Quote of the day:“Knowledge is the only instrument of production that is not subject to diminishing returns.” ~ John Maurice Clarke
Good morning. Sentiment across the board is little changed since yesterday – EURUSD still trading in a narrow range between $1.37 and $1.38. CHF pairs are still in focus as the Swiss franc has lost ground against its counterparts on speculation that the SNB will take further steps to weaken the CHF. As a result, EURCHF trades near resistance at 1.2500, USDCHF is back above .9000 and GBPCHF gained over two hundred points in yesterday’s rally, testing 1.4500 at time of writing this. Let’s see what are some of today’s interesting charts:
EURUSD
The bear flag formation highlighted yesterday is still intact and the EUR seems rather heavy. Keeping an eye on the lower side is probably the best thing to do right now, along with selling into euro strength
Euro Vs US Dollar Chart 4hrs 11-8-2011
USDCHF
Uptrend will probably continue and resistance is seen a bit higher, first at .9100. In case of a pullback, .8930/50 is where support should hold in order to maintain the uptrend.
US Dollar Vs Swiss Franc Chart 4hrs 11-8-2011
EURAUD
The resistance line which is connecting recent lower highs is being tested once again. Upside remains slightly favored and maybe this time we’ll see a breakout
Euro Vs Australian Dollar Chart 4hrs 11-8-2011
AUDJPY
The pullback continues and support around 80 is under pressure. If it holds, buying dips might be worth it.
Australian Dollar Vs Japanese Yen Chart Daily 11-8-2011
USDCAD
USDCAD continues the consolidation below recent top, but upside remains slightly favored and a break above 1.0230/50 is in the cards
US Dollar Vs Canadian Dollar Chart 4hrs 11-8-2011
Have a great day!
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