EUR/USD posts lowest weekly close since January
The EUR/USD fell sharply during the week and suffered the fourth weekly decline in a row. Ongoing concerns about the European debt crisis that is starting to affect the core Eurozone, continue to weigh in the Euro that dropped almost 300 pips and posted the lowest weekly close since January, below 1.3300.
After starting the week around 1.3530, the pair moved sideways but on Wednesday broke decisively to the downside and accelerated the decline below 1.3400, bottoming on Friday at 1.3210.
After starting the week around 1.3530, the pair moved sideways but on Wednesday broke decisively to the downside and accelerated the decline below 1.3400, bottoming on Friday at 1.3210.
SNB’s ability has yet to meaningfully challenged
According to analyst from Deutsche Bank the ability of the central bank of Switzerland to keep the Swissy away from higher prices, has yet to meaningfully challenged by the market. Speculation about a rise of the peg in the EUR/CHF is likely keeping prospective Swiss bulls on the defensive. “Additional stress at the EUR core remains the single most important driver going forward, especially on signs of foreign capital repatriation from France and even Germany.”
USD/CAD rises back to 1.0500
The Loonie failed to hold to gains against the US Dollar as stock in Europe and in the US move of session highs. The USD/CAD found support once again at the 1.0435/40 area and rebounded rising back to 1.0500.
The pair so did not rose back above 1.0500 and currently trades at 1.0485/80, a few pips above today’s opening price. Earlier the USD/CAD peaked at 1.0523, the strongest level since October 5.
To the upside, resistance might lie at 1.0500 and above here at 1.0525 (daily high) and 1.0575 while support level could be located at 1.0435/40 (Nov 24, 25 low) and below here at 1.0395/00. source:-fxstret.com
The pair so did not rose back above 1.0500 and currently trades at 1.0485/80, a few pips above today’s opening price. Earlier the USD/CAD peaked at 1.0523, the strongest level since October 5.
To the upside, resistance might lie at 1.0500 and above here at 1.0525 (daily high) and 1.0575 while support level could be located at 1.0435/40 (Nov 24, 25 low) and below here at 1.0395/00. source:-fxstret.com