Rumours of the imminent resignation of Italian Prime Minister supported the euro.
Asian and European trading sessions:
Euro: Euro was under pressure against major currencies due to concerns of market participants about the political instability in Italy. Another negative factor was a released report on industrial production in Germany, which showed a big slowdown in September by 2.7% versus forecasted -0,9 %.
On the other hand, the euro retreated from its daily lows at $1.3682 against the US Dollar amid speculation that the Italian Prime Minister Berlusconi may soon resign. Supported by those rumours the EUR/USD pair strengthened and reached the $1.3812 area and remained trading around this level in spite of the fact that Berlusconi himself had actually denied those speculations.
British Pound: The GBP/USD pair traded around its November highs at $1.6040 area, which confirmed the willingness of investors to buy the British currency as a sort of alternative investments.
Swiss franc: The Swiss franc fell to a two-week low against the euro on speculation that Swiss National Bank would continue to weaken its currency.
American trading session:
Gold: Today the price of Gold rose to $1.784,75 per troy ounce. The December gold futures reached a six-week high on investors interest in low-risk assets against the backdrop of political and economical instability in Italy and Greece.
Oil: The U.S. light crude oil WTI during the today’s auction in New York rose to 95.68 dollars per barrel.
Technical analysis for 8/11
EURUSD
The pair may decline to the Moving Average (500) at 1.35984 is stays below 1.37486.
Resistance: 1.37486, 1.38554, 1.39600
Support: 1.35984, 1.34882, 1.33143
GBPUSD
The pair stays above Moving Average (200) and resistance 1.60322 it may bring pair to 1.62050.
Resistance: 1.62050, 1.63316, 1.64636
Support: 1.60322, 1.58543, 1.56722
USDCHF
The pair has broken resistance 0.89635 and trying to rise to 0.91079.
Resistance: 0.91079, 0.92026, 0.93069
Support: 0.89635, 0.88418, 0.87214
USDJPY
The pair has declined to 78.345 and aiming to 77.539.
Resistance: 78.345, 79.070, 79.707
Support: 77.539, 76.463, 75.425
AUDUSD
The pair may try to break the Moving Average (200) 1.03178.
Resistance: 1.03535, 1.04407, 1.05332
Support: 1.02558, 1.01744, 1.00907