EUR/JPY to consolidate with bullish bias after hitting 10-month high of 118.13 on EBS this morning. Buoyed by expectations for April ECB rate hike, Japan importer demand. But EUR/JPY gains tempered by euro-zone sovereign debt worries, Japan exporter sales, caution ahead of U.S. payrolls report, positions adjustment before weekend. Daily chart positive-biased as MACD & stochastics bullish, although latter at overbought, suggesting sideways or higher EUR/JPY trading near-term. Resistance at psychological 119 level; breach would target 119.63 (previous base set Feb. 25, 2010), then psychological 120 level. Support at 117.17 (hourly chart), then at 116.75 (yesterday''''s low); breach would temper near-term positive outlook, exposing downside to 116.22 (Wednesday''''s low), then 115.56 (previous cap set March 18), 114.82 (Tuesday''''s low), 114.15 (Monday''''s low) and 113.52 (March 24 low).
USD/CAD to consolidate with bearish bias. Undermined by stronger commodity & oil prices (Nymex crude settled up $2.45 yesterday at $106.72/bbl for highest settlement since Sept. 2008); 0.5% growth in Canada January GDP (in line with forecast) encouraging market players to bring forward their expectations for renewed monetary tightening from BOC. But USD/CAD losses tempered by caution ahead of U.S. payrolls report, positions adjustment before weekend. USD/CAD daily chart negative-biased as MACD & stochastics bearish, although latter at oversold, suggesting sideways or lower USD/CAD trading near-term. Support at 0.9681 (yesterday''''s low, matching March 10 low); breach would target 0.9664 (March 9 low), then psychological 0.9600 and 0.9500 levels. Resistance at 0.9728 (yesterday''''s high); breach would temper near-term negative outlook, targeting 0.9753 (Wednesday''''s high), then 0.9785 (Tuesday''''s high), 0.9822-0.9826 band (Monday''''s high-March 25 high), 0.9843 (March 23 high) and 0.9865 (March 18 high).
USD/CHF to trade with bullish bias. Underpinned by hawkish comments from Fed''''s Kocherlakota; but gains tempered by caution ahead of U.S. payrolls report, positions adjustment before weekend. Data focus: 0715 GMT Swiss February retail sales, 0730 GMT Swiss March SVME PMI. Daily chart positive-biased as MACD & stochastics in bullish mode. Resistance at 0.9216 (hourly chart), then at 0.9276 (Wednesday''''s high); breach would expose upside to 0.9316 (March 14 high), then 0.9370 (March 9 high, near 55-day moving average) and 0.9506 (Feb. 22 high). Support at 0.9122 (yesterday''''s low); breach would expose downside to 0.9070 (March 25 low), then 0.9026 (March 24 low), 0.8976 (March 23 low) and 0.8852 (March 17 record low).
EUR/GBP to consolidate with bullish bias after hitting fresh 5-month high of 0.8853 yesterday. Supported by expectations for April ECB rate hike. Daily chart positive-biased as MACD bullish, while stochastics stay elevated at overbought, suggesting sideways or higher EUR/GBP trading near-term. Resistance at 0.8853 (yesterday's high); breach would target 0.8876 (uptrend resistance line from Feb. 25 high of 0.8593), then 0.8941 (Oct. 25 top) and psychological 0.9000. Support at 0.8776 (yesterday's low); breach would temper near-term positive outlook, targeting 0.8753 (Wednesday's low), then 0.8727 (uptrend support line from Feb. 22 low of 0.8371), 0.8660 (March 24 low), 0.8650 (March 23 low) and 0.8621 (March 15 low). source ; http://www.ytwhw.com/2011/0401/Analysis-of-currency-movements.html For the latest updates PRESS CTR + D or visit Stock Market news Today
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