Market has reacted positively to the renewed hopes of Greek deal going through with Euro printing a fresh high of 1.3213, above an important level of 1.3200. A deal will help Greek to avoid a possible default. The downward pressure on Euro from yesterday was eased when Greek prime minister announced a significant progress on the deal.
A positive data from Germany on unemployment brought the risk appetite and pushed Euro above 1.3200, an important psychological. Unemployment rate fell to 6.7% against 6.8% expected rate. A positive development on the deal could push Euro higher towards 1.3400 levels. The immediate support may be seen at 1.3150 and 1.3120. Resistance will be seen at 1.3240-50 levels. Euro is trading around 1.3200 level at around 1.3192, up about 0.4%.
Sterling pound printed a high of 1.5775, level last seen 2 months back. A rise in Euro reflected in pound as well. There is no significant data coming from England and events on the Greek deal could be followed by pound. Immediate resistance could be found at 1.5780 and above at 1.5810 levels. Immediate support may be found at 1.5730 and 1.5700 levels. Important data is expected to be announced towards the end of the week. Pound is currently trading at 1.5790 up almost half a percent.
The pressure on US Dollar from last three days today continued with the poor unemployment data from Japan. Unemployment increased to 4.6% above the 4.5% expected value. The pair printed a fresh low of 76.17. Support may be seen at around a round number of 76 and 75.80 levels while a resistance may be seen at 76.60 and 76.80. The pair is currently trading at 0.9130, down about 0.4%.
The dollar weakness can also been seen in USD/CHF pair with Swiss Frank rallying against the US dollar after yesterday’s pause. Support may be seen at 0.9110 and around 0.9070 levels. The resistance may be seen at 0.9160 and above at 0.9200. USD/JPY is trading at 76.35 virtually unchanged from yesterday.
The Australian dollar also gained today with a prevalent dollar weakness across the board. The support may be found 1.0640 and 1.0600 while resistance may be found at 1.0660 and above at an important 1.0700 levels. The pair is currently trading at 1.0665 up about 0.6%.
