Quiet start to the week

Its been a quiet start to the week with the Asians beginning their New Year celebrations - Kong hei fat choy - and US presidents day today. The data cupboard is pretty much bare with all eyes watching for comments out of the EU ministers meeting today.

Trading wise,  there is not alot to do right here. Stocks are firmer, with the mini dow  hoverring about the hrly 300 ema. Gold is shining again this morning and approaching Daily R1 at 1101 with  better res  above  at the channel at 1107.50. Silver also firmer, but lagging gold and has res at 15.67 at the hrly 200 ema. A break and close above and I will reverse the open short position from 16.81.

Crude oil remains within 74.50/72.50 , presently sitting under the hrly 300 ema.

On the currency front, I will be looking for markets to confirm a near term top in the Dollar with targets as mentioned in the weekend report. Of most interest will be the Dollar Index - USDX. A break of support at 80.10 with hourly close under the 200 sma will be a  signal that a retracement has begun and should target the weekly upchannel, with minor support levels at 79.65 and 78.80.

On the Yen crosses, there is not alot to do either. Aud/Jpy has broken the daily down trend and tgts the 4 hrly 200 lwma at 80.71. Immediate support lies at 79.40.
Eur/Jpy still remains in its downtrend with solid res at daily down channel at 123.35, with the hrly 300 lwma  slightly above there. Support lies  at 121.50.
Gbp/Jpy remains in a  choppy upward sloping consolidation channel formed off the lows within the overall weekly bearish channel. Strong res lies at 142.65 and 4 hrly 100/90 ema bands. Support at 140.15.

Eur/Chf  remains in  a tight range  with the  SNB seen a few times last week ahead of 1.4635.

Open Trades

Usd/Chf - short 1/4 unit @ 1.0785 stop 1.0885

Xag/Usd   Spot Silver - short 1/2 @ 16.81 stop 16.00
Closed 1/4 @ 16.25.
Closed 1/4 @ 15.65.
Closed 1/4 @ 15.45 Reversed @ 15.40

Eur/Chf - long 1.4575 stop 1.4620
Closed 1/4 @ 1.4703
Working 1/4 tp @ 1.4750