The pair settled higher as market participants remained hopeful that Spain's recent bank-bailout request will clear the way for a full-scale bailout. Also, broad-based CHF weakness stemming from the fact that Credit Suisse recently announced it will charge for CHF deposits supported EUR related cross and indirectly the major pair. In terms of EU related commentary, European finance ministers met in Brussels to discuss the latest proposals for EU banking supervision. However even though very little has been agreed upon, lawmakers decided to meet again later on in the year. In terms of technical levels, supports are seen at 1.3047, 1.2973 and then at 1.2962. On the other hand, resistance levels are seen at 1.3129/40 and then at 1.3173.
GBP/USD
The release of weaker-than-expected Construction PMI data was largely disregarded by markets today and instead, weaker USD on the back of hopes of a deal to avoid the fiscal cliff meant that the pair settled the session with minor gains. In terms of technical levels, supports are seen at the 55-DMA line at 1.6050 and then at the 10-DMA line at 1.6023. On the other hand, resistance levels are seen at 1.6133/76 and then at 1.6200.
USD/JPY
The pair settled lower, as the continuation of CHF weakness, which materialised yesterday following the announcement from Credit Suisse that the bank is to impose a charge on CHF deposits, caused an influx into other “available” safe-haven assets. Trend lower came in spite of the growing expectations that the BoJ will be encouraged to undertake aggressive policy easing. In terms of technical levels, supports are seen at 81.68/45 and then at 81.13. On the other hand, resistance levels are seen at 82.26/50 and then at 82.75.
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European FX Markets Finish Mixed
Published 12/04/2012, 10:51 AM
Updated 07/09/2023, 06:31 AM
European FX Markets Finish Mixed
EUR/USD
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