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| | Demo|Live|Free Practice  Daily Newsletter: 26/06/2009
By Loic Bondiguel - ACM Advanced Currency Markets, Geneva, Switzerland | | | | EUR & GBP locked in downside consolidation | News and Events: Thursday's trading can best be described as 'scrappy'. There was no dominant theme for traders to cling to so they were cautious and reverted to type, following equity markets moves as a signal for risk appetite and as a barometer for the Dollar.
The CHF seemed to be the subject of intervention (again there was no official comment from the SNB) as, on two occasions, the Swiss Franc took a sharp dive lower within a few hours, only to edge back a little.
US data confirmed something that has been growing as a matter of concern overseas; namely, the persistence of unemployment. US initial claims were higher than expected and, alongside other nations including the United Kingdom, look like being a matter of increasing concern in the coming months and years. However, despite these worries, US equities managed to stage a strong late rally which saw the DJIA and S&P close over 2% up on the day and led to a quick Dollar decline to end the proceedings.
Risk appetite this week has been of a volatile nature with renewed bounce in risk leading to a weaker greenback overnight. Again there was some demand for JPY crosses from the Japanese investment community, particularly AUD/JPY which prompted a round of stops in AUD/USD above 0.8050 to be triggered. This had the knock on effect of pushing EUR/USD higher to trigger stops above 1.4020 and it was a similar story for GBP/USD which rose to 1.6440.  Read Today's Key Issues and The Risk Today
| Resistance and Support: | EURUSD | GBPUSD | USDJPY | USDCHF | | 1.4185 | 1.6625 | 97.20 | 1.1025 | | 1.4115 | 1.6600 | 96.70 | 1.0990 | | 1.4085 | 1.6525 | 96.40 | 1.0950 | | 1.4045 | 1.6452 | 96.08 | 1.0926 | | 1.3980 | 1.6365 | 95.60 | 1.0875 | | 1.3935 | 1.6295 | 95.20 | 1.0825 | | 1.3880 | 1.6230 | 94.85 | 1.0765 | | S: Strong, M: Minor, T: Trendline, K: Keylevel, P: Pivot | | Quick access to our 5 previous newsletters: |
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