By HotForex | Daily Forex Analysis | Tue, Apr 10, 2012
Bank of Japan left its benchmark interest rate at the same level. The
bank also kept the stimulus programs unchanged as well and it might add
more stimulus programs in the upcoming period. USDJPY dropped around 50
pips during the Asian session currently trading around the support level
at 81.22. The Japanese economy is facing deflation which pushed the
policy makers to try to raise the inflation and support export in order
to boost the Japanese Yen.
Support for the USDJPY is seen at 81.22 and
resistance is seen at 81.80. The Inside View indicator on HotForex shows
that 75 percent of the traders are long on the USDJPY.
EURUSD
EURUSD moved about 100 pips higher during yesterday’s
holiday session reaching the levels around 1.3143. Investors eyes are
focused on Spain which announced on the 2nd of March that the
government would fail to achieve its budget deficit target this year.
Europe is facing the prospect of fading growth and the EURUSD remains
under pressure. Support for the EURUSD is seen at 1.3020 and resistance
is seen at 1.3164. The Inside View indicator on HotForex shows that 54
percent of the traders are short on the EURUSD.
GBPUSD
Following the BOE program unchanged and the Industrial
Production figures coming as expected the Cable remained steady during
the holiday sessions. The pair found some minor upside support during
the Asian session pushing through the 1.5900 mark and currently trading
above it. Support for the GBPUSD is seen at 1.5843 and resistance is
seen at 1.5931. The Inside View indicator on HotForex shows that 61
percent of the traders are short on the GBPUSD.
EURCHF
EURCHF remained above the 1.20 level during the holiday
as expected. SNB showed that they are dedicated on keeping the pair
above the floor at 1.20. The SNB supervisory board is expected to meet
on April 13 to discuss about the selection of the SNB Chairman. Support
for the EURCHF is seen at 1.2012 and resistance 1.2025. The Inside View
indicator on HotForex shows that 99 percent of the traders are long on
the EURCHF.
Important releases and events
JPY: BOJ Press Conference
EUR: French Industrial Production m/m; Sentix Investor Confidence
USD: FOMC Member Lockhart Speaks