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NEW YORK 13:46 |
LONDON 18:46 |
PARIS 19:46 |
FRANKFURT 19:46 |
HONG KONG 00:46 |
TOKYO 02:46 |
SYDNEY 03:46 |
Euro (EUR) – The Euro gained versus the US Dollar on Friday over optimism that European leaders are closer to an agreement on a plan to stop the debt crisis. The momentum of the EUR/USD is still bullish facing resistance at 1.3910. If this resistance is breached the pair could rally strongly. The support level, according the daily chart, is located at the 1.3670 level. Overall, the EUR/USD traded with a low of 1.3703 and with a high of 1.3900. Today, the French and German Manufacturing and Services PMI will be released. Industrial New Orders are expected to rise by 0.1%.
EUR/USD – Last: 1.3850
Resistance |
1.3910 |
1.3980 |
1.4000 |
Support |
1.3770 |
1.3720 |
1.3650 |
British Pound (GBP) – The British Pound rallied versus the US Dollar reaching a 6 week high after the Public Sector Net Borrowing showed a smaller deficit than expected. It came out at 11.4B better than the expected 12.0B. The trend for the pair remains bullish if it maintains its support level of 1.5850, but if the pair breaks that support it may reach the 1.5430 level again. Overall, the GBP/USD traded with a low of 1.5752 and a high of 1.5972. Today, MPC Member Paul Tucker will speak at the European Commission Conference in Brussels.
GBP/USD - Last: 1.5960
Resistance |
1.6000 |
1.6040 |
1.6080 |
Support |
1.5910 |
1.5850 |
1.5800 |
Japanese Yen (JPY) – The Yen reached its strongest level versus the Dollar since 1946 (Post World War 2) as speculation regarding further monetary easing by the Federal Reserve rose. Market participants speculated that the Japanese government will struggle to curtail the currency’s gains. Technically, the USD/JPY is trading within a narrow range with no clear long term trend. The pair attempted to break below the support level of 76.00, but failed to remain below it. Today no major economic data is expected to come out from Japan.
USD/JPY - Last: 76.20
Resistance |
76.60 |
77.00 |
77.20 |
Support |
76.00 |
75.80 |
Canadian Dollar (CAD) – The Canadian Dollar increased against the Greenback as Commodities rose following positive momentum in the markets bringing increased demand for higher yielding assets. The BOC will announce its interest rate decision tomorrow (Tuesday). The interest rate is expected to remain unchanged at 1% but rumors could affect the currency’s movement. The trend for the pair remains bearish with a strong resistance level of 1.0250, according to the daily chart. No economic data is expected today.
USD/CAD - Last: 1.0055
Resistance |
1.0080 |
1.0150 |
1.0250 |
Support |
1.0000 |
0.9950 |
0.9900 |
Euro (EUR) – The Euro fluctuated against the US Dollar after Moody’s Investors Service cut Spain’s government bond ratings, fueling concern about the spread of the region’s debt crisis. The encouraging announcement from Germany and France about increasing the size of the aid package, led the pair to be volatile and bullish. In addition, the German ZEW Economic Sentiment came out worse than expected at -48.3 vs. -44.8 previously. The EUR/USD’s momentum continues to be bearish below the 1.3810 level, the next support level on the one hour chart is located at the 1.3680 level and breaking this level will probably cause the pair to decline toward the 1.3600 level. Overall, the EUR/USD traded with a low of 1.3652 and with a high of 1.3817. Today, the Current Account is expected at -7.3B vs.-12.9B previously.
EUR/USD – Last: 1.3798
Resistance |
1.3833 |
1.3915 |
|
Support |
1.3725 |
1.3650 |
|
British Pound (GBP) – The British Pound weakened versus the US Dollar, reversing an earlier gain, after inflation accelerated to match a record high in September. The CPI was released at 5.2% vs. 4.5% previously. The GBP\USD’s positive trend has been halted after breaking the1.5800 level and if the pair breaks up at the 1.5800 level, then the Pound will be bullish again. Overall, the GBP/USD traded with a low of 1.5631 and with a high of 1.5821. Today, the MPC Meeting Minutes are expected to be released.
