USD Dollar (USD) – The Dollar gained versus most of the major currencies, but fell against currencies linked to commodities. The Final GDP came out at 3.1%, better than the expected 2.9%. The stock markets in U.S. closed positive as the Dow Jones climbed by 0.41% and the NASDAQ gained 0.24%. Crude Oil is fluctuating around the strong key level of $105.40 for the third day, unable to determine a further trend. Gold (XAU) declined below the $1430 an ounce and a further decline is possible if it manages to break the $1420 level. Today, the Personal Spending Report is expected at 0.6% vs. 0.2% previously, and Pending Home Sales are expected at 0% vs. -2.8% previously.
Euro (EUR) – The euro fell against the dollar after struggling with the 1.42 resistance level and moved back to trade near the 1.4 zones as European leaders failed to build a stable bailout plan during the summit. The German IFO Business Climate came out at 111.1, better than the expected 110.6, but this was not enough to fuel another positive wave in the pair. Breaking the 1.4 support zone will push the pair lower; otherwise, a rebound might be seen. Overall, EUR/USD traded with a low of 1.4019 and with a high of 1.4193. Today, the ECB President is expected to speak.
EUR/USD – Last: 1.4055
| Resistance | 1.4100 | 1.4150 | 1.4200 |
| Support | 1.4020 | 1.3970 | 1.3870 |
British Pound (GBP) – The Pound accomplished three consecutive days of poor performance against the dollar and fell back to test the psychological support level at the 1.6 zones. Breaking the 1.5980 critical support zones will push the pair lower; otherwise a rebound might be seen. Overall, GBP/USD traded with a low of 1.6000 and with a high of 1.6140. No economic data is expected today.
GBP/USD – Last: 1.6016
| Resistance | 1.6030 | 1.6080 | 1.6150 |
| Support | 1.5980 |
Japanese Yen (JPY) –The Yen weakened against the greenback and has seemingly positioned itself above the 81 support zones. The aftermath of the nuclear crisis in Japan is still forthcoming hence investors are edgy, expecting to react on further developments. Breaching the 81.70 resistance level might bring the pair once again above the 82 levels. Overall, USD/JPY traded with a low of 80.85 and with a high of 81.77 in the last forex trading session. Today, Retails Sales are expected at -0.4% vs. 0.1% previously and the Unemployment Rate is expected unchanged at 4.9%.
USD/JPY-Last: 81.75
| Resistance | 81.70 | 82.30 | |
| Support | 80.50 | 80.20 |
Canadian dollar (CAD) – The U.S. dollar strengthened against the Canadian Dollar and once again tested the strong resistance level of 0.9820. Breaching that key resistance area, might fuel the pair to run back to parity. Overall, USD/CAD traded with a low of 0.9740 and with a high of 0.9824. No major economic data is expected today.
USD/CAD – Last: 0.9808
| Resistance | 0.9820 | 0.9860 | 0.9940 |
| Support | 0.9740 | 0.9700 |
