Euro/Usd weerstanden voor 1 maart 2011

[Armijn]

Coming up Today (All Times GMT)
7:00am GBP Nationwide HPI
09:30am GBP Manufacturing PMI
10:00am GBP Inflation Report hearings
2:00pm CAD BOC Rate Statement
2:00pm CAD BOC Overnight Rate
3:00pm USD Fed Chairman Bernanke Testifies
3:00pm USD ISM Manufacturing PMI
The US Dollar on Monday was mostly in sideways against its counterparts struggling to return in gains while investors believe that the Fed will stick to its easing program. Fed Chairman Ben Bernanke is expected today at his speech to remain cautious about the economy with eyes on the labor market. The greenback against the Swiss Franc has been in a range bound between the 0.9231 support level and the 0.9318 resistance, it was last seen testing the resistance level. The Australian has been in an uptrend reaching the 1.0200 resistance level while earlier today RBA held its rates at 4.75 percent as it was widely expected, after the announcement the forex pair retraced back to the 1.0150 support level. The US Dollar against the Japanese Yen rose a bit up to the 82.18; latest data showed that retail investors were aggressively buying the dollar after a pull back from the recent highs of the 84.00 that has been seen in mid-February.

EURUSD

The EURUSD forex pair respected the 1.3860 resistance level and held below that on Monday and retraced back to the 1.3779 support level, however talks of hawkish interest rate gives further support to the Euro. Additionally, the common currency was further helped by the drop on the Oil prices as increased production from Saudi Arabia can offset supply shocks because of the Libyan turmoil. The lower Oil prices reduced fears of advancing inflation in the Euro zone; however debt problems of country members like Portugal and Greece appear only to be worsening.

Support/Resistance 1.3779/1.3860

GBPUSD

The pound against the US Dollar has been in an uptrend on Monday reaching earlier this morning at new highs for a moment at the 1.6297 resistance level. Increasing talking that BOE will raise interest rates soon, gives further support on the British pound. Investors today are focused on the news announcements about Manufacturing and inflation reports for clues about the monetary policy the BOE will follow.

Support/Resistance: 1.6253/1.6297