GBP/USD - Last: 1.5737
Resistance |
1.5784 |
1.5820 |
1.5850 |
Support |
1.5700 |
1.5630 |
|
Japanese Yen (JPY) – The Yen traded with a very narrow range against the US Dollar, remaining within the 76.50 - 77.50 level. As long as the pair remains between these levels the trend remains unclear. Overall, the USD/JPY traded with a low of 76.63 and with a high of 76.91. No economic news is expected to be published
USD/JPY- Last: 76.68
Resistance |
76.90 |
77.20 |
77.45 |
Support |
76.60 |
76.40 |
|
Canadian dollar (CAD) – The Canadian Dollar rose against the US Dollar as stocks and Crude Oil, (Canada’s largest export), strengthened due to optimism on the market following the declaration by Germany and France. As long as the pair is trading below the 1.0200 level, the US Dollar’s momentum is on hold. The Moving Average Indicator on the one hour chart supports a negative trend for the US Dollar and the next support level is located at the 1.0050 level. Overall, the USD/CAD traded with a low of 1.0111 and with a high of 1.0263. Today, the Leading Index is expected to rise from 0.0% to 0.2%.
USD/CAD - Last: 1.0118
Resistance |
1.0180 |
1.0270 |
1.0325 |
Support |
1.0090 |
1.0040 |
|
Euro (EUR) – The Euro fluctuated against the US Dollar after Moody’s Investors Service cut Spain’s government bond ratings, fueling concern about the spread of the region’s debt crisis. The encouraging announcement from Germany and France about increasing the size of the aid package, led the pair to be volatile and bullish. In addition, the German ZEW Economic Sentiment came out worse than expected at -48.3 vs. -44.8 previously. The EUR/USD’s momentum continues to be bearish below the 1.3810 level, the next support level on the one hour chart is located at the 1.3680 level and breaking this level will probably cause the pair to decline toward the 1.3600 level. Overall, the EUR/USD traded with a low of 1.3652 and with a high of 1.3817. Today, the Current Account is expected at -7.3B vs.-12.9B previously.
EUR/USD – Last: 1.3798
Resistance |
1.3833 |
1.3915 |
|
Support |
1.3725 |
1.3650 |
|
British Pound (GBP) – The British Pound weakened versus the US Dollar, reversing an earlier gain, after inflation accelerated to match a record high in September. The CPI was released at 5.2% vs. 4.5% previously. The GBP\USD’s positive trend has been halted after breaking the1.5800 level and if the pair breaks up at the 1.5800 level, then the Pound will be bullish again. Overall, the GBP/USD traded with a low of 1.5631 and with a high of 1.5821. Today, the MPC Meeting Minutes are expected to be released.
GBP/USD - Last: 1.5737
Resistance |
1.5784 |
1.5820 |
1.5850 |
Support |
1.5700 |
1.5630 |
|
Japanese Yen (JPY) – The Yen traded with a very narrow range against the US Dollar, remaining within the 76.50 - 77.50 level. As long as the pair remains between these levels the trend remains unclear. Overall, the USD/JPY traded with a low of 76.63 and with a high of 76.91. No economic news is expected to be published
USD/JPY- Last: 76.68
Resistance |
76.90 |
77.20 |
77.45 |
Support |
76.60 |
76.40 |
|
Canadian dollar (CAD) – The Canadian Dollar rose against the US Dollar as stocks and Crude Oil, (Canada’s largest export), strengthened due to optimism on the market following the declaration by Germany and France. As long as the pair is trading below the 1.0200 level, the US Dollar’s momentum is on hold. The Moving Average Indicator on the one hour chart supports a negative trend for the US Dollar and the next support level is located at the 1.0050 level. Overall, the USD/CAD traded with a low of 1.0111 and with a high of 1.0263. Today, the Leading Index is expected to rise from 0.0% to 0.2%.
