The market mean at 1.3427 was successfully pierced today on fresh hopes the EU debt crisis will be resolved in the near term as the German Chancellor Angela Merkel and the French president Nicola Sarkozy met today to discuss the possible solutions to the financial turmoil in Europe.
After a strong resistance at 0.9341/99 has repelled the attack of the currency pair, the outlook is temporary negative for USD/CHF. Nonetheless, dips should be limited by supports located at 0.9040, 0.9015 and 0.8950.
While being supported by a tough uptrend USD/JPY is anticipated to carry on climbing up after bouncing off 77.17/05. The pair is currently headed toward 79.36, although it must first encounter and overcome resistances at 78.27, 78.56 and 79.10.
Resistance at 1.5743, being 55 day ma, has managed to halt upward movement of GBP/USD. Nevertheless, the currency couple is likely to recommence advancing in the near-term. The initial target is set at 1.5883/88, while the secondary is at 1.5956.
The bullish momentum of the pair is vanishing and is likely to fade completely as soon as the currency pair reaches a resistance at 106.00/80. The initial support is at 102.70/48, followed by subsequent levels at 102.44 and 101.95.
EUR/USD is expected to extend its current rally up to a resistance located at 1.3608/15, in extreme case the price might rise up to an area of 1.3835/60. Major support is situated at 1.3210, which guards 1.3145.
The pair continued moving upwards as the US economic recovery is apparently getting faster pace, hence the market mean at 0.9143 has been successfully pierced.
USD/JPY continued its gradual rally after the US unemployment rate declined to 8.6%, indicating the US macroeconomic conditions are improving. The market participants' target at 77.67 remained untapped today.
The market mean at 1.5692 was approached today as GBP rose higher today as the construction PMI was released at a higher rate than expected, suggesting that the economic recovery is becoming stronger.
While investors remain bullish on the pair on hopes that the EU top officials will agree to make closer financial integration in the Eurozone, EUR/USD continued its rally, leaving the market mean at 104.61 untapped.
The shared European currency attempts to move higher as the EU leaders might soon reach a common debt crisis solution, making investors positive over the EU economic prospects. As a result, the market mean at 1.3465 has been breached.
USD/CHF has just violated support at 0.9170 which implies an increasing chance of the pair dropping down to 0.8950. Additional support is situated at 0.8730/0.8683, being 200 day ma. The initial resistance is at 0.9252, followed by 0.9331.
Since supports at 77.18/03 and 76.76/57 are unlikely to let USD/JPY to tumble, there is a great chance of the currency pair going as high as 79.46. In case the bullish momentum does not vanish then and 80.31 is overcome, further advancement is possible.
After a short stop at 1.5747, 55 day ma, the cable is likely to continue progressing up to 1.5883/88, although a strong resistance at 1.5965 may halt further advancement. From below the pair is supported by levels located at 1.5645 and 1.5500.
For now EUR/JPY is advancing and is anticipated to effortlessly pierce though 104.93, 55 day ma. Should the price climb above 105.10, the currently rally may continue until 106.80/107.00 is reached. Dips should be limited by supports at 102.70/48 and 101.95.
EUR/USD is expected to extend its correction up to 1.3608/15. Should the rally come through the latter level, the next tough resistance is at 1.3835/60. Longer term outlook remains negative with the focus on support located at 1.3209.
The market participants' target at 0.9144 has been touched as the US economy posted more-than-expected construction spending and ISM Manufacturing PMI, suggesting the American economic recovery is gaining pace.
The market participants' mean at 77.66 has been broken through as more investors purchased the American dollar versus Japanese yen on higher-than-forecast ISM Manufacturing PMI at 52.7, indicating the US economy is improving.
The British pound edged over the American dollar today as the Manufacturing PMI rose more-than expected, suggesting the UK economy is returning to a good shape, breaching the market mean at 1.5680.
The market participants' target at 104.20 was pierced today as the pair continued its rally after the markets got assured the European debt crisis will be resolved.
The common European currency moved higher today as investors turned positive on hopes that the EU leaders take bold actions to tackle the debt crisis. Thus, the market mean at 1.3422 has been breached.
Support at 0.9173 has been breached. This implies continuation of current pair's weakness down to 0.8950 and 0.8730/0.8654. Nevertheless, subsequent support at 0.8555/50 is very unlikely to give up should the dips extend lower.
From below USD/JPY is underpinned by a number of closely located supports at 77.20, 77.01, 76.78 and 76.59 creating an extremely strong zone. Consequently, the currency couple is bullish and is headed toward 79.46, just above 200 day ma at 79.39.
The cable is expected to extend its gains up to the levels of 1.5883/88 or even 1.5974, which in turn are likely to resist further advancement. After this rally the bearish momentum is anticipated to gain strength and drag the price down to 1.5330 and to even lower levels at 1.5272 and 1.5072.