FX.co ★ Fundamental Analysis For October 11/2012

After major actions in New York suffered a severe downturn on Wednesday, the Dow Jones index futures recovered positions, as it was said in the minutes from the beginning of the American trading session on Thursday.
Although a rating agency Standard & Poor's cut the Spain’s credit rating to near junk status, country’s markets are stable, as discounting that this could happen.
It has created a strong buzz in the last few hours that Spain will ask for a bailout soon. The Standard & Poor's measure made on the eve could speed up that decision.
The dollar, in this context, falls against major currencies, nevertheless, it moves in relatively narrow price ranges, which also provides good opportunities for placement of short-term positions.
The euro exceeded 1.2930 again momentarily and prepares to seek its next target at 1.3030. The pound, which had been severely weakened in recent days, exceeds 1.60 and takes aim for the rest of the day at 1.6085, but must break with force the area of 1.6050. Now it functions as resistance at its junction with the dollar.
The yen also fell, investors considered that it is risky to take positions in assets. The decline of the yen, along with the strengthening of European currencies, positioned with very bullish trend in the short term pairs EUR/JPY, GBP/JPY among others.
Oil also presents short-term uptrend, pending crude inventories in the United States, which will be released at 10:30 ET.
Meanwhile, stronger data are known; the U.S. trade deficit was in line with expectations, and the Weekly unemployment claims reached their lowest since early 2008. Miracles of electoral processes.
It looks like a good day, then to place against the dollar positions. Fibonacci retracements today will be a great tool to measure price targets of the major pairs, since movements of the last days are in areas of major corrections.