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Tuesday, August 9th
GBP/USD
Current price: 1.2981 (-0.5%)
Session range: Open 1.3040 High 1.3050 Low 1.2967
Latest trend: Bearish
Expected trend: Bearish
Daily volatility: Low
Support and resistance levels: S. 1.2945 R. 1.3122
Main drivers: UK Manufacturing Production, Prelim. US Nonfarm Productivity
Overview: Currently is attempting to recover part of its losses after downside rally to fresh monthly lows performed this morning. The pair has dipped today to the level of 1.2973 triggered by suggestion of BoE’s member of further rate cut closer to zero.
EUR/USD
Current price: 1.1072 (-0.1%)
Session range: Open 1.1087 High 1.1092 Low 1.1070
Latest trend: Bearish
Expected trend: Bearish
Daily volatility: Moderate
Support and resistance levels: S. 1.1054 R. 1.1120
Main drivers: Prelim. US Nonfarm Productivity
Overview: The pair is failing all attempts to break through the level of 1.1100 facing resistance near that level during Asia. Euro recovery appears to lack momentum as US dollar is trading on a firm note today against its major peers on the back of positive data witnessed last week coupled with speculations of Fed rate hike this year.
NZD/USD
Current price: 0.7115 (0.3%)
Session range: Open 0.7138 High 0.7161 Low 0.7110
Latest trend: Bearish
Expected trend: Bearish
Daily volatility: Low
Support and resistance levels: S. 0.7065 R. 0.7179
Main drivers: Prelim. US Nonfarm Productivity
Overview: Today Kiwi is trimming gains as US dollar is still gaining benefits from last week’s impressive data release. However, the pair has managed to recover from Monday’s multiweek lows as traders remain cautious in front of Thursday's RBNZ monetary policy decision. Expected that RBNZ will make a move and ease its monetary policy by lowering its rate by 0.25%.
USD/CHF
Current price: 0.9838 (0.1%)
Session range: Open 0.9824 High 0.9843 Low 0.9822
Latest trend: Bullish
Expected trend: Bullish
Daily volatility: High
Support and resistance levels: S. 0.9765 R. 0.9871
Main drivers: Prelim. US Nonfarm Productivity
Overview: The pair remains bid toned for the fifth day in a row expanding its weekly highs toward the level of 0.9850, mostly driven by broad based dollar’s strength on the back of speculations of further Fed rate hike. However, franc has received some positive momentum this morning from neutral data of Swiss labor market, but downside movement range has been limited especially taking in account ignoring yesterday’s positive Swiss CPI.
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