Any action by the Fed will indicate a very worrying situation among banks, probably on the other side of the Atlantic, but the chances are small. The only hope for action comes from the fact that policy changes were made when there was no accompanying press conference, as it is now. FOMC Preview.

EUR/USD went as high as as 1.4480 – an important resistance line, and then fell back down to the low 1.44s. Since December 16th, the pair ranged between the support line of 1.42 to the resistance region of 1.4444.

The dollar’s weakness on Monday wasn’t enough for major breakouts. Possible breakouts were probably stopped after ISM Manufacturing PMI rose more than expected in the US. I was interviewed on Forex TV and spoke about this release, as well as upcoming events later on this week.

In Switzerland, the UBS Consumption Indicator is predicted to edge higher from last month’s 0.87 points. USD/CHF seems stable at the moment.

Also the rising Pending Home Sales in the US help the Euro, as the feeling of world recovery makes the “safe haven” dollar unnecessary. American Pending Home Sales rose by 3.7%, much better the 0.4% fall that was predicted.

Arabic version of this post

The Euro finally broke out of the range but returned to it when the Dubai crisis broke out. EUR/USD awaits a rate decision and 10 other events that will shape its direction in the upcoming week. Here’s an outlook for the upcoming week in Euroland, and an updated EUR/USD technical analysis.

The greenback’s strength hit hard on the British Pound last week. The Pound faces the second version of the Q3 GDP which isn’t expected to change dramatically, among other events. Here’s an outlook for the upcoming week in Britain and an updated technical analysis for GBP/USD.

EUR/USD showed us what range trading is in the past week, moved also by Jean-Claude Trichet. He will speak again in the upcoming week, and there are plenty of other events in the Euroland. Here’s an outlook for the upcoming events that will impact the Euro, and an updated technical analysis for EUR/USD.

The Aussie and the kiwi already left the trading ranges that they were in, in the past two weeks. Will other pairs follow? Watch out for false breaks during Thursday and Friday, as the light trading on Thanksgiving may cause strange moves in the markets, similar to the vacation days in summer. Let’s see what’s awaiting us on the busy days at the beginning of the week: