After being rejected at 83.40, the currency pair is currently pulling back to 81.08. In case the latter level does not provide sufficient support, downward move may extend to 80.11. The nearest resistance, on the other hand, is at 82.20/40.
Despite a rally of the Cable up to 1.6067, bullish impetus seems to be unable to push the price any higher. For now the pair should stay above 1.5930, breakout of which would allow for a dip to 1.5741 occur.
Following an unsuccessful attempt to break through 111.57, EUR/JPY is now in the process of a temporary bearish correction, which may last until 107.37 is reached. The initial support and resistance levels are at 108.49 and 109.95, respectively.
USD/CHF traded within the 0.9000-0.9100 price range as the ISM Manufacturing PMI revealed a mild increase.
The American dollar pierce the 83.00 level today after the ISM Manufacturing PMI advanced more than expected, showing the industrial expansion (53.4 act./53.3 est.).
The British pound jumped higher today against the greenback as the pair as the UK Manufacturing PMI indicated an improvement in the property market (52.1 act./50.6 est.).
The shared European currency slipped lower versus the American dollar today as the Eurozone unemployment rate inched higher, beating analysts' expectations (10.8% act./10.7% est.).
EUR/JPY plummeted today as the Italian monthly and quarterly unemployment rates intensified (9.3% and 8.8% versus 9.1% and 8.8%).
USD/CHF has violated a support at 0.9027/16 and may continue to trade lower. In order to negate bearish pressure the pair will have to close above 0.9066, then it would increase the possibility of the price surging beyond 0.9162 (20 day ma).
After bouncing off 81.83, USD/JPY is now well-placed to retest 83.40, above which the pair will aim for 85.53 and 86.80. In the meantime, levels situated at 82.73, 81.97 and 81.83 are expected to provide sufficient support.
GBP/USD is attempting to erode 1.5995, although this break is unlikely to be sustained. Near-term dips should be contained by supports at 1.5850, 1.5842 and 1.5773, while additional resistances are at 1.6037 and 1.6103.
Despite a recent failure of EUR/JPY to overcome resistance at 111.57, the currency couple is anticipated to make another attempt to breach it. Above 111.57 the pair should target 113.15/29. Supports are at 109.33, 108.49 and 107.18.
Rally of EUR/USD is unlikely to appear on the chart on the occasion of the fact that a number of significant resistances are located in close proximity of the current price - 1.3379, 1.3435 and 1.3487. Therefore the price is expected to decline down to 1.2624 within the next three months.
The pair remains pretty resilient after the S&P announcement Greece might require another bailout package to restructure its debt and is capable of approaching the recent high at 1.3449. Inability to move higher would switch focus of the market to the 1.3210/1.3174 area (55-day ma). If bearish mood intensifies, a recent low at 1.3004 might be targeted next.
As anticipated, EUR/JPY slipped lower yesterday ahead of the 111.57 level (intervention high). As EUR/USD continues to hold bearish tone, the pair will move to the 107.00 near the 200-day ma 2-month uptrend.
GBP/USD is expected to fail at attempting to breach the 1.6014 level (200 week ma). The market has not traded above this level since 2008. If bearish momentum persists, the pair is likely to slide back to 1.5570 (22nd March 2012 low).
USD/CHF is trading near the 0.9027 support line (4-month support). In order to retain the bullish trend, the market has to close above 0.9066 at least today.
The pair failed to hold above the 82.18 support level and presently is exposed to a deeper downside correction to 81.08 and 80.11 respectively where the pair could consolidate, though around the 80.00/79.80 psychological area the pair is likely to reassert bullish stance.
USD/CHF retraced to the 0.9024 4-month support line. If it holds above 0.9066, the downside pressure will be avoided within the rest of the week. While the pair is confronted by the latter level, the pair is prone to move to the 0.8931 February low.
The pair still holds above the 82.18 support level, maintaining a bullish momentum. For now, the market struggles to pass the 83.20 level. If this line is successfully pierced, the next targets will be located at 84.10/19.
GBP/USD has bounced off the recent high at 1.5992 without even hitting a psychological level at 1.6000 (the market has not traded above this level since 2008). The pair is likely to slide back to 1.5570 (22nd March 2012 low).
A fierce resistance lies ahead of EUR/JPY at 111.57 (intervention high). If EUR/USD fails to advance higher, it will commence a slide back towards 106.81 (2-month uptrend). 108.49 (last week low) and 109.08 (20-day ma) might become the initial supports whether this scenario proves to be correct.
The pair is continues to advance towards the 7-month high area at 1.3449/57 and it is likely to bounce off that level. As there is a high probability that EUR/USD will hold above that level, it might retrace to 1.3291 and 1.3237 respectively. If all those levels are pierced, recent low at 1.3004 might be targeted next.
The pair retraced to the 0.9019 (4-month support) level yesterday. If it remains untapped and moves above 0.9066, the downside pressure will be avoided within the rest of the week. While the pair is confronted by the latter level, the pair is prone to move to the 0.8931 February low.