Dollar Cross Update
EUR/USD - After making a rally of nearly 100 pips from 1.2935 to 1.3040, eversince making a high of 1.3040 the pait struck in the tight trading range just above 1.3000 levels. Now USD is keenly waiting for Core PCE Price Index and as well ISM Manufacturing PMI data to give the trends. As of now 1.3000 levels will watched very closely.
USD/JPY - Slowly and gradually Yen is getting strength to strength against USD. On monday Yen made a low of 122.20, and since then Dollar weakend by nearly 180 pips or so and currently just trading above 120 levels.
GBP/USD - GBP is getting stronger against Dollar after making a strong support at 1.9620. Now its trading 70 pips higher to the low of 1.9620. The strength is boosted from the Manufacturing PMI data which came in better than expectations.
USD/CHF - Yesterday we've a better than expectations numbers from Swiss in the form of KOF Leading Indicators which boosted the CHF to break the critical resistence of 1.2500. And today even despite of slightly below expectation numbers from Swiss like Trade balance and SVME PMI. Now inching towards 1.2400. The real boost is coming from Yen (in next week G7 meeting the members will discuss about the Yen and the very strong comment from US Tresaury Sec Paulson said "he was watching the value of Yen very very carefull", which is the good news to wind up the carry trade position like JPY and CHF). Next support for the USD/CHF is at 1.2380.
USD/CAD - Struck in a tight range of 35 pips band and struggling to move above 1.1800. And the near term support is at 1.1750.
USD/JPY - Slowly and gradually Yen is getting strength to strength against USD. On monday Yen made a low of 122.20, and since then Dollar weakend by nearly 180 pips or so and currently just trading above 120 levels.
GBP/USD - GBP is getting stronger against Dollar after making a strong support at 1.9620. Now its trading 70 pips higher to the low of 1.9620. The strength is boosted from the Manufacturing PMI data which came in better than expectations.
USD/CHF - Yesterday we've a better than expectations numbers from Swiss in the form of KOF Leading Indicators which boosted the CHF to break the critical resistence of 1.2500. And today even despite of slightly below expectation numbers from Swiss like Trade balance and SVME PMI. Now inching towards 1.2400. The real boost is coming from Yen (in next week G7 meeting the members will discuss about the Yen and the very strong comment from US Tresaury Sec Paulson said "he was watching the value of Yen very very carefull", which is the good news to wind up the carry trade position like JPY and CHF). Next support for the USD/CHF is at 1.2380.
USD/CAD - Struck in a tight range of 35 pips band and struggling to move above 1.1800. And the near term support is at 1.1750.
posted by Naveen Pantera at 6:38 PM
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