The currency pair is unlikely to overcome 106.00 resistance line in the nearest future, on the contrary it has a better chance declining after being unable to breach 104.92 level. The initial support is at 102.99, followed by 102.70/48 and 102.44.
While being capped by tough resistances at 1.3460/87 and 1.3600/15, EUR/USD is likely to show further weakness and slide down to 1.3220/18. Should this support be broken, subsequent levels at 1.3145 and 1.2860 may be reached.
USD/CHF advanced upwards today as University of Michigan Preliminary Consumer Sentiment was larger than expected, crossing the market mean at 0.9247.
The American dollar moved higher today against the yen, leaving the forecast mean at 77.55 intact, after the preliminary Consumer Sentiment has been released at 67.7, more than expected, indicating the US economic recovery is getting stronger.
The British pound continued its bearish trend after the m/m Production Price Index was released at 0.1% - less than expected, pointing at a slowing pace of the UK economic recovery. The daily target at 1.5656 has been hit.
The shared European currency jumped today, breaching the market participants' consensus target at 103.60 on hopes that the latest EU measures will resolve the debt crisis.
The forecast mean at 1.3356 has been pierced after the EU leaders agreed on budget rigor and forming a tighter financial union, causing the euro edge higher over its American counterpart.
From above the pair is capped by tough resistances situated at 0.9331, 0.9341 and 0.9370. Alternatively, from below it is supported by levels at 0.9176, 0.9040 and 0.8950. Therefore for now USD/CHF is likely to continue trading sideways.
The American Dollar - Japanese Yen currency pair has bounced off 77.12/14 yet again, confirming its topicality. The outlook remains bullish, with the possibility for USD/JPY coming as high as 78.80, or even 80.23.
Resistance line located at 1.5748 has successfully repelled the attack and has sent GBP/USD down to 1.5560. Subsequent supports are at 1.5500 and 1.5397. Nevertheless, this weakness is temporary and 1.5883/88 should be reached soon.
EUR/JPY is bearish at the moment, since it has failed to climb over 104.81, which is 55 day ma. Additional resistance is provided by the level of 106.00. Supports, on the other hand, are likely to be encountered at 102.94, 102.44 and 100.77.
Resistance zones situated at 1.3460/87 and 1.3600/15 should be able to halt rallies, while the focus is on the downside. Initial target for EUR/USD lies at 1.3218/12, the break which will pave the way for 1.2860 being reached.
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 sa me 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.
USD/CHF currency couple is restricted in movement by a strong resistance area from above at 0.9341/99 and by support from below at 0.9040. Additional support is provided by lines at 0.8950 and 0.8730.
Supports at 77.43 and 77.12, which is 55 and 100 day ma, create a decent base for USD/JPY currency pair to commence rising in the nearest future. Nevertheless, resistances at 78.27, 78.42 and 79.10 should by overcome to maintain upward direction.
GBP/USD is gaining bullish momentum, implying the possibility of surging up to 1.5743 in the short-term. Should this level be penetrated, subsequent resistances at 1.5883/88 and 1.5930 may be reached. Initial support is at 1.5660, followed by 1.5500.
Resistances situated at 104.89, 106.00 and 106.80 keep the pair from advancing further. Therefore bullish impetus of EUR/JPY weakens with each day, allowing for a dip down to 102.44 or even 100.77.
While being capped by a number of tough resistances at 1.3608/15 and 1.3835/60 EUR/USD currency pair is likely to continue sliding down. The primary target is at 1.3215, which is anticipated to withstand initial test.
The pair continued moving upwards as the US economic recovery is apparently getting faster pace, hence the market mean at 0.9251 has been successfully pierced.
USD/JPY returned to the 77-78.00 price after the Japanese Leading Economic Indicators were released at 91.5% - lower-than-expected – suggesting that the economic recovery is weak in Japan. As a result the market participants' target at 77.73 has been hit.