Demand for the save-heaven assets grows.
Asian and European trading sessions:Euro: Wednesday saw the growing demand for the save-heaven currencies and the drop of the euro. Representatives of the IMF stated that financial help of the Portuguese fund could lead to considerable risks. In addition, the released Euro-zone fundamentals did not render any support to the euro. The German industrial production dropped to 9.6% against the forecasted 10.0%.
The EUR/USD pair reached the $1.4640 minimums.
British Pound: The sterling followed the euro and the GBP/USD dropped to the $1.6420 level. The credit agency “Moody’s” stated that the UK could have its credit rating decreased, if the UK economy continued to be so weak.
Japanese Yen: As a save-heaven currency, the yen showed considerable stabilization against the competitor currencies.
The USD/JPY pair demonstrated minimums at the Y79.70 level.
Oil: Oil prices decreased to the $98.46 level per barrel. During the OPEC meeting, which is taking place in Vienne now, quotas could be raised to meet demand.
Gold: Gold rate dropped as well to the $1,533.40 mark per ounce.
American trading session:
US Dollar: According to the Beige Book release from today, four regions demonstrated slow-down of the US economical growth rate. The head of the FRS, Ben Bernanke, mentioned in his previous speech that economical growth of the previous period has been uneven and “disappointingly slow”.
Technical analysis for 9/06
EURUSD
The pair is aiming to 1.47342.
Resistance: 1.47342, 1.48550, 1.50630
Support: 1.46222, 1.44400, 1.42996
GBPUSD
The pair has tested Fibonacci retracement 38.2% and declining. If the pair is able to break 1.63316 the pair will decline to 1.62050.
Resistance: 1.64636, 1.65706, 1.67165
Support: 1.63316, 1.62050, 1.60322
USDCHF
The pair has declined to 0.83541.
Resistance: 0.84685, 0.85939, 0.87214
Support: 0.83541, 0.82483, 0.81356
USDJPY
If the pair stays below 80.438 the pair may decline to 79.707.
Resistance: 80.438, 81.399, 82.219
Support: 79.707, 79.070, 78.345
AUDUSD
The pair has broken 1.06164 and aiming to 1.05332.
Resistance: 1.06164, 1.07005, 1.07739
Support: 1.05332, 1.04407, 1.03535