Failure to overcome 1.3184 indicates an end of the upward correction. At the moment EUR/USD is targeting 1.2860, while the long-term goal remains at 1.2089. Rallies should be limited by supports at 1.3145, 1.3184 and by 1.3212.
The pair continued moving upwards as the US economy posted the lowest jobless claims - 381,000 versus Bloomberg analysts' estimate 395,000 – indicating the jobs market in the US is improving. Thus, this has led to a breach of the forecast mean at 0.9246.
The pair continues trading within the 77-78.00 price corridor as the Japanese economic recovery remains fragile, though the forecast mean at 77.69 was hit today.
GBP/USD commenced the upward rally after the Bank of England kept its benchmark rate at the same level (0.50%) as the recovery remains weak. The daily forecast consensus at 1.5685 was breached today.
The Euro pierced the market participants' forecast at 104.16 against the Yen though it went lower as investors acquired yens on the EU debt concern.
The shared European currency advanced today as the pair continued its recovery after the ECB cut the benchmark rate at 1.00% and agreed to provide unlimited cash to banks for 3 years. As a result the traders' forecast mean at 1.3406 has been breached.
The American Dollar - Swiss Franc currency pair has penetrated an uptrend and is now heading toward 0.9176/74 after which it might aim for 0.9092 (55 day ma). The immediate resistance is at 0.9331/17, followed by 0.9400 and 0.9548/49.
The currency couple's bullish movement came to a halt once it approached 78.06/47, since tough resistances at 79.05 (200 day ma) and at 80.00 (55 week ma) lie ahead. Intraday dips should be limited by supports located at 77.29, 77.32/14 and 77.12.
GBP/USD's bullish impetus is to stay for a while. The pair is thus expected to surge up to 1.5748 (55 day ma) or even 1.5852. The bias will turn negative only provided that a key support situated at 1.5426 is violated.
As long as resistances at 102.49, 102.55 and 104.72 are not breached EUR/JPY is not anticipated to show a sustained bullish momentum. Therefore the initial target stays at 100.77, while a level of 99.92 should be approached next.
EUR/USD is currently recovering after encountering 1.2860, though this rally is unlikely to extend above 1.3210 and 1.3250/1.3442. In the long-term the pair is expected to pierce through 1.2860 and reach 1.2089.
USD/CHF currency couple is making a near-term correction lower which is not expected to step below 0.9319. Following a rebound from this support the price is anticipated to recommence its move up to 0.9776/84 and 0.9950.
USD/JPY is currently attempting to break through 78.10/47, though advancement of the pair will be also impeded by 200 day ma at 79.06 and 55 week ma at 80.00. Nonetheless, the long-term bias is positive.
Since the Cable is supported by a tough zone at 1.5443/23 and a level of 1.5347, the current recovery is likely to extend higher, though resistances at 1.5562, 1.5745 and 1.5780 will hamper its further movement.
The Euro - Japanese Yen currency pair keeps its bearish momentum for now while trading below a key resistance situated at 102.79. The initial target lies at 100.77, while subsequent level is at 99.92.
At the moment EUR/USD is underpinned by 1.2860, which will be breached in the short-term and pave the way for 200 month ma at 1.2089 to be reached. Rallies are expected to be capped by resistances located at 1.3145 and 1.3212.
The daily market forecast mean at 0.9369 has been hit as investors moved to the safer US assets as investors are concerned about the EU economic prospects.
USD advanced today as investors sold safe-haven yens against USD as investors flee to the US T-bills on the EU debt fears, thus the daily forecast at 77.78 remained untapped today.
The British pound pared its last week losses after Chancellor George Osborne stated the UK will introduce the ICB Bank reforms to enhance the banking sector in the country. As a result, the daily forecast mean has been breached at 1.5532.
The shared European currency recovered after the Japanese government announced to trim 2012/13 national budget, thus EUR/JPY has hit the daily forecast consensus at 101.43.
The daily forecast at 1.3038 has been pierced from the upside after Fitch put the negative outlook to the French credit rating.
Following a contraction which should be halted by 0.9300 USD/CHF is likely to carry on moving upwards while encountering resistances at 0.9548 and 0.9572, as the long-term target is situated at 0.9776/84.
USD/JPY is facing a number of strong resistances located above, but nevertheless is expected to surge while breaking through 78.14/47, 79.08 and 80.00. Dips are to be limited by supports at 77.29, 77.27/13 and 76.22.
The pair has successfully bounced off 1.5443/20 and is currently recovering, although resistances situated at 1.5562 and 1.5744 might impede its further advancement. The weekly outlook thus remains neutral.