Dollar is under selling pressure today mostly on gold gains as the metal trades near $ 1800/oz. The EUR/USD however, holds to recent days’ range as euro zone turmoil increases daily basis, with Italy and Greece both concentrating investors’ attention. Italy will be debating a budget confidence motion around US opening time that may trigger strong risk aversion rallies if Berlusconi does not get support. The EUR/USD, trades inside a triangle in the hourly chart, gaining ground on dollar slides and with a slightly bullish tone; still unless a clear break above 1.3860 past week high, gains will likely remain capped.
Support levels: 1.3780 1.3755 1.3710
Resistance levels: 1.3830 1.3860 1.3900
The Pound is finding buyers today, supported by rising stocks and the fact that euro is not attractive these days. Hourly chart shows a positive tone with price finding support in a bullish 20 SMA, while indicators head north above their midlines. In the 4 hours chart, a similar picture can be appreciated, as the pair finally broke above these last days’ range. October high at 1.6165 is next key resistance area, and probable bullish target for today.
Support levels: 1.6060 1.6030 1.5990
Resistance levels: 1.6120 1.6165 1.6200
Gold strength is pushing the USD/JPY lower, with the pair finding support at the 100 DMA around 77.70. While hourly chart shows momentum indicator still flat around the 100 level, CCI has accelerated lower as price falls, supporting further slides once below mentioned support. Bigger time frames also show an increasing bearish tone supporting the downside for the upcoming session.
Support levels: 77.70 77.45 77.20
Resistance levels: 78.10 78.35 78.60
Morning has been overloaded with SNB’s members comments, suggesting peg with Euro, to defend the strong appreciation of the currency may lead to competitive devaluation. The pair retreated from 0.9070 area to current levels, approaching daily low ahead of the US opening. Hourly chart shows indicators heading south below their midlines adding to the bearish pressure while 20 SMA, well above current price turns also south. Lose of 0.8930 immediate Fibonacci support may lead to a bearish continuation rally over the upcoming sessions.
Support levels: 0.8930 0.8890 0.8845
Resistance levels: 0.9000 0.9030 0.9080
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