Forex-Metal Daily Analysis -24/02/2011

Bank of England minutes bring pound to maximums.

Asian and European trading session:
Euro: 2-year maximums of the oil prices level supported the growing euro rate, since the possibility that the ECB would reinforce its monetary policies and raise interest rates increased.
The EUR/USD pair strengthened at the $1.3700 maximums during the Asian session, the European session brought euro to the level of $1.3740.
British Pound: The sterling also demonstrated growth. The GBP/USD pair reached maximums at the level of $1.6273. The pound was supported by the release of the minutes of the Bank of England.
Japanese Yen: The USD/JPY pair reached maximums at the Y82.90 mark.
New-Zealand Dollar: The New-Zealand dollar started to rehabilitate on Wednesday. Rating agency “Moody’s Investor Service” stated that the earthquake that took place in New-Zealand would not affect the credit rating of the country.
Oil: Political instability in the Middle East region keeps oil prices at their maximums. Wednesday prices range was at the $95.97 level per barrel.
Gold: The gold price increased and hit the $1,404.50 mark per ounce.

American trading session:
Euro: During the American session the EUR/USD hit even higher and reached the $1,3786 maximum.
Swiss Frank: Swiss Frank reached its historical maximum against the US dollar, as a save-heaven currency.


Technical analysis for 24/02

The pair has reached 1.37486. At this level two median lines and Fibonacci 61.8% which are resistances for the pair. But the pair still looks bullish and may rise to 1.38554.
Resistance: 1.38554, 1.39600, 1.40690
Support: 1.37486, 1.35984, 1.34882
The pair may try to reach 1.63316.
Resistance: 1.63316, 1.64636, 1.65706
Support: 1.62050, 1.60322, 1.58543
The pair has reached new low 0.92756.
Resistance: 0.93435, 0.95125, 0.96574
Support: 0.91658, 0.90202, 0.88519
The pair is aiming to triangle’s bottom at 81.938.
Resistance: 83.065, 83.933, 84.866
Support: 82.219, 81.399, 80.438
The pair is rising to 1.00907.
Resistance: 1.00907, 1.01744, 1.02705
Support: 1.00067, 0.99207, 0.98436