Forex-Metal Daily Analysis -29/06/2011


Master Trader
Jul 12, 2010
Anticipation of the vote in Greece.

Asian and European trading sessions:

Euro: EUR/USD pair demonstrated minimum of $1.4300 during the Asian trading session on Tuesday. Euro showed volatile trading during the European session in the threshold of the voting at the Greek parliament. Special measures for the reduction of the budget deficit would be accepted aimed to avoid the default.

Maximums were set at the $1.4335 level.

British Pound: The sterling decreased as well and the GBP/USD dropped to $1.5960.

GBP/USD showed minimums at the $1.5912 range. On Tuesday the speculations regarding the longer period of the low interest rates in the UK pressured the euro. The unexpected reduction of the UK GDP below forecasts rendered negative influence on the pound.

Japanese Yen: The USD/JPY pair traded in the range of Y80.70 - Y80.95.

Oil: Oil prices were at their 4-months minimums of $90.81 per barrel.

American trading session:

Swiss Franck: In the uncertain European situation, the Swiss frank continued to play a role of the save-heaven currency.

Euro: EUR/USD gained back some of its previously lost positions and grew to the $1.4395 range.

US Dollar: According to the released data, the US Consumer confidence index reduced to 58.5 level.
Technical analysis for 29/06
The pair stays above 1.42996, it may bring pair to 1.44400.
Resistance: 1.44400, 1.46222, 1.47342
Support: 1.42996, 1.41780, 1.40690
The pair nearly touched 1.58543 and rolling back to 1.60322.
Resistance: 1.60322, 1.62050, 1.63316
Support: 1.58543, 1.56722, 1.54842
The pair has declined to 0.83541. If the pair stays below this level the pair will decline to 0.82438.
Resistance: 0.83541, 0.84685, 0.85939
Support: 0.82483, 0.81356, 0.80313
The pair is aiming to reach Moving Average (100) at 81.399.
Resistance: 81.399, 82.219, 83.065
Support: 80.438, 79.707, 79.070
The pair has returned to 1.05332 which is a resistance level. If the pairs stays below this level the pair will decline to 1.04407.
Resistance: 1.05332, 1.06164, 1.07005
Support: 1.04407, 1.03535, 1.02705