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.
The American dollar edged slightly higher today versus the Japanese yen on the S&P announcement to cut ratings of 15 Eurozone members, thus the market participants' consensus at 77.85 was not hit today.
The market mean at 1.5648 was touched today as the Halifax House Price Index pointed at a lower-than-expected data, indicating the UK housing market is still weak.
The common European currency remained under pressure today versus the Japanese yen as the S&P ranking agency put 15 Eurozone on a rating downgrade notice, including Germany, Luxembourg, the Netherlands and France. The market mean at 104.37 was not tested today.
The daily mean at 1.3414 has been pierced as the pair continued its recovery on a sharply improved manufacturing data in Germany, suggesting the main economic engine remains in a good shape.
USD/CHF was able to consolidate at 0.9040 and is expected to gain bullish impetus before attempting to break through 0.9334 once again. Additional support lines are at 0.8950 and 0.8730, while the immediate resistance is at 0.9252.
As long as USD/JPY is supported by 77.65/29 from below, the outlook is positive for the pair. The primary target is situated at 78.80, although 80.23 should be breached in order to maintain growth.
Even though GBP/USD at the moment hovers below 1.5743 the cable is likely to advance to 1.5883/88 and even up to 1.5957. Dips, on the other hand, will be limited by support area at 1.5583/76. The overall bias is neutral.
Euro - Japanese Yen currency pair is testing 104.90 level, although current bullish momentum is expected to fade soon enough, which in turn will trigger a sell of down to the initial support at 102.70/48. Key resistance is at 106.80.
EUR/USD is currently headed toward 1.3363. After this level is penetrated, 1.3259 will become a next target. In the long-term the pair is aiming for 1.20. Rallies are expected to be capped by 1.3550 and 1.3608/15.
USD/CHF is trading in a flat trend as the US m/m factory orders released at -0.4% and ISM Non-Manufacturing PMI at 52.0, which are less than expected. Thus, the market mean (0.9190) remained untapped today.
The American dollar advanced today as investors sold safe-haven yens against USD on hopes the EU debt crisis solution will be revealed this week. As a result, the market participants' target at 77.91 has been pierced.