EUR/USD
The pair tumbled to
1.3191 in the morning and sharply retraced back breaking the resistance at
1.3290. EUR/USD may have a short-term correction to the previous level around
1.3290. Daily Resistance: 1.3290; 1.3310; 1.33533/43. Daily Support: 1.3250;
1.3208; 1.3147. Daily Bias: Strongly bullish.
EUR/JPY
The pair decreased
smoothly to the support level around 109.18/28 and then bounced off, breached
the resistance at 109.85 and moved to the 110.23. EUR/JPY is currently
consolidating in the range between 110.06 and 110.27 and feasibly will try to
test resistance around 110.45. Daily Resistance: 110.45; 111.09, 111.43. Daily
Support: 109.85; 109.10/21; 108.60. Daily Bias: Bullish.
GBP/USD
The pair has breached the first daily resistance level at 1.5915 and now is heading towards 1.5963. In case the resistance level at 1.6018 is violated, the pair is expected to extend its rally. Daily Resistance: 1.5963; 1.6018; 1.6059. Daily Support: 1.5757; 1.5708; 1.5651. Daily Bias: Strongly bullish.
USD/JPY
The yen rallied on
Monday versus the greenback supported by better than expected data from the
euro zone. The pair is expected to bounce from 83.39 and then fall to support
level at 81.87. Daily Resistance: 83.39; 83.83; 85.43. Daily Support: 81.87;
81.43; 80.90. Daily Bias: Strongly bearish.
USD/CHF
The pair fell below the daily pivot point at
0.9094, adding to bearish sentiment. It is now heading to the support level at
0.8985 which, if violated, will open the road towards 0.8954. Daily Resistance:
0.9167; 0.9195; 0.9316. Daily Support: 0.8985; 0.8954; 0.8941. Daily Bias:
Strongly bearish
EUR/USD
"If buying of Treasurys gains steam
and bond yields fall in the wake of Monday's Bernanke's comments, the dollar
could face more pressure against currencies such as the euro"
Even though the pair is trading slightly above the 1.3291/1.3325 area, it is expected to move southwards in the nearest future as the EU debt risks have not been swept away completely.
Even though the pair is trading slightly above the 1.3291/1.3325 area, it is expected to move southwards in the nearest future as the EU debt risks have not been swept away completely.
EUR/JPY
"The Fed’s stance to support the
economic recovery through policy easing and adding liquidity to the market is
helping boost sentiment"
EUR/JPY rallied above the 110 level and eased the risks of bearish reversal.
EUR/JPY rallied above the 110 level and eased the risks of bearish reversal.
GBP/USD
"This is more of a dollar move than a
sterling move. It feels like the market was slightly overdone in being long of
dollars and it's time to unwind some of that"
GBP/USD committed a strong bullish reversal yesterday and the pair is likely to retest the recent high at 1.5992.
USD/JPY
"Bernanke's comments were more dovish than markets expected and that's being reflected in the dollar"
- The pair held above the 82 key level and is attempting to retain the bullish momentum.
USD/CHF
"It would be fatal if the minimum exchange rate between EUR and CHF was suddenly removed"
USD/CHF pierced the 0.9066 level yesterday and although the pair is expected to recover further to 0.9186 (20-day ma), failure to do so would lead to the 0.9015 (4-month support level) and 0.8931 (February low).
GBP/USD committed a strong bullish reversal yesterday and the pair is likely to retest the recent high at 1.5992.
USD/JPY
"Bernanke's comments were more dovish than markets expected and that's being reflected in the dollar"
- The pair held above the 82 key level and is attempting to retain the bullish momentum.
USD/CHF
"It would be fatal if the minimum exchange rate between EUR and CHF was suddenly removed"
USD/CHF pierced the 0.9066 level yesterday and although the pair is expected to recover further to 0.9186 (20-day ma), failure to do so would lead to the 0.9015 (4-month support level) and 0.8931 (February low).
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