Good morning from Hamburg and welcome to our last Daily FX Report for this week.

The International Monetary Fund is waiting for political support and won’t release the next tranche of funding for Greece under a 110-billion euro package with the European Union until there is a broad support for the measures attached to the loan.

Nevertheless, we wish you a nice and successful trading day.

Market Review – Fundamental Perspective

The Greek Prime Minister Lucas Papademos, a former European Central Bank vice president, won a three-month mandate to implement budget measures and ensure a second bailout package from the IMF and euro nations that was agreed to last month. The new government must implement the measures, which includes cutting 30.000 state workers and reducing pensions and wages, to meet conditions for the loans. Worker unions said they plan a general strike when the 2012 budget reaches a vote in the parliament. The Greek government is seeking the release of 8 billion euros under the first rescue plan by the middle of December. The IMF, which will finance about 2.2 billion of the 8 billion-euro tranche, is seeking assurances of political support from Greece. The European Union Economic and Monetary Affairs Commissioner Olli Rehn said that the European finance ministers expect a written commitment on the measures from the Greek government. The Greek Prime Minister, who won a confidence motion yesterday, is also completing next year’s budget and working on a voluntary debt swap that is part of a second bailout agreement.

Meanwhile, German Chancellor Angela Merkel rejected French calls to deploy the European Central Bank as a crisis backstop. At the same time, global leaders and investors calling for more urgent action to stop the turmoil. The EURtraded at $1.34645 against the USDand is headed for a 2.1 percent decline this week. The EURfetched 103.67 JPYfrom 103.623 yesterday. Intraday it touched 103.41 JPYachieving the weakest level since the 10th of October. The USD traded at 76.993 versus the JPY. The AUDtraded at 99.873 against the USDand fell 2.8 percent since mid of November.

Daily Technical Analysis - Our Focus Currencies for Today

GBP/CHF (H4)

Since the end of October, the GBP/CHF has been trading in a bullish trend channel. On the 14th and the 16th of November the currency pair reached its resistance level around 1.45300. There, the pair rebounded and slightly dropped, but the bulls are still controlling the GBP/CHF. The Moving Average is indicating further wins. A break through this resistance level could lead to a continue of the bullish trend.

Intraday Support & Resistance (H4)

USD/CHF (H4)

The USD/CHF has been trading above an upward trend line since the end of October. Recently, the currency pair's rise has been stopped by the resistance level around 0.92086. While the MACD is bearish, we might nevertheless see further gains if the pair crosses the resistance.

Intraday Support & Resistance (H4)

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