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Forex options markets volatility forecasts continue to trend higher, pointing to major moves in the US Dollar and other major currencies through the coming weeks’ trade. In fact, implied volatility levels on 3-month Euro/US Dollar options now trade near their highest levels since July, 2009 and underline market fears of continued volatility.

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Forex daily technical analysis - Feb 9

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Forex options markets volatility forecasts continue to trend higher, pointing to major moves in the US Dollar and other major currencies through the coming weeks’ trade.

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The UAE investors continued actively trading in foreign exchange (forex) currency markets in 2009 even as worldwide volumes took a hit, said a senior executive of a Swiss-based online foreign currency broker.

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The U.K. visible trade balance widened to 7.3 billion pounds which was the widest in almost a year, as imports rose faster than exports. Imports rose 5.2 percent, while exports climbed 4.5 percent on the month.

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Gold, oil and silver may correct higher on firmer risk appetite after ECB president Jean-Claude Trichet cut short a trip to a summit in Australia to return Europe, sparking hopes of an imminent bailout of the debt-stricken Greek economy.

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The British Pound failed to hold ground during the overnight trade and weakened against the greenback for the fifth day to reach a low of 1.5566, and the currency is likely to face increased volatility over the next 24 hours of trading as the Bank of England is scheduled to release its quarterly inflation report tomorrow at 13:30 GMT.

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The AUDUSD and NZDUSD have rallied sharply and are nearing resistance levels from former support. Watch the 7000 level in NZDUSD. The next major support for the NZDUSD is not until 6600. Any rallies should prove corrective and 6977 and 7005 are resistance levels in the event of a bounce.

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The Canadian dollar has found support on a surge in risk appetite due to speculation that Greece will receive help with their budget issues. Rumors aren’t enough to generate a sustainable rally which may limit further downside potential for the USD/CAD with solid support below.

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ECB Gold Reserves Unchanged, Forex +EUR300 Million In Week To Feb. 5

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