By HotForex | Daily Forex Analysis | Fri, Apr 06, 2012
EURUSD made another move down dropping over 100 pips yesterday finding
support around 1.3035. It’s a Bank Holiday ahead of the Easter weekend
and the only important event on the calendar today will be the US
Non-farm Payrolls release. Due to the low market volume we may witness
high volatility on the market prior and after the release. Support for
the EURUSD is seen at 1.3020 and resistance is seen at 1.3164. The
Inside View indicator on HotForex shows that 55 percent of the traders
are long on the EURUSD.
GBPUSD
Bank of England kept the rates at the same levels at
0.50 percent yesterday. The Cable made a slight move down finding
following the US dollar strength. The pair found support around 1.5811
and its currently trading around the 1.5850 levels. We don’t expect much
movement ahead of the US NFP data and a slight volatility after the
release from the United States. Support for the GBPUSD is seen at 1.5817
and resistance is seen at 1.5908. The Inside View indicator on HotForex
shows that 59 percent of the traders are long on the GBPUSD.
EURCHF
EURCHF is being one of the most commented pairs lately.
The SNB 1.2000 level was slightly breached yesterday and the pair is
hovering above it at the moment. SNB managed to protect their level and
their behavior will be very interesting to watch. Reports from numerous
of places show that over 99 percent of the retail traders are keeping or
adding more to their long positions expecting SNB to intervene on the
market. Will it happen or not we are about to see. Keep in mind one
important aspect of this trade – the outstanding long positions that has
been allowed to build up, based on the SNB perceived protection. The
question that will concern the SNB will be what if these longs start
cutting. Support for the EURCHF is see at 1.2012 and resistance is seen
at 1.2035. The Inside View indicator on HotForex shows that 99.38
percent of the traders are long on the EURCHF.
Important releases and events
USD: Non-Farm Employment Change; Unemployment Rate; Average Hourly Earnings m/m
EUR: Bank Holiday
GBP: Bank Holiday
CHF: Bank Holiday
CAD: Bank Holiday
AUD: Bank Holiday
NZD: Bank Holiday