USD/CAD - Last: 1.0118
Resistance |
1.0180 |
1.0270 |
1.0325 |
Support |
1.0090 |
1.0040 |
|
Euro (EUR) – The Euro weakened against the US Dollar as Germany signaled that Europe may take longer to contain its sovereign debt crisis. This put on hold investments into higher yielding assets. The EUR/USD’s momentum became bearish after breaking the 1.3850 level, the next support level on the one hour chart is located at the 1.3700 level. The RSI indicator is trading within the negative range, which supports a downtrend. Overall, the EUR/USD traded with a low of 1.3724 and with a high of 1.3914. Today, the German ZEW Economic Sentiment is expected to be -44.8 vs. -43.3 previously and the ZEW Economic Sentiment is at -45.1 vs.-44.6 previously.
EUR/USD - Last: 1.3773
Resistance |
1.3800 |
1.3835 |
1.3900 |
Support |
1.3725 |
1.3685 |
1.3590 |
British Pound (GBP) – The British Pound weakened versus the US Dollar following Germany’s comments about Europe’s sovereign debt crisis. The GBP\USD’s trend has been halted and if the pair breaks up at the1.5800 level, the Pound will be bullish again. Overall, the GBP/USD traded with a low of 1.5731 and with a high of 1.5847. Today, the CPI is expected to rise from 4.5% to 4.9% and the Core CPI is expected to be at 3.2% vs. 3.1% previously. The BOE Governor King is expected to speak.
GBP/USD - Last: 1.5803
Resistance |
1.5820 |
1.5855 |
|
Support |
1.5735 |
1.5665 |
1.5540 |
Japanese Yen (JPY) – The Yen rallied against the major currencies as risk appetite remains low, which led investors to stick with the Yen as a refuge currency. The USD/JPY still remains within the 76.50 - 77.50 level and as long as the pair remains between these levels the trend continues to be unclear. Overall, the USD/JPY traded with a low of 76.61 and with a high of 77.45. No economic data is expected today.
USD/JPY-Last: 76.81
Resistance |
77.00 |
77.20 |
77.40 |
Support |
76.60 |
76.40 |
|
Canadian dollar (CAD) – The Canadian Dollar weakened versus the US Dollar on declines in stocks and Crude Oil, which caused the US currency to be more attractive as a refuge currency. As long as the pair is trading above the 1.0200 level the US Dollar continues to be the favorite. The Moving Average Indicator on the one hour chart supports a bullish trend as well. The next resistance level on the one hour chart is located at the 1.0280 level. Overall, the USD/CAD traded with a low of 1.0043 and with a high of 1.0239. No economic data is expected today.
USD/CAD - Last: 1.0216
Resistance |
1.0240 |
1.0275 |
1.0330 |
Support |
1.0180 |
1.0130 |
1.0050 |
Euro (EUR) – The Euro rallied versus the US Dollar and the Japanese Yen, as expectations regarding the possibility of solving the European debt crisis rose. The G20 meeting over the weekend urged the Eurozone to finalize the aid plan to recapitalize its banks and end the Greek Debt crisis within a week. The EUR/USD rallied for the past 2 weeks but it is facing major resistance levels near 1.40. Overall, the EUR/USD traded with a low of 1.3722 and with a high of 1.3893. No economic data is expected today.
EUR/USD – Last: 1.3840
Resistance |
1.3900 |
1.4000 |
1.4050 |
Support |
1.3825 |
1.3750 |
1.3715 |
British Pound (GBP) – The British Pound rose versus the US Dollar following optimism regarding the European debt crisis. The trend for the pair will remain bullish if it maintains its support level of 1.57, but if the pair breaks that support it may resume its downtrend. Overall, the GBP/USD traded with a low of 1.5720 and with a high of 1.5851. No economic data is expected today.
