Euro struggles in a US dollar weakening environment

By TraderVox.com

The weakness in Euro continued in US session as well and it went below the 1.3300 levels to form a fresh low of 1.3281. It has now come up above the 1.3300 levels and is currently trading at 1.3325, unchanged for the day. The support now may be found at 1.3320 and below at 1.3270. The resistance may be seen at 1.3360 and 1.3400 levels. The initial jobless claims came in line with the expectation at 351k. ISM manufacturing index came at 52.4, below expected value of 54.5. Personal consumption expenditure came as expected at 0.2%.

The sterling pound printed a fresh high of 1.5974 during the US session. Pound is looking stronger on the back of greenback weakness. It is currently trading around 1.5944, up about 0.18% for the day. The support may be seen at 1.5900 and down at 1.5820 levels. The resistance may be seen at 1.5960 and above at 1.6000 levels.

USD/CHF printed a fresh high of 0.9071 during the late European session. But during the US session, a weak dollar has forced the pair down and is currently trading at 0.9043, flat for the day. The support may be seen at 0.9000 and the resistance may be seen at 0.9050/60 and above 0.9100 levels.

The USD/JPY pair is trading at 81.10, marginally down for the day. The pair went below the 81 levels briefly but has come above the 81 levels. The resistance may be seen at 81.30 and the support may be seen at 81 and at 79.60.

Australian dollar is rising against the US dollar on the back of US dollar weakness seen across the board. It is pushing the 1.0800 levels and is formed a fresh daily high of 1.0801. It is currently trading at 1.0792, up about 0.57% for the day. The resistance may be seen at 1.0800 and above at 1.0850 levels and the support may be seen at 1.0740/50 and below 1.0700 levels.

The US dollar index is trading around 78.80. The US dollar weakness is seen across the board except the Euro which is struggling against the US dollar.

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