Good morning to all FXML followers on this Tuesday after the Christmas weekend. How were your Christmas guys? UInfortunately, this was the "last Christmas" for one of my favourite singers.
Yesterday was the first trading day after Christmas, but many forex brokers were closed including mine. A handful of them kept the trading desks opened yesterday, but the range in most major forex pairs was only a couple of pips, so it doesn´t really count as a trading day.
This morning though we´re seeing a bit of life in the forex market. Some forex pairs like GBP/USD and USD/JPY have moved about 40 pips so far, which is considerable at this period of the year, especially since London and the rest of Europe are still closed for holidays.
The US financial markets will reopen this afternoon, but I´m not sure the US forex traders will be back for trading. In fact, it´s more likely that forex traders worked until the end of last week and took their winter holidays until after New Year, so I expect this week to be very quiet, probably even more quiet than last week.
EUR/CHF is moving away from the 1.07 support level
Nonetheless, the 30 pip move higher in EUR/CHF was enough to trigger the take profit in our forex signal in this forex pair. The other forex signal, GBP/USD seems stuck in a tight range between to moving averages in the H1 forex chart right, but we´ll take a deeper look at this forex pair in a short while.