GBP/USD - Last: 1.5790
Resistance |
1.5850 |
1.5900 |
1.5950 |
Support |
1.5770 |
1.5720 |
1.5660 |
Japanese Yen (JPY) – The Yen declined versus the US Dollar and other majors as investors turned towards higher yielding assets over expectations that the European debt crisis is close to a solution. Technically, the USD/JPY is trading within a narrow range between 77.50 and 76 with no clear trend. No economic data is expected today.
USD/JPY - Last: 77.17
Resistance |
77.50 |
77.80 |
78.00 |
Support |
76.80 |
76.10 |
Canadian Dollar (CAD) – The Canadian Dollar gained versus the US Dollar as commodity-linked currencies rallied after stronger than expected retail sales in the US and more signs of global growth. The USD/CAD is on a strong decline and is near oversold conditions according to the 4 hour RSI. Today, Foreign Securities Purchases is expected at 9.23B versus 11.78B previously. The Bank of Canada will release its quarterly Business Outlook Survey.
USD/CAD - Last: 1.0097
Resistance |
1.0125 |
1.0155 |
1.0225 |
Support |
1.0080 |
1.0050 |
1.0000 |
Euro (EUR) – The Euro strengthened the most in more than a year versus the US Dollar after French and German leaders pledged to deliver a plan to support banks and repeated a commitment to keep Greece in the single-currency bloc. The leaders promised that they will deliver a plan to recapitalize the region’s banks and address the Greek crisis by the 3rd of November. After the announcement, optimism rose in the market. Therefore the Euro stayed higher even as a report showed European investor confidence fell to the lowest in more than two years. Trading below the resistance level of 1.3700 will keep the momentum of the pair negative, but if the pair breaks above this resistance level, it may reach the 1.4060 level again. Overall, the EUR/USD traded with a low of 1.3377 and with a high of 1.3697. Today, the ECB President, Trichet is expected to speak.
EUR/USD – Last: 1.3630
Resistance |
1.3700 |
1.3780 |
1.3850 |
Support |
1.3600 |
1.3520 |
1.3450 |
British Pound (GBP) – The British Pound gained versus the US Dollar after German Chancellor Angela Merkel and French President Nicholas Sarkozy’s announcement that they will deliver a plan to recapitalize the region’s banks and address the Greek crisis. The trend for the pair remains bearish if it maintains its resistance level of 1.5730, but if the pair breaks that resistance level it may reach the 1.5950 level again. Overall, the GBP/USD traded with a low of 1.5422 and with a high of 1.5645. Today, Manufacturing Production is expected to decline by -0.10% vs. 0.10% previously.
GBP/USD - Last: 1.5630
Resistance |
1.5670 |
1.5730 |
1.5780 |
Support |
1.5580 |
1.5550 |
1.5500 |
Japanese Yen (JPY) – The Yen strengthened versus the US Dollar and most majors due to positive economic data. The Current Account came out better than the expected 0.65T vs. the 0.51T forecast. Technically, the USD/JPY is trading within a narrow range with no clear long term trend. If the pair breaks below the 76.00 level, the trend will continue downwards. Tomorrow, Core Machinery Orders are expected to grow by 4.5% vs. -8.2% previously.
USD/JPY - Last: 76.60
Resistance |
77.00 |
77.20 |
77.80 |
Support |
76.60 |
76.30 |
76.00 |
Canadian Dollar (CAD) – The Canadian Dollar strengthened against its US counterpart as stocks and commodities, such as crude oil, advanced on speculation that debt concern in Europe may ease, making higher-yielding currencies more attractive. The trend for the pair is bearish, if the pair maintains its resistance level of 1.0330. Today, Housing Starts are expected to grow by 187k vs. 185k previously.
