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Forex options market volatility expectations remain elevated heading into a week of substantial economic event risk, warning of substantial price moves in the week ahead. Last week we positioned ourselves for Momentum and Breakout trading systems with reasonable success, and we see little reason to shift our strategy bias.

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Forex options market volatility expectations remain elevated heading into a week of substantial economic event risk, warning of substantial price moves in the week ahead.

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Forex daily technical analysis - February 1

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USD/CHF: The latest break back above 1.0500 suggests that the market has now carved out a major base that exposes some fresh medium-term upside towards 1.1000 over the coming weeks.

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USD/JPY: The measured move objective off of the double top triggered on the break below neckline support at 91.25 has now been reached and although the overall trend appears to be grossly bearish at present, shorter-term technicals are starting to look a little stretched and could potentially be warning of a more significant upside reversal over the coming sessions.

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EUR/JPY : Setbacks have now finally reached the lower end of a multi-week range dating back to March of 2009 and it will be interesting to see if the cross can respect the range bottom and bounce, or finally break below the medium-term platform to expose a more significant drop back towards the 115.00 area.

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GBP/JPY: Some inter-day rising trend-line support has been broken which could now suggest that the market is prepping for a more significant drop towards 140.00 over the coming sessions.

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U.K. manufacturing PMI rose to 56.7 from 54.6 in January which was the fastest pace in 15 years. Great Britain also saw house prices rise 0.1% according to the Hometrack housing survey adding evidence that the economy is recovering.

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Overview Mortgage approvals in the United Kingdom slumped to 59.0K from a downward revision of 60.0K amid expectations for a rise to 61.8K, marking the first decline in more than a year, the Bank of England said today in London.

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China’s banks once again stole the headlines last week as analysts continued to speculate weather recent moves indicate a future tightening of monetary policy.

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