The Risk Today

EurUsd Broad bullish trend assuredly resumes post G20 as concrete measure spur on risk appetite. ECB rate cut has unlocked further Euro strength. Inclining channel started March 5th resumes, initial resistance at 1.3590. 1.3736 remains key test for further gains. On the downside, initial resistance stands at 1.3366.

GbpUsd Bull move consolidates and loses steam after strong move ahead of the weekend. Initial resistance stands at recent high of 1.4951, which allows for a strong key and psychological level at 1.5016 (triple top since beginning of 2009). First support level stands at 1.4880.

UsdJpy Risk appetite sees the pair extend gains past 100.00. For the time being we see the bull continuing with initial resistance at 101.76 (61.80% Fibonacci level on 110.81 – 87.12 move). A return of risk aversion would see a retracement with initial support at 100.00 (23.60% fib level), then 99.22.

UsdChf Return of risk appetite has sent the dollar packing, old haven status of the swissy continues to be elusive. Strong support at 1.1235, with a floor at 1.1171 on March lows. On the upside, initial resistance seen at 1.1392 (last week’s retracement highs).

Resistance and Support:

EURUSD	GBPUSD	USDJPY	USDCHF
1.3736	1.5389	103.17	1.1551
1.3641	1.5016	102.47	1.1484
1.3590	1.4997	101.76	1.1392
1.3551	1.4941	101.28	1.1266
1.3366	1.4880	100.00	1.1287
1.3200	1.4754	99.22	1.1235
1.3170	1.4650	98.60	1.1171
S: Strong, M: Minor, T: Trendline, K: Keylevel, P: Pivot