USD/CAD - Last: 1.0290
Resistance |
1.0330 |
1.0400 |
1.0450 |
Support |
1.0280 |
1.0230 |
1.0180 |
Euro (EUR) – The Euro strengthened versus the US Dollar after French and German leaders pledged to deliver a plan in three weeks to recapitalize banks and reiterated their intention to keep Greece within the Euro. This occurred, despite Fitch Ratings cutting Italy’s rating to A+ from AA- and Spain’s rating from AA+ to AA-. Additionally, Portugal is expected to become the next country to be downgraded. Trading below the resistance level of 1.3500 will keep the momentum of the pair negative, but if the pair breaks above this resistance level, it may reach the 1.4060 level again. Overall, the EUR/USD traded with a low of 1.3360 and with a high of 1.3524. Today, the German Trade Balance is expected at 9.8B versus 10.10B previously and the French and Italian Industrial Production will be released.
EUR/USD – Last: 1.3460
Resistance |
1.3500 |
1.3525 |
1.3570 |
Support |
1.3410 |
1.3350 |
1.3280 |
British Pound (GBP) – The British Pound gained versus the US Dollar after better than expected Payrolls data in the U.S spurred demand for higher yielding assets. The Pound retraced most of its gains later during the trading session. MPC Member, Weale, said on Sunday that the Bank of England is likely to increase asset purchases even further than the 275 Billion Pounds, which was announced on Thursday. The trend for the pair remains bearish if it maintains its resistance level of 1.5730, but if the pair breaks that resistance it may reach the 1.5950 level again. Overall, the GBP/USD traded with a low of 1.5422 and with a high of 1.5645. No economic data is expected today.
GBP/USD - Last: 1.5610
Resistance |
1.5670 |
1.5730 |
1.5780 |
Support |
1.5580 |
1.5550 |
1.5500 |
Japanese Yen (JPY) – The Yen finished lower versus the US Dollar and most majors after better than expected Non Farm Payrolls in the US spurred investors toward higher yielding assets. The Bank of Japan made no changes in its monetary policy by leaving rates unchanged, and stated that there is an increasing risk of a global slowdown. Technically, the USD/JPY is trading within a narrow range with no clear long term trend. If the pair breaks below the 76.00 level, the trend will continue downwards. Today is a Bank Holiday in Japan which can lead to abnormally low or high volatility.
USD/JPY - Last: 76.80
Resistance |
77.00 |
77.20 |
77.80 |
Support |
76.60 |
76.30 |
76.00 |
Canadian Dollar (CAD) – The Canadian Dollar finished unchanged versus the US Dollar on Friday. The Employment Change was 60.9K better than the expected 15.2K and the Unemployment Rate was also better than expected with 7.1% versus 7.3%. Positive economic data caused the Canadian Dollar to strengthen to a one-week high versus the U.S Dollar, but a 103K in Non Farm Payrolls helped the US Dollar bounce back. The trend for the pair will continue to be bullish if the pair maintains its support level of 1.0280. Today is a Bank Holiday in Canada in observance of Thanksgiving Day and the market is expected to be low on liquidity which could lead to abnormal volatility.
USD/CAD - Last: 1.0340
Resistance |
1.0400 |
1.0450 |
1.0480 |
Support |
1.0320 |
1.0280 |
1.0240 |
USD Dollar (USD) – In forex trading, the US Dollar fell against most major currencies as the appetite for riskier assets increased and investors preferred to purchase higher yielding assets over the Greenback. The ADP Non-Farm Employment Change data came out at 91k better than the expected 76k and triggered the Stock Markets to rally, with the Dow Jones appreciating by 1.21% and the NASDAQ by 2.32%. Crude Oil soared by 5.3% after Stocks showed a drop of -4.7M and Crude Oil closed at $79.60 a barrel. Gold (XAU) also joined the positive trend and increased by 1.6% to close to $1641 an ounce. Today, Unemployment Claims are expected at 411k vs. 391k previously.
