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FOREX (FOReign EXchange market) is an international foreign exchange market, where money is sold and bought freely. In its present condition FOREX was launched in the 1970s, when free exchange rates were introduced, and only the participants of the market determine the price of one currency against the other proceeding from supply and demand.

As far as the freedom from any external control and free competition are concerned, FOREX is a perfect market. It is also the biggest liquid financial market. According to various assessments, money masses in the market constitute from 1 to 1.5 trillion US dollars a day. (It is impossible to determine an absolutely exact number because trading is not centralized on an exchange.) Transactions are conducted all over the world via telecommunications 24 hours a day from 00:00 GMT on Monday to 10:00 pm GMT on Friday. Practically in every time zone (that is, in Frankfurt-on-Main, London, New York, Tokyo, Hong Kong, etc.) there are dealers who will quote currencies.
  
 
Technical Analysis Reports (UPDATED)
  • Weekly Review and Outlook - EUR/USD Pullback on Trichet, Fedspeaks ahead
    Action Insight Weekly Review and Outlook EUR/USD Pullback on Trichet, Fedspeaks ahead Dollar staged a strong rebound last week, helped by ECB Trichet downplaying the chance of another rate hike from ECB after raising rates by 25bps to 4.25% on Thursday. But the biggest winner was indeed the Aussie which...
  • USDCHF rebounded from 1.0111
    Being contained by the support of the price channel, USDCHF rebounded from 1.0111. The pair might be forming a cycle bottom on daily chart. Further rise to test 1.0539 previous high resistance is still possible in next several days, a break of this level will confirm the cycle bottom and...
  • Gold Cools After Hitting Target
    Gold has hit our target of 940.29, and has since cooled a bit to 931.70.  Now support is waiting at 928.06, 922.25, 917.58, and 908.25.  If price manages to break above 940.29, then the next targets are currently waiting at 960.10, then 992.14.
  • Is there a top in place on the EUR/USD? What of the AUD/USD
    EUR/USD As one of my mentors ?Zoltan Vass? would say; Believe what you see! Once again we have seen another volatile reaction after important economic news. And this was the strongest reaction so far. It is also important to note (as Zoltan pointed out to me) that this reaction is...
  • Europe Session Performance
  • We have reached the end of a varied and volatile FX week
    Good morning from wonderful Hamburg and welcome to the Varengold Daily FX Report. We have reached the end of a varied and volatile FX week. The ECB rate decision and the job data had intensive influence on the market. However, we expect calm Friday, because US markets will be closed...
  • FX Thoughts for the Day
    EURO, JAP YEN and EURO-YEN --------------------------- Read our current comments and trade recommendations on EUR-USD, USD-JPY and EUR-JPY by registering at http://www.kshitij.com/fxthoughts/fxthoughts.shtml#register Our comments on Dollar-Swiss, Sterling Pound and Australian Dollar are given below --------------------- The US is closed today celebrating their Independence Day . The market currently has minimal...
  • Today's Technical Trading Points


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