The single European currency erased earlier weekly gains and breached the daily forecast mean at 1.3409 as the CB consumerc confidence index rose in the US (70.8 act./63.1 est.).
After climbing as high as 109.51/58 (55 week ma) EUR/JPY has stalled. Nonetheless, the bullish bias persists and is expected to fade only between 110.18 and 111.57. Supports may be found at 107.05, 106.78 and at 106.02.
USD/CHF is likely to continue on sliding down. In case 0.8940 is breached, support at 0.8788/72 may fall the next victim, giving the possibility of a dip down to 0.8568. From above the pair is capped by resistances at 0.9066 and 0.9088.
In the short-term EUR/USD currency couple is expected to continue ascending. Above 1.3480 the pair should aim for 1.3550, while 1.3628 is likely to prove to be impenetrable. Dips are to be contained by 1.3322 and 1.3293.
Encounter with a resistance at 81.49/63 resulted in a pullback of the pair. Despite this near-term weakness, upside momentum is expected to drive USD/JPY higher, up to 83.80. Supports lie at 80.00, 79.57/55 and 78.29/23.
Even though a zone at 1.5898/1.5927 is formed by a number of resistances, including 200 day ma, it is likely to be breached, as it poses no threat to the current bullish impetus. Intraday losses should be limited by supports situated at 1.5694 and 1.5650/43.
The pair still maintains its bearish momentum as investors acquired Swiss Francs on improving macroeconomic conditions in Europe.
Daily maximum: 81.48Daily minimum: 80.13USD/JPY advanced today on an increase in US monthly pending home sales, hitting the daily forecast mean at 80.89. Daily Resistance: 79.77; 81.62; 82.42. Daily Support: 80.34; 79.97; 75.51. Daily Bias: Strongly bullish.
The British pound inched lower today, breaching the 1.5843 mark today, as the US monthly pending home sales improved more than expected (2.0% act./1.1% est.).
The common European currency started the second week in a row with a rally, breaching the market participants' mean (108.65), as investors await successful vote in Germany on the second Greek package approval.
The pair touched the daily forecast mean (1.3436) today as annual change in M3 money supply has beaten analysts' estimate (2.5% act./1.8% est.).
USD/CHF has already slid to 0.8960 and is likely to maintain its southward direction. Initially it is expected to tumble down to 0.8788/71 (200 day ma) and eventually down to 0.8568. Rallies are capped by a resistance line at 0.9066/88.
In the nearest future USD/JPY may struggle at 81.49/63, however, in the long-term the pair is anticipated to continue advancing towards 83.80. Dips in the meantime should be limited by supports located at 80.00 and 79.57/55.
The Cable is now facing a strong resistance area 1.5879/1.5927. It is formed by a number of February highs and 200 day ma. Above it the pair may encounter 1.6000 and 1.6092/1.6129. Supports are located at 1.5842 and 1.5650.
Beyond 109.53 (55 week ma) lie resistances 110.18 and 111.57, which should cap the currency couple and halt bullish momentum. From below EUR/JPY is underpinned by 107.09, 106.78 and by 106.02.
Even though at present EUR/USD is aiming for 1.3550, the pair is expected to lose its bullishness along the way to 1.3628, as the long-term outlook remains bearish. Supports are situated at 1.3436, 1.3322 and at 1.3199.
USD/CHF added to losses today as investors acquired Swiss Francs on improving macroeconomic conditions in the USA.
The American dollar edged higher today against the Japanese yen as US new home sales exceeded analysts' estimates (321K act./316K est.).
The British pound continued its rally today as investors perceived Europe's 3-loan program seems to be reviving the EU economy.
The single European currency advanced today versus the Japanese yen on weak annual change of Japan's CSPI (-0.2% act./0.1% est.).
EUR/USD advanced today as the EU banks may tap ECB for $629B cash next week, stimulating Europe's bond market.
USD/CHF has closed below 0.9080/66 and may decline further, down to 0.8960 or even 0.8788/69 (200 day ma), as the bearish momentum seems rather strong. Resistances are now placed at 0.9220, 0.9300/07 and 0.9317/31.
Both near-term and long-term outlooks are bullish for USD/JPY. Levels at 80.17/79.97 and 79.85 provide sufficient support for the pair to challenge 80.41. After overcoming the latter level, the pair should target 82.80 next.
Presently rally of the Cable, which commenced at 1.5645, is expected to prove to be short-lived. It is unlikely to extend above a formidable resistance area situated at 1.5765/1.5815. Additional supports are at 1.5617 and at 1.5580.