Euro (EUR) – The Euro rose against most currencies and was firm against the US Dollar amid optimism about a possible solution to the debt crisis; after Germany said that the bailout fund can be used to recover struggling banks. Retail Sales came out -0.3% worse than the expected -0.2%. Trading below the resistance level of 1.3480 will keep the momentum of the pair negative, but if the pair breaks above this resistance level, it may reach the 1.4060 level again. Overall, the EUR/USD traded with a low of 1.3260 and with a high of 1.3383. Today, the Interest Rate Decision is expected to remain unchanged at 1.5%. Soon after, the ECB Press Conference is expected, and it might determine further trends for the European Currency.
EUR/USD – Last: 1.3331
Resistance |
1.3350 |
1.3400 |
1.3460 |
Support |
1.3300 |
1.3240 |
1.3150 |
British Pound (GBP) – The British Pound fell against the US Dollar on speculation that the Bank of England will encourage its program of bond purchases, or Quantitative Easing, at the policy meeting which is expected today. The GBPUSD pair made several attempts to breach the 1.5490 level but failed and remained capped. The Services PMI came out at 52.9, better than the expected 50.6. The trend for the pair remains bearish if it maintains its resistance level of 1.5730, but if the pair breaks that resistance it may reach the 1.5950 level again. Overall, the GBP/USD traded with a low of 1.5393 and with a high of 1.5492. Today, the Interest Rate Decision is expected to remain unchanged at 0.5%. Soon after, the MPC Rate Statement is expected, and it might determine further trends for the Cable.
GBP/USD - Last: 1.5425
Resistance |
1.5490 |
1.5550 |
1.5600 |
Support |
1.5420 |
1.5380 |
1.5340 |
Japanese Yen (JPY) – The US Dollar traded unchanged against the Japanese Yen after the pair did not succeed to break its resistance level of 77.00. Technically, trading below the 76.80 level will keep the trend bearish and the pair may test its support of 76.30. Today, no economic data is expected.
USD/JPY - Last: 76.73
Resistance |
76.80 |
77.00 |
77.20 |
Support |
76.55 |
76.30 |
76.10 |
Canadian Dollar (CAD) – The Canadian Dollar gained for a second day against the Greenback as an improvement in market sentiment weakened the US Dollar across the board and Black Gold prices soared, supporting the Loonie. Holding below the resistance area of 1.0500 keeps the momentum bearish for the pair. Overall, the USD/CAD traded with a low of 1.0394 and with a high of 1.0569. Today, the Building Permits are expected at 0.6% vs. 6.3% previously. The Ivey PMI is expected at 58.2 vs. 57.6 previously.
USD/CAD - Last: 1.0425
Resistance |
1.0480 |
1.0570 |
1.0650 |
Support |
1.0370 |
1.0280 |
1.0200 |
Euro (EUR)–The Euro bounced off an 8 month low, finishing higher at 1.3290, amid speculation that Europe will recapitalize its banks to tame a debt crisis which threatens to curb economic growth. The Euro held its ground, despite Moody's announcement about downgrading Italy's government bond rating by three notches, from AA2 to A2, which meant that Italy’s credit rating was cut for the first time in almost two decades. There is concern that the government will struggle to reduce the region’s second-largest debt amid chronically weak growth. Trading below the resistance level of 1.3480 will keep the momentum of the pair negative, but if the pair breaks above this resistance level, it may reach the 1.4060 level again. Overall, the EUR/USD traded with a low of 1.3144 and with a high of 1.3368. Today, Retail Sales are expected to decline by -0.20% vs. 0.30% previously.
EUR/USD – Last: 1.3290
Resistance |
1.3300 |
1.3350 |
1.3400 |
Support |
1.3240 |
1.3190 |
1.3150 |
British Pound (GBP) – The British Pound strengthened against the Greenback as the Euro-region debt crisis stoked demand for comparatively safer assets and investors wait to hear whether the Bank of England will announce further monetary stimulus to revive the economy tomorrow. The trend for the pair remains bearish if it maintains its resistance level of 1.5730, but if the pair breaks that resistance it may reach the 1.5950 level again. Overall, the GBP/USD traded with a low of 1.5420 and with a high of 1.5582. Today, the Current Account is expected to decline by -10.4B vs. -9.4B previously, the Services PMI is expected to show 50.6 vs. 51.1 previously and the final GDP is expected to grow by 0.2% as previously.
