Dollar lost ground against most of the major pairs yesterday after weaker than expected US economic numbers. Jobless Claims (Initial Claims) recorded higher at 410,000 for the week ending February 12, 2011 against previous release of 383,000; Consumer Price Index for January increased to 0.4%, due to steep rise in energy and food prices during the month of December. The Common currency settled near high at 1.3623. We are expecting further raise in EURUSD on constantly trading beyond 1.3650 ranges. Cable may rise to 1.6267, if it sustains above 1.6054. Crude oil settled higher at $86.38 after breaking consolidation range of $83.80-$86 and could surge to $87.7-$88.50 in short-term.
FX Pair Support 2 Support 1 Resistance 1 Resistance 2
EURUSD 1.3459 1.3530 1.3640 1.3664
GBPUSD 1.6054 1.6120 1.6189 1.6267
USDCHF 0.9300 0.9465 0.9527 0.9590
USDJPY 82.59 83.00 83.40 83.99
EURJPY 112.66 113.14 113.95 114.95
AUDUSD 0.9955 1.0052 1.0162 1.0203
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