Good morning. With great pleasure we would like to present our daily currency market commentary.

EURUSD
Unless the pair stays below 1.3700 drops to the area of 1,3620/30 still remain possible scenario. Upside rebound should lead to the levels seen yesterday, that is 1,3740 and 1,3800 later on. Significant jump above 1,3800 should extend this rally to 1,3870/1,3900. Drop below 1,3600 will initiate falls leading to the recent lows 1,3520 and 1,3440. Today volatility may remain high as the FOMC is expected to announce its decision on interest rates this evening.

GBPUSD
The pair is moving towards 1,4920 so any retreat should be used to open short positions. The first resistance level proper to take this action we assess for 1,5040. In case of a stronger upside pressure gains may reach even 1,5120 and only breach of 1,5150 will invalidate this scenario. Falls below 1,4920 should be extended to 1,4860 and eventually to 1,4740.

USDCHF
As this pair is expected to move downward any jump toward 1.0640 shall be used as an opportunity for selling. On the other hand only significant rebound above 1.0670 may cancel the current downward march. Expected range of drops we assess for 1,0520 area.

EURJPY
This current corrective rebound should lead us toward 123.90 area and  shorts from  this resistance should be considered. However in case of a rebound above 124.50 another  70 pips should not be a problem with a perspective for the test of 126,70-127,00 area.  Firm drop below 123,10 may easily bring this cross as low as 122,40 or even 121,80.

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