Forex-Metal Daily Analysis - 18/08/2011


Master Trader
Jul 12, 2010
US Dollar drops against competitors.

Asian and European trading sessions:
Euro: Today the EUR/USD pair managed to show a strong positive dynamics and almost reached the $1.4500 maximum. Released negative Euro-zone Consumer price index did not pressure the euro, since investors’ willingness to take risks increased.
US Dollar: Greenback started to lose its save-heaven status.
British Pound: The pound fell against major currencies after report, which recorded increase in unemployment in the UK by the end of July. GBP/USD traded at the range of its lows at $1.6351 to highs above $1.6500 area.
Japanese Yen: Today the USD/JPY traded in the range Y76.50 to Y76.80.
Swiss Franc: Swiss franc dropped against the US dollar after the decision of the National Bank of Switzerland not to tie the franc to the euro. National Bank of Switzerland also announced plans to only increase liquidity in the money market to 200 billion francs ($ 253 billion) from 120 billion francs.

Oil: The December crude oil has risen by 1.1% to $ 87.56 a barrel.
Gold: Gold closed by growth of 0.5% up to $1793.80 an ounce.

American trading session:
British Pound: The sterling moved even higher and the GBP/USD hit the $1.6550 maximum.

The key level for the pair is 1.40690, if this level is broken the pair will decline to Fibonacci 61.8% at 1.38867. If the pair breaks 1.44406 the pair will rise to 1.46222.
Resistance: 1.44400, 1.46222, 1.47342
Support: 1.42996, 1.41780, 1.40690
The pair has broken Fibonacci 38.2% 1.64636 and reached 1.65706. Now the pair may return to Fibo again at 1.64636.
Resistance: 1.65706, 1.67165, 1.68756
Support: 1.64636, 1.63316, 1.62050
The pair’s resistance is 0.80313, support 0.77849.
Resistance: 0.80313, 0.81356, 0.82483
Support: 0.79115, 0.77849, 0.76605
The pair has declined to the next support level at 76.463.
Resistance: 77.539, 78.345, 79.070
Support: 76.463, 75.425, 74.414
The pair has tested Moving Average (100) at 1.05799 and rolling back to 1.04407.
Resistance: 1.05332, 1.06164, 1.07005
Support: 1.04407, 1.03535, 1.02558