By TraderVox.com
The single currency started the week on a weak note especially during the early Asian session sliding to a fresh low of 1.3077. But it covered the losses during the late Asian session and early European session. The pair is currently trading around 1.3113, almost flat for the day. The support may be seen at 1.3080 and below at 1.3000 levels. The resistance may be seen at 1.3160 and above 1.3220. Wholesale price index from Germany came as expected at 1% month over month.
Unlike Euro, sterling pound failed to gather a momentum and it continued its downward run to form a fresh low of 1.5608. The pair is currently trading around 1.5630, down about quarter of a percent for the day. The bearish outlook opens up the possibility of breaking of 1.5600 levels significantly. The support may be seen at 1.5600 and below at 1.5560. The resistance may be seen at 1.5660 and above at 1.5710 levels.
The USD/CHF pair managed to close the last week near the 0.9200 levels. It started the week on a positive note and went above the 0.9200 levels to form a fresh high of 0.9217. But it failed to hold the 0.9200 levels and has come below it. It is currently trading around 0.9192, almost flat for the day. The resistance may be seen at 0.9200 and above at 0.9250. The support may be seen at 0.9150 and below at 0.9125 levels.
The USD/JPY has come off the recent highs and trading in red for most part of the day. The pair is currently trading around 82.20, down about 0.37% for the day. The resistance may be seen at 82.65 and 83 levels while the support may be seen at the current levels and below at 81.90 levels.
The trade deficit report from China has impacted the Australian dollar and the it is currently trading at 1.0514, down about half a percent against the US dollar. The low for the day so far is formed at 1.0508. The support may be seen at 1.0500 and below at 1.0450. The resistance may be seen at 1.0560 and 1.0610 levels.
The US dolalr index is trading comfortably above the 80 levels at 80.45.
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