open positions in real accounts trading this pair at the moment. Want to see what other traders are doing in real accounts? Check out Currensee. It's free..

Forex Daily Outlook – September 17 2010 Posted: 16 Sep 2010 03:00 PM PDT U.S. Consumer Price Index, U.S. Consumer Sentiment and U.S. Preliminary UoM Inflation Expectations are the main events wrapping up this trading week. Here is an outlook on today’s market – moving activities. In the US, Consumer Price Index, the leading measure of inflation in the US will probably validate the expectations for subdued inflationary pressures in the U.S. with a 0.3% price rise and the Core CPI is predicted a small 0.1% rise the same as in the previous month. Later in the US, Consumer Sentiment, a leading indicator of consumer spending is expected to register a higher score of 70.3 points following a reading of 68.9, in the previous month. More in the U.S., Preliminary UoM Inflation Expectations based on a Survey of about 500 consumers reached a disappointing 2.7% rise in the previous month a small increase is expected now. Finally in the US, Federal Reserve Governor Daniel Tarullo participates in a panel discussion titled “Regulating the Shadow Banking System” at the Brookings Panel on Economic Activity, in Washington DC may have bearing on interest rates and provide info on future monetary policy. In Europe, German PPI priced up in the previous two months getting close to the 0.6% a smaller rise of 0.3% is expected now. Also in Europe, Deutsche Bundesbank President Axel Weber delivers a speech titled “Growth Prospects after the Crisis” at the EBS Symposium, in Oestrich-Winkel, Germany. Will effect interest rates and provide clues on future monetary policy. Later in Europe, Current Account deficit narrowed less than expected to 4.6B in the previous month. Further reduction of deficit to 3.7B is expected now. For more on the Euro, read the EUR/USD forecast and Casey Stubbs' latest analysis. That’s it for today. Happy forex trading! Want to see what other traders are doing in real accounts? Check out Currensee. It's free.

Currensee Introduces Public Trader Profiles Posted: 16 Sep 2010 07:00 AM PDT Currense, the social network for forex traders, launched a new feature – public profiles. Users can opt in to share their real trading performance, bios, and trading strategies on social networks. Public profiles can be seen via a direct URL that can be shared on social networks such as Facebook, Twitter, and other networks. This move is in line with the policy of transparency, something that the forex industry usually lacks. Go ahead and share your trades at Currensee Here is the full press release: BOSTON, Sept. 16, 2010 – Currensee, Inc. (www.currensee.com), the first Forex trading social network connecting traders from around the world based on real-time trades, has debuted a new feature that allows members to make their profiles publicly available. The enhancement gives members the ability to share their profiles with traders outside of the Currensee social network and provides another layer of transparency and collaboration by exposing traders' real performance, trading styles and biographies to connect with other Forex traders around the world. Until now, members of the Currensee social network could only find each other and share information within the Currensee platform. The new public profiles give Forex traders outside the Currensee network the ability to find and connect with members and an increased level of information sharing. Each member's public profile is an individual URL that they can share with their trading friends or anyone else online. Users can friend each other directly from external profiles and non-members can join right from the trader's profile page. "The public profiles feature is another example of the power of sharing real-time data with real Forex traders," Currensee CEO Dave Lemont said. "Recently, we debuted the Forex industry's first Trade Leaderboard that ranks top Forex traders based on both historical and real-time performance along with a proprietary performance authority and risk index. We've always been about trust and transparency and now the public profiles give members one more way to control and share their trade information to connect with other Forex traders." To give members full control over their privacy settings, Currensee is releasing this new feature as an opt-in feature for current members. Members can choose to make their profiles public and can change their privacy settings at any time. Public profiles enable non-members and members alike to preview trader profiles and trading styles. Now, a member can simply email or add a link to their profile from their Facebook wall, LinkedIn profile, Twitter page, blog or any other website. Previously, linking to someone's profile was only available to trading friends within the Currensee social network. The Currensee public profiles are another important step toward the Currensee Trade Leaders™ Investment Program, which will be launching in the coming months. In the meantime, the company is recruiting successful traders to be Trade Leaders. As Currensee Trade Leaders, experienced Forex traders can be compensated for successful trading without the tedious effort of recruiting customers, managing money and reporting results. The call for Trade Leaders was announced in January of this year and successful Forex traders are encouraged to apply at www.currensee.com/tradeleaders. About Currensee Currensee.com brings trust and transparency to retail Forex trading. The Currensee trading social network connects retail Forex traders from around the world so they can see each other's actual trades and share trading strategies in real-time to make more informed trade decisions. Currensee traders from over 80 countries have become members of the trading social network and linked their live brokerage accounts with one of the 100+ brokers supported by the platform. The unique Currensee Market Watch Social Indicators™ aggregate the wisdom of the network and deliver social trade data and a new way to look at the market. Currensee is funded by North Bridge Venture Partners, Egan-Managed Capital and Vernon & Park Capital and is a member of the National Futures Association. For more information, visit us at www.currensee.com. Like us on Facebook, follow us on Twitter and watch us on YouTube. Full Disclosure: I’m affiliated with Currensee.

No Expectations, No Disappointments – Dollar Enjoys OK Data Posted: 16 Sep 2010 06:01 AM PDT Weekly unemployment claims didn’t rise and even fell by 3,000. Producer prices rose marginally more than expected. This supports the dollar across the board especially helping the yen intervention. The figures released in August were disastrous – employment, home sales, durable goods order, and almost every US indicator was significantly below consensus. For the Philly PMI, even the most pessimistic economist didn’t predict the negative score. But during September, things are slightly better: This is a mix of genuinely better numbers, and also lower expectations. A significant acceleration in growth isn’t expected. Figures that indicate avoiding a double-dip recession are good enough. Weekly jobless claims surprised for a second week in a row and fell from 453K to 450K. Only a drop under 430K means a real move in the US job market. But when expectations stand on 463K, this is a reason to smile. The producer prices index (PPI) rose by 0.4%, after rising by 0.2% last month. This was slightly better than 0.3% that was predicted. Core PPI rose by only 0.1%, exactly as expected. Also here, a minor surprise that comes on top of low expectations helps the dollar. TIC Long-Term Purchases show net foreign investment in the US, and serve as a gauge of confidence in the US economy. They also surprised with a rise from 44.4 to 61.2 billion. They were double not so long ago. Dollar rises The dollar enjoys gains against most currencies, but most moves aren’t that big. For example, EUR/USD dropped 30 pips from 1.3080 to 1.3050, but then bounced back. For the Bank of Japan, these small surprises are good news. Yesterday I wrote about that the intervention in the yen will hold and gave 5 reasons. Reason No. 3 – good US figures. Indeed, USD/JPY continues trading at the high levels of 85.60. The figures save the BOJ some extra intervention money. In that context,  another notable currency is the Swiss Franc. The quarterly rate decision by the SNB left the Libor rate unchanged at 0.25%. While this was wildly expected, USD/CHF jumped by 110 pips, from 1.0050 to 1.0165 as if it the decision was disappointing. To me, this looks like an intervention. In the past, such as in March 2009, the Libor Rate decision was followed by a strong intervention. Did the Swiss get appetite from the Japanese move? This is busy day full of US indicators. We later have the Philly Fed Manufacturing Index which is expected to recover from the terrible negative score of -7.7 and rise above the water to 0.9. And, Treasury secretary Geithner will speak about currencies in an official testimony. The focus will be on China, but any remarks about the yen intervention will rock the markets. Want to see what other traders are doing in real accounts? Check out Currensee. It's free..

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