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Forex. The mainstream business, the biggest market on earth today. It has a daily turnover of more than 2.5 trillion US$ (more than 100 times greater than NASDAQ), and it's still growing.

The forex trading, also referred to as the forex trading market, is the largest financial market in the world, with a daily average turnover of approximately US$1.3 trillion. Forex is the simultaneous buying of one currency and selling of another. The world's currencies are on a floating exchange rate and are always traded in pairs, for example EURO/USD or USD/CHF.

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Market Commentary Friday 10 October 2008

 

FOREIGN EXCHANGE

 
EUR/USD closed slightly lower on Thursday due to profit taking as it consolidates some of this week's decline. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are overbought and are turning neutral to bullish hinting that a short-term bottom might be in or is near. Closes above the 20-day moving average crossing would confirm that a short-term bottom has been posted. If it renews this week's decline, the 62% retracement level of the July-September rally crossing is the next downside target.
 
 
 
USD/JPY closed lower on Thursday as it consolidated some of the rally off last week's low. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI remain bullish hinting that a short-term low might be in or is near. Closes above the 20-day moving average crossing are needed to confirm that a low has been posted. If it renews this month's decline, last August's low crossing is the next downside target.
 
 
GBP/USD closed lower on Thursday as it consolidated some of last week’s rally. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are overbought and are turning neutral hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing are needed to confirm that a short-term top has been posted. If it renews this week's rally, the 50% retracement level of the July-September decline crossing is the next upside target.
 
 
 
USD/CHF closed higher on Thursday due to short covering while extending last week's trading range. A late-day rally tempered early losses and the mid-range close sets the stage for a steady opening on Friday. However, stochastics and the RSI are becoming overbought and are turning neutral hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing are needed to confirm that a top has been posted. If it extends this month's rally, the 62% retracement level of this summer's decline crossing is the next upside target.
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Risk Disclosure: Forex Trading on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with forex trading market, and seek advice from an independent financial advisor if you have any doubts with forex trading.