The shared European currency moved lower after bond yields of the core European economies, including Belgium, Germany and France, rose sharply as investors are removing investments from the region on fresh global economic concerns. These factors made the pair cross the market mean at 1.3512. The next pivot levels which might be tested till the rest of the trading day are resistance levels at 1.3567, 1.3617 and
The market participants' mean target at 103.98 has been breached as the pair commenced a bearish reversal as the Japanese Yen is dominating within the pair on intensifying hopes the regions' financial conditions are getting worse. Investors should take into consideration the resistance levels at 104.36, 104.67 and 105.30 and the third support line at 102.78. The daily market outlook remains neutral.
The market participants' mean target at 103.98 has been breached as the pair commenced a bearish reversal as the Japanese Yen is dominating within the pair on intensifying hopes the regions' financial conditions are getting worse. Investors should take into consideration the resistance levels at 104.36, 104.67 and 105.30 and the third support line at 102.78. The daily market outlook remains neutral.
The American dollar moved higher today as strong US macroeconomic data pushed the pair higher, suggesting the world largest economy is regaining strength, breaching the daily market mean at 77.02. A breach of resistance 1 at 77.25 exposes the last resistance lines at 77.54 and 78.03 whereas the support levels at 76.76, 76.55 and 76.05 might be tested if the bearish trend commences. The daily outlook is
The pair inched lower today as investors turn to the American dollar as safe-haven currency on strong US macroeconomic data release today. Resistance 2 (0.9220) and 3 (0.9299) might be tested next whereas all support (0.9098; 0.9063; 0.8984) levels remained intact today. The daily market bias is neutral.
USD/CHF is anticipated to rise, as currently it is being underpinned by a rather tough support located at 0.9068. The primary target for the pair lies at 0.9317, followed by 0.9341/99, which is likely to hold the initial test.
"The yen may rally through 70 per dollar next year as global financial stability in the second half damps investor appetite for the greenback"- JPMorgan Chase & Co (based on Bloomberg)Industry outlookCurrent weakness of the pair is temporary and soon USD/JPY is expected to commence advancing. To affirm its bullish momentum the pair will have to climb over 77.21 and
While resistances at 1.5785, 1.5872 and 1.5888/90 prevent the pair from moving upwards, the outlook is bearish, with the possibility of GBP/USD plummeting down through 1.5463 and 1.5272 to 1.5050.
As long as the currency couple is capped by resistances at 104.75, 105.32 and 106.60/78, the price is likely to carry on moving sideways. In case a support level at 103.08 is breached, the dip then might extend down to 100.77.
The initial resistance is situated at 1.3562, followed by higher level at 1.3616. Even if the pair manages to overcome these lines, the outlook will nevertheless remain bearish, as a key resistance area is at 1.4250/85.
Despite the fact that the most part of the day the currency couple has been trading above pivot point at 1.3484, being a bullish sign, EUR/USD was not able to penetrate resistance located at 1.3554/68 today. This signifies continuation of the downtrend and the current outlook therefore remains bearish. At the moment the price for 1 unit of the European currency is 1.3521 American Dollars.
It seems that the pair is forming an ascending triangle on a 1-hour chart and the market participants are waiting for further turn of events in the Euro Zone. The initial resistance is quite tough, as it is being formed by one of the pivot point levels (R1) and several highs of preceding days. Nevertheless, the pair is rather calm at the moment and overall
S1 at 1.5567 has successfully repelled price's attack and has sent it up to 1.5681. The present rally is though unlikely to climb over the latter level, which is reinforced by 55-hour exponential moving average. Since most of indicators are neutral or mutually exclusive, it is expected to continue trading sideways and no extensive movements are thus foreseen in the nearest future.
After USD/JPY has been unexpectedly active on Tuesday and has spiked up to 77.33 in the early morning, the market has cooled off and the pair gradually slid down to 76.83. In the afternoon USD/JPY has yet again made an attempt to break through a downtrend, though this second endeavour was unsuccessful as well, as bullish impetus was not supported by the main part of
Following a dip down to 0.9107, being a second daily support level the currency pair has bounced off it and surged. However, this effect was only temporary and did not last for long, as the rally was halted by 20-hour exponential moving average which is just above the current price at the moment. Anyhow, the long-term bias stays bullish and recent failures are likely to
At the moment the European currency is rallying, but is expected to be halted by resistances at 1.3616 and 1.3635. These levels are likely to trigger a sell off down to 1.3270 and 1.3145 in the long-term, after EUR/USD breaches the immediate support at 1.3424.
The pair's bias remains more or less neutral as it is being traded in a tight corridor between a support at 103.40 and a resistance located at 106.45. The latter level is anticipated to provoke failure in case of advancement and send the pair down to 100.74.
The British Pound - American Dollar currency pair has already pierced through a support at 1.5720 and almost reached a target at 1.5632. Today the price should find support at 1.5613 and consolidate there for now.
USD/JPY is currently directionless and is not expected to move in particular direction on Tuesday, as price's maneuvers should be limited by support at 76.58 and resistances situated at 77.29/32 and 78.07.
Trading indicators show a strong sell signal for USD/CHF, even though dips will encounter tough supports at 0.9015 and 0.8555/20 that should hold the pressure. Nevertheless the outlook remains positive with aims set at 0.9237, 0.9317 and eventually 0.9341.
The American dollar remains in favour versus the Swiss Franc as investors continue buying the pair on dips; hence the market participants' consensus at 0.9163 remained intact today.
USD/JPY inched lower today as worries intensified over the European financial turmoil, causing investors to purchase the Japanese yen against the American dollar.
The British pound commenced moving downwards on new worries over the European Debt crisis amidst the UK economy shows no signs of a sustainable recovery. As a result, the market mean at 1.5806 remained untapped today.
The pair was hammered today as worries over the EU debt crisis intensify and investors turn to safe-havens instead, making the Japanese Yen appreciating versus the American dollar and crossing the daily market mean at 103.98.