GBP/USD - Last: 1.5435
Resistance |
1.5500 |
1.5550 |
1.5600 |
Support |
1.5420 |
1.5380 |
1.5340 |
Japanese Yen (JPY) – The US Dollar traded unchanged against the Japanese Yen after the pair did not succeed to break it resistance level of 77.00. Technically, trading below the 76.80 level will keep the trend bearish and the pair may test its support of 76.30. Today, no economic data is expected.
USD/JPY - Last: 76.70
Resistance |
76.80 |
77.00 |
77.20 |
Support |
76.30 |
76.00 |
Canadian Dollar (CAD) – The Canadian Dollar fell on concern that the global economy is weakening after Federal Reserve Chairman Ben Bernanke said the U.S. central bank stands ready to take additional steps to boost growth. The trend for the pair will continue to remain bullish if the pair maintains its support level of 1.0350. Today, no economic data is expected.
USD/CAD - Last: 1.0550
Resistance |
1.0600 |
1.0680 |
1.0760 |
Support |
1.0480 |
1.0400 |
1.0350 |
Euro (EUR)–The Euro fell to a 10-month low against the U.S Dollar and to more than a decade low against the Yen as risk aversion intensifies and stocks extend losses on Wall Street. In addition, the incoming European Central Bank President, Mario Draghi, said a lack of confidence may be among the reasons for lenders’ “funding problem". Trading below the resistance level of 1.3480 will keep the momentum of the pair negative, but if the pair breaks above this resistance level, it may reach the 1.4060 level again. Overall, the EUR/USD traded with a low of 1.3162 and with a high of 1.3380. Today, ECB President Trichet is expected to speak.
EUR/USD – Last: 1.3195
Resistance |
1.3220 |
1.3300 |
1.3400 |
Support |
1.3150 |
1.3080 |
1.3000 |
British Pound (GBP) – The British Pound fell for a second day against the Greenback after traders judged a surprise expansion of U.K. manufacturing as insufficient to keep the Bank of England from providing further stimulus for the economy. The trend for the pair remains bearish if it maintains its resistance level of 1.5730, but if the pair breaks that resistance it may reach the 1.5950 level again. Overall, the GBP/USD traded with a low of 1.5420 and with a high of 1.5582. Today, the Halifax HPI is expected to grow by 0.30% vs. -1.20% previously and the Construction PMI is expected to show 51.70 vs. 52.60 previously.
GBP/USD - Last: 1.5430
Resistance |
1.5500 |
1.5550 |
1.5600 |
Support |
1.5420 |
1.5380 |
1.5340 |
Japanese Yen (JPY) – The US Dollar fell against the Japanese Yen after the Bank of Japan said today that its’ quarterly Tankan Index of Sentiment increased to 2 in September from minus 9 in June. Technically, trading below the 76.80 level will keep the trend bearish and the pair may test its support of 76.30. Today, no economic data is expected.
USD/JPY - Last: 76.70
Resistance |
76.80 |
77.00 |
77.20 |
Support |
76.30 |
76.00 |
Canadian Dollar (CAD)–The Canadian Dollar fell the most since October 2008 as Europe’s finance leaders prepared to weigh the risk of a Greek debt default. As a result Canadian stocks fell, led by energy companies and banks. The trend for the pair will continue to be bullish if the pair maintains its support level of 1.0350. Today, no economic data is expected.
USD/CAD - Last: 1.0550
Resistance |
1.0600 |
1.0680 |
1.0760 |
Support |
1.0480 |
1.0400 |
1.0350 |
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