The market mean at 1.5648 was touched today as the Halifax House Price Index pointed at a lower-than-expected data, indicating the UK housing market is still weak.
The common European currency remained under pressure today versus the Japanese yen as the S&P ranking agency put 15 Eurozone on a rating downgrade notice, including Germany, Luxembourg, the Netherlands and France. The market mean at 104.37 was not tested today.
The daily mean at 1.3414 has been pierced as the pair continued its recovery on a sharply improved manufacturing data in Germany, suggesting the main economic engine remains in a good shape.
USD/CHF was able to consolidate at 0.9040 and is expected to gain bullish impetus before attempting to break through 0.9334 once again. Additional support lines are at 0.8950 and 0.8730, while the immediate resistance is at 0.9252.
As long as USD/JPY is supported by 77.65/29 from below, the outlook is positive for the pair. The primary target is situated at 78.80, although 80.23 should be breached in order to maintain growth.
Even though GBP/USD at the moment hovers below 1.5743 the cable is likely to advance to 1.5883/88 and even up to 1.5957. Dips, on the other hand, will be limited by support area at 1.5583/76. The overall bias is neutral.
Euro - Japanese Yen currency pair is testing 104.90 level, although current bullish momentum is expected to fade soon enough, which in turn will trigger a sell of down to the initial support at 102.70/48. Key resistance is at 106.80.
EUR/USD is currently headed toward 1.3363. After this level is penetrated, 1.3259 will become a next target. In the long-term the pair is aiming for 1.20. Rallies are expected to be capped by 1.3550 and 1.3608/15.
USD/CHF is trading in a flat trend as the US m/m factory orders released at -0.4% and ISM Non-Manufacturing PMI at 52.0, which are less than expected. Thus, the market mean (0.9190) remained untapped today.
The American dollar advanced today as investors sold safe-haven yens against USD on hopes the EU debt crisis solution will be revealed this week. As a result, the market participants' target at 77.91 has been pierced.
The British pound continued its recovery after the release of Price Manufacturing Index (PMI) at 52.1 – more than expected, leaving the market mean at 1.5622 intact today.
The single European currency inched higher today as investors are optimistic regarding the potential EU debt crisis solution, causing the market participants' mean at 104.69 to breach.
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.