USD/CHF has penetrated the initial support at 0.9450 and is now moving in the direction of 0.9383 with the possibility of dropping as low as 0.9337/17. However, the latter level should be enough to withstand the downward pressure.
USD/JPY is crawling upwards, although its advancement may be hampered by resistances located at 77.89, 78.63 (200 day ma), 79.67 (55 week ma) and 80.00. Dips should be halted by supports at 76.60 and 76.22.
GBP/USD has managed to stabilise ahead of 1.5272, although a sustained rally is unlikely, since 55 day ma situated at 1.5673 presently caps the pair from above, while subsequent level is at 1.5704.
Even though the current rally may extend up to 1.2933, the long-term outlook remains negative for the pair. As soon as bullish momentum weakens near one of the resistances, EUR/USD will dip down 1.2530/88 while en route to 1.2083.
The market forecast mean for Thursday (0.9534) was successfully hit after the US business inventories declined (0.3% act./0.4% est.), suggesting the US economic recovery is gaining pace.
The Japanese yen appreciated today against the American dollar and pierced the market participants' target at 76.89 as the Economy Watchers Sentiment improved (47.0 act./46.3 est.).
The British pound continued its bearish trend after touching the daily market mean at 1.5360 as Manufacturing Production m/m (-0.2% act./0.0% est.) disappointed investors.
The common European currency inched lower today as the Japanese economy showed a more than expected Current Account surplus (0.48T act./0.52T est.).
EUR/USD pierced the daily forecast mean at 1.2715 and went higher on more-than expected Italian Industrial Month-on-Month Production (0.3% act./-0.2% est.) and French CPI M/M (0.4% act./02.% est.).
The daily market forecast mean at 0.9490 has been pierced as the pair recovered on more than expected inventories, paring early weekly losses.
The Japanese yen strengthened today as the EU debt woes continue to worry investors. The daily forecast mean at 76.95 has been approached.
The bearish mood took over the British national currency today against the American dollar after the UK balance shrank more than expected (-8.6B/-83B est.); the daily target at 1.5478 was breached today.
The single European commenced a decline today versus the Japanese on downward revise of the final GDP (0.1% vs. 0.2% estimate), causing the daily market participants' target (98.19) to be pierced.
EUR/USD pierced the daily forecast mean at 1.2777 and moved lower on announcement that the EU parliament objected the recent EU financial treaty.
In case a key support at 0.9450 continues to repel USD/CHF, the currency couple will be perceived as bullish in the long run. While being en route toward 0.9775/84 the pair will encounter resistances at 0.9572 and 0.9595.
Being that the currency pair's movement is limited by strong levels from above and below, current bias is neutral. Resistances are at 77.43/47, 77.83 and 78.23, while dips will be halted at 76.60, 76.20 and 75.94.
After testing a strong support level situated at 1.5363/47, the Cable is likely to bounce off it and advance. Nonetheless, the rally is unlikely to penetrate through both resistances at 1.5698 (55 day ma) and 1.5721.
EUR/JPY currency pair should be capped for now by resistances located at 98.45, 99.45 and 100.77. Supports, however, may be found at 97.82, 97.28 and 96.15. Within the next three months the price is expected to drop down to 95.00/94.92.
Succeeding a recovery up to 1.2820/60 or 1.2974, the pair should recommence falling. The mid-term bearish outlook is thus likely to remain until 1.2530/88 is reached. Longer term target lies even lower, at 1.2083 (200 month ma).
The 0.9517 mark remained intact today and the pair crossed the 0.9500 level after the resignation of the SNB chairman.
USD/JPY remained flat today, piercing the market mean at 76.86 despite the emptying wholesale inventories in the US.
The British national currency continued yesterday's rally as annual BRC Retail Sales Monitor rose 2.2% comparing to '10 decline (-1.6%), touching the daily target at 1.5547.
The Euro added to gains on Tuesday, leaving the daily market participants' target at 97.92 intact as EU leaders agreed to come up with the EU Financial pact till January 30.
EUR/USD recovered after touching the daily forecast mean at 1.2747 after French Industrial M/M Production rose more than expected 1.1% vs. estimate 0.1%).