Daily Technical Analysis – EU Session

The sterling pound broke the 1.5800 levels during the early European session and printed a high of 1.5826. The pair followed the Euro trend in response to the passing of a deal by Greek parliament last night. The pair also took positive cues from the statement from Confederation of British Industry stating that UK is successful weathering recession. The pair is currently trading at 1.5812, up about quarter a percent. The resistance may be seen at 1.5825 and 1.5890. The support may be seen at 1.5800 and below at 1.5750.

The Greek effect was also seen in Australian dollar. The Australian dollar rose against the US dollar and printed a high of 1.0777. The pair is currently trading at 1.0765, up about 0.75%. The support may be seen at 1.0750 and below at 1.0700 levels. The resistance may be seen at 1.0770 and above at 1.0800 levels.

US dollar traded in a narrow range of 21 pips against the Japanese Yen. The high for the day so far is 77.77. It is currently trading at 77.50 and below at 77.30. The resistance may be seen at 78.

The USD/CHF pair is also expectedly trading in red by correlation. It held the 0.9100 level and is currently trading at 0.9120, losing about 0.35%. The support may be seen at 0.9100 and 0.9070. The resistance may be seen at 0.9150 and 0.9200. Producer and import prices data came from Switzerland which was below expectation. It remained unchanged while the expectation was an increase of 0.2%.

The dollar index is trading at 78.80. The low for the day is 78.68. It will be an action packed week especially for Euro since European leaders will vote on the Greek deal on Wednesday. After Greece there will be many countries like Portugal, Italy and Spain under the scanner.