The EUR/USD pair has moved sideways throughout most of today's trading after it fell sharply on Wednesday as Fed Chairman Bernanke talked about the huge possibility of the Fed reducing its bond purchases within the year if the economic forecast meets expectations.
Meanwhile, the EMU also posted lower figures in its Current Account s.a and n.s.a, which fell from €25.9B to €19.5B and €24.9B to €15.3B, respectively. So far, the pair has moved between 1.3200 and 1.3250 since today's Asian trading session. It is currently trading at 1.3222, with initial resistance seen at 1.3262, followed by 1.3295. Meanwhile, initial support is at 1.3119, followed by 1.3086.
As for the AUD/USD pair, it made a steady climb over the past few hours from lows at around the 0.9175 mark to the 0.9250 mark where it is currently trading. Initial resistance for the pair is seen at 0.9256, followed by 0.9279. On the other hand, initial support is seen at 0.9102, followed by 0.9080.
After peaking at 0.9348 yesterday, the USD/CHF pair fell during the past few hours to a low of 0.9244 before climbing up again to the 0.9286 level. Initial support for the pair is seen at 0.9317, followed by 0.9340. Initial support, meanwhile, is seen at 0.9205 followed by 0.9182.
Speaking of recovery, the same thing happened with the USD/JPY pair after it fell below 97.000 before going back again to the current 97.805 level. Initial resistance for the pair is at 98.89, followed by 99.13. Meanwhile, initial support is 96.74, followed by 96.50.
After Wednesday's Fed statement, this week's trading will be capped off by Canada's CPI data, which is expected to improve slightly from 0.4% to 0.9% (YoY) and from -0.2% to 0.4% (MoM).
Check back again next week for our updates on the fx market.
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