Pound plunges while Euro holds

By TraderVox.com

Tradervox (Dublin) – The single currency traded in a tight range but is stable above 1.3300 levels. Euro printed a high of 1.3372 but was unable to push higher. It is currently trading around 1.3343, up almost quarter of a percent for the day. The support may be seen at 1.3320 and below at 1.3260. The resistance may be seen at 1.3360 and above at 1.3400. The M3 money supply came slightly below expectation at 2.3%. The consensus was 2.4%. The CPI data from Germany is due later in the day.

The Sterling Pound plunged today against the US dollar on the back of crucial data from UK. The cable is trading around 1.5907, down about a quarter of a percent for the day. The break of 1.5900 level is pretty much possible. The resistance may be seen at 1.5920 and 1.5960 while the support may be seen at 1.5900 and below at 1.5860. The GDP of UK in the fourth quarter shrunk by 0.3% which was below the expectation of shrinkage by 0.2%.

The USD/CHF traded in a 36 pip range in the choopy market. The pair seems to have found the support at 0.9010 levels and it is currently trading around 0.9032, down about 0.20% for the day. The support may be seen at 0.9010 and below at 0.8960. The resistance may be seen at 0.9060 and above at 0.9100.

The USD/JPY is trading near the 83 levels at 82.97, almost flat for the day.  The 83 level is a strong resistance. Above 83, the resistance may be seen at 83.40 and above at 83.80. The support may be seen at 82.90 and at 82.50.

Australian dollar broke below the 1.0400 levels although it managed to pull back abve it. It printed a low of 1.0388 during the European session. The pair is losing ground throughout the day. It is currently trading around 1.0412, down about 0.43% for the day. The support may be seen at 1.0400 and below at 1.0350 levels. The resistance may be seen at 1.0450 levels and above at 1.0500.

The US dollar is trading around 79.12 in a tight range of 25 pips.

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