From below USD/JPY is underpinned by a number of closely located supports at 77.20, 77.01, 76.78 and 76.59 creating an extremely strong zone. Consequently, the currency couple is bullish and is headed toward 79.46, just above 200 day ma at 79.39.
The cable is expected to extend its gains up to the levels of 1.5883/88 or even 1.5974, which in turn are likely to resist further advancement. After this rally the bearish momentum is anticipated to gain strength and drag the price down to 1.5330 and to even lower levels at 1.5272 and 1.5072.
Current rally which starter from the support level at 102.44 is considered to be temporary while the currency pair is capped by a strong resistance area located at 104.86/96. Dips should be though limited by support line at 100.77.
After an immense surge EUR/USD has bounced off a downtrend and is now again headed downwards. The initial target for the pair is situated at 1.3145, while en route to 1.20 the price will encounter 1.2860 support as well.
The bullish momentum continues as the US economy posed the largest change in ADR employment, indicating to investors the US economy is steadily getting back in shape. As a result, the market participants' consensus target at 0.9199 was reached.
The pair advanced today on strong US ADR employment change of 206K, bringing confidence to investors the American economy is gaining strength. The market mean at 77.93 has been crossed.
The British pound jumped higher today as the EU leaders agreed on expanding the European Financial Stability Facility (EFSF). This renewed wave of optimism on the markets caused a breach of the market mean at 1.5578.
The market participants' target at 103.83 has been approached as the pair commenced a recovery after the Fed made an announcement all central banks will lower the liquidity swap rates.
The single European currency advanced higher today after the major central European banks announced a cut of their liquidity swap rates, thus the market mean at 1.3338 has been pierced.
Test of a strong resistance situated at 0.9341/99 has triggered a sell off down to 0.9173, though an extension of this move is not expected. Eventually, attempts of USD/CHF are likely to succeed and the pair will finally climb over 0.9341/99.
USD/JPY continues to accelerate its bullish momentum. The next target is located at 78.40 ahead of 79.00. Though at first the initial resistance at 78.05 should be overcome. From below the pair is supported by a strong line at 77.50.
GBP/USD currency couple is currently moving upward, but is expected to struggle at 1.5700. The pair, nevertheless, may rise up to 1.5870. Since the price is rather bullish, supports are less likely to be tested, although in case of dips they will halt the price at 1.5570, 1.5535 or 1.5290.
The Euro - Japanese Yen currency pair is anticipated to trade within a narrow corridor formed by resistance area at 104.75/105.00 from above and 100.77 from below, as support at 103.08 has been recently breached.
From above EUR/USD is capped by an extremely tough resistance level at 1.3440 which is unlikely to be breached soon. In case support area located at 1.3265/50 fails to underpin the pair, dips may extend down to 1.3210, en route to 1.3150.
The bullish momentum American dollar for pair losses steam as investors purchase the Swiss Franc on hope the Swiss National Bank will intervene to change the exchange rate of EUR/CHF to 1.30. The market target mean 0.9232 has been pierced. Daily Resistance: 0.9297; 0.9368; 0.9499. Daily Support: 0.9166; 0.9105; 0.8973. The daily training signals suggest the pair will be trading in
The market participants' target consensus at 77.91 was successfully approached today as the Japanese yen eased on improving retail sales. Daily Resistance: 78.39; 78.70; 79.49. Daily Support: 77.61; 77.14; 76.35. The daily training signals point at a strong bullish trend.
The British national currency advanced higher today as the European leaders are acting to make the Eurozone more integrated, causing the market mean to be breached at 1.5516. Daily Resistance: 1.5575; 1.5652; 1.5787. Daily Support: 1.5439; 1.5381; 1.5246. The daily stance remains bearish.
EUR continues its recovery as the EU leaders are working on new steps to restrain the contagion of financial problems from the core economies and move the Eurozone towards a more financially integrated monetary union. Daily Resistance: 103.24; 103.62; 104.00. Daily Support: 102.48; 102.10; 101.72. The market outlook for the rest of the day stays strongly bearish.
The shared European currency moved higher today versus the American dollar as optimism concerning a closer monetary union in Europe grows among investors, piercing the market mean at 1.3326. Daily Resistance: 1.3384; 1.3454; 1.3580. Daily Support: 1.3258; 1.3202; 1.3076. The daily trading stance remains bearish.
The current rally of EUR/USD is only temporary and is expected to fade once resistances at 1.3418 and 1.3457 are encountered. The weekly outlook is therefore negative with the possibility of the currency pair sliding down to 1.3145, then 1.2860 and ultimately 1.20.
Rallies are anticipated to be capped by tough resistances located at 104.75 and 105.00. From below, the price is supported by levels situated at 102.70/48, 102.44 and 101.95. The overall bias is thus neutral for now.
GBP/USD has confronted a strong downtrend at 1.5535 and is likely to bounce off it toward lower levels. Additional resistance is provided by 1.5991. Dips are expected to extend down to 1.5330 and 1.5272 afterwards.
USD/JPY accelerates its advancement and is moving to 79.46. Slightly higher 80.31 is located which must be overcome to maintain current direction. The initial support is at 76.82/63, followed by subsequent lines at 76.22 and 75.94.
Even though USD/CHF is slowing down while approaching a key resistance area at 0.9341/99, the latter levels should eventually give up. However, in case dips reach 0.9173 and 0.9082, the risk of the price falling even lower increases.