GBP/USD recovers after a week-long slump after the ECB President announced the Central Bank will continue its current operations to reduce tensions on the financial markets, piercing the market mean at 1.5753.
The market mean at 76.98 has been approached as leading economists suggest the global economy will stall next year, making investors purchase the Japanese Yen against its American counterpart.
The American dollar remains is being favoured against the Swiss Franc by investors worldwide after the world's largest economy leading index showed stronger data than expected, suggesting the US economy is gaining momentum. As a result, the market mean at 0.9207 was breached today.
The pair is expected to bounce off 1.3380/60 and then continue its downward movement toward 1.3145. The ultimate target remains at 1.20. Rallies should be capped by resistances at 1.3870 and 1.3995/1.4104.
While approaching 103.08 the bearish impetus seems to be losing power, therefore we might observe some small rallies up to 104.75 and 105.32. Dips, on the other hand, will be limited by 103.40, 103.08 and 102.44.
For now GBP/USD has managed to stabilize at 1.5720 after penetrating 1.5825. Nevertheless, this is only considered to only a near-term base before it slides down to 1.5632, then 1.5272 and eventually 1.5050.
USD/JPY continues to distance itself from 79.44 and is slowly crawling below 76.94. Supports at 75.94 and 75.31 are expected to halt bearish movement, while the price has to close above 80.44 to regain bullish momentum.
Even though a test of resistances located at 0.9317 and 0.9341/99 may trigger a trade off, the movement to the upside is anticipated to carry on afterwards. USD/CHF is unlikely to fall below 0.8555/50 before it challenges new resistances.
The American dollar continued its 2-week rally as the number of unemployment claims declined to 388K versus expected 395K. As a result, the market mean at 0.9187 was breached today.
The market mean at 77.11 has been touched in early Wednesday trading, though the pair commenced moving south as concerns over the EU debt crisis intensified.
The UK economy shows no signs of recovery therefore making investors selling the British currency versus the American dollar, crossing the market mean at 1.5753.
The common European currency inched lower today versus the Japanese Yen and pierced the market mean at 103.81 as worries over the EU debt crisis caused investors to seek for safe-havens.
The Euro-Dollar pair moved lower today as the American economy showed signs of growth: unemployment claims declined to 388K versus expected 396K and buildings permits rose to 0.65, more than the 0.60M estimate.
The currency pair is closing in 1.3380/60, which is to provide temporary support for the price. After some time it is expected to be pushed through, clearing the way to subsequent levels at 1.3145 and eventually 1.20.
EUR/JPY has successfully tested 103.40 and now the bearish momentum is gradually gaining strength to drag the price down to 103.08. Should the latter support be breached, then this drop might extend down to 100.77.
Since the pair has come below 1.5825, it should then tumble down to 1.5632. Secondary and tertiary targets are located at 1.5272 and 1.5050. Rallies are to be capped by resistances at 1.6060 and 1.6136.
It seems that USD/JPY has based upon a support situated at 76.94 and is not willing to move in any direction. Nevertheless, in the long-term it is expected to commence advancing toward 79.44 and afterwards surge up to 80.44.
USD/CHF is one of few pairs to have bullish impetus, as it has managed to climb over 0.9157 and is now headed toward 0.9317 and 0.9341/99. From below the pair is well-supported by an uptrend at 0.8962.
USD edged higher against the Swiss Franc today as more investors are turning to dollar and to Treasuries amid fresh concerns over last economic developments in Europe. None of the support (0.9106; 0.9034; 0.8917) and resistance (0.9223; 0.9269; 0.938) levels has been tested so far. The daily trading signals point at a continuation of the bullish trend ahead.
The market mean at 77.11 has been touched in early Wednesday trading, though the pair commenced moving south as concerns over the EU debt crisis intensified. None of the support (76.82/57;75.99) and resistance (77.41/74; 78.32) levels has been hit. The daily outlook remains bearish.
The British pound moved lower today as worries over the European Union economic stability intensified; in addition to that, the British economy posted the unemployment rate at 8.3% which is more-than-forecast. Resistance (1.5889; 1.5977; 1.6111) lines remained intact today, whereas a breach of support 1 at 1.5756 exposes the last two support lines at 1.5710 and 1.5576. Meanwhile, the daily market
The single European currency continued moving downwards as investors remain concern over recent negative economic developments in Europe, causing EUR/JPY to cross the market mean at 104.50. Resistance (105.11; 106.12; 107.71) levels were not tested today, while a cross of support 1 at 103.52 exposes two remaining support lines at 102.96 and 101.37. The daily market stance remains strongly bearish.
The Euro pursued moving in the bearish trend as the European debt crisis worsens, sending the pair lower, breaching the market mean at 1.3551. While none of the resistance (1.3597; 1.3691; 1.3835) lines has been touched, after support 1 at 1.3453 was left behind, bearish investors might expect the pair move lower towards 1.3402 and 1.3258 respectively. The daily trading outlook
The pair has climbed over a resistance at 0.9157 and is on its way towards 0.9317. Although 0.9341/99 might trigger trade off. Nevertheless, dips should be stopped by supports located at 0.8936 and 0.8555/50.