EUR/USD: this pair started last week with an attempt to recover but the resistance line at 1.2330 held strong. The pair lost ground during the week trading where it got close to the critical line of 1.2150. This week, some of the technical levels that we are considering include the 1.24 line which provided resistance in June 2010. The support at 1.2360 was experienced in July 2012 but quickly changed to resistance. Below this line is the 1.2330 which exposes the 1.2288 resistance line. The pair has the 1.22 round number line, which provided support in 2010 and the 1.2150 resistance line which has been strong last week.
USD/JPY: this pair remained within the range during the week but broke the uptrend support. It started last week under the 79.70 line and moved above the 80 range. However, this pair has remained bound on this range with 79 providing a strong bottom border.
USD/CHF: the pair has remained unchanged and closed the week at 0.9798. With three releases expected from Switzerland, the pair might be bullish as the Swiss franc weakens against the dollar. Last week, the pair opened the week at 0.9788 but dropped to as low as 0.9737. The pair moved up to as high as 0.9873 but dropped to close the week at 0.9798. The dollar is expected to continue strengthening as troubles in Europe forces investors to seek safety.
GBP/USD: the pair had shown poor performance at the start of last week, but gained against the dollar to close the week at close to one cent high at 1.5573. However, weekend’s Rightmove HPI report showed a drop of 1.7 percent, which has led to the currency opening the week at a low of 1.5539.
