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.
The British pound went lower today versus the American dollar after the UK economy posted less-than-expected Manufacturing and Industrial product at -0.7% and -0.3% versus 0.1% and 0.0% respectively. Thus, the daily target at 1.5605 has been pierced.
EUR/JPY inched higher today on renewed hopes among investors the EU debt crisis solution will be elaborated during the Eurozone summit this Friday, causing the market mean at 104.07 to breach.
The shared European currency moved higher as the German and French top officials pledged to come up with a permanent EU debt crisis solution. As a result the market mean at 1.3390 has been breached.
Support at 0.9040 has managed to halt fall of USD/CHF after encountered a strong resistance area at 0.9341/99. Therefore the bias will remain neutral before the pair gains bullish momentum and challenges 0.9341/99 once again.
While being supported by 77.43, 77.29 and 77.14/09 USD/JPY is perceived as a fairly bullish currency couple. The primary target lies at 78.80, followed by 79.29, 200 day ma, and 80.23. The latter line will be particularly hard to penetrate, consequently, the price is likely to consolidate there.
For as long as 55 day ma at 1.5740 is not breached, 1.5883/88 will be safe. GBP/USD is more likely to descend to 1.5500 now, although a deeper drop is not expected, since 1.5397 guards lower levels - 1.5347 and 1.5330.
Current upward movement is considered to be temporary and is expected to fade away soon. Resistances at 104.88 and 106.00 should be able to negate this weak bullish impetus and send EUR/JPY down to 102.44 and 100.77.
From above EUR/USD currency pair is capped by a resistance area located at 1.3608/15. Even higher a key zone is situated - 1.3835/60 which is unlikely to be breached. The focus is on a support at 1.3214 where the pair is currently headed.
USD/CHF moved higher today as investors sold Swiss francs against the dollar after the S&P put 15 Eurozone countries on rating downgrade notice. Thus, the market mean at 0.9202 remained untapped today.