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The US Dollar early on Monday remained steady against a basket of currencies as the market did not yet chose a direction for the coming week. The greenback has lost ground the previous week and there was discussion of whether the dollar lost its appeal as a safe-haven currency while the Swiss Franc is doing much better. The US dollar versus the Japanese Yen has been in a range bound early in the Monday morning between the 85.39 resistance level and the 84.61 support level. Against the Swiss Franc the US dollar is in a downtrend making new lows down to the 0.9057 level and found support there while the 0.9198 level is expected to hold any bounce up. The Australian is in an uptrend from the previous week and created a solid resistance at the 1.0582 level while the 1.00413 level is expected to hold any correction down.
EURUSD
The EURUSD forex pair closed at new highs since October 2010 after the interest rates hike by 25 points. Having in mind firstly that inflation is above the 2 percent ECB’s target and secondly the rising Oil prices due to Libya turmoil, the ECB has taken the decision to increase the rates. The Euro touched the 1.4487 resistance level on Friday evening and the 1.4348 level is expected to hold any pull back.
Support/Resistance 1.4348/1.4487
GBPUSD
The cable was up to a new high since January 2010 and is now trading close to its new high, it went up to 1.6426 resistance level and then pulled back down to the 1.6323 support level, investors are expecting a raise in the interest rates by the BOE by the end of the year as inflation is above the target and higher Oil prices have a positive effect on inflation as well.
Support/Resistance: 1.6323/1.6426
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