Forex-Metal Daily Analysis -26/05/2011

Swiss frank demonstrated hit historical maximum against the euro today.

Asian and European trading session:
Euro: Uncertainty and lack of consensus with the Greek budget problems pressured the euro today. The EUR/USD pair showed minimums at the $1.4000 level.
Later on the euro managed to strengthen and reach the $1.4070.
Swiss Frank: Swiss frank set a new historical maximum against the euro on Wednesday. Concerns regarding the possible slow-down of the economic rehabilitation of the region as a result of the European debt crises, pressured the euro. At the same time, possibility of the principal rates increase by the Central bank of Switzerland, supported the national currency.
British Pound: The GBP/USD pair decreased to the minimums of $1.6130 during the Asian trading session.
The released UK GDP data turned out to be at the expected level. The quarterly GDP demonstrated the 0.5% level, the yearly GDP showed 1.8% level. The GBP/USD pair grew above the $1.6200 maximums.
Japanese Yen: The USD/JPY pair traded in the range of Y81.80-Y82.10.
Oil: The oil prices traded around the $98.60 level per barrel.
Gold: Gold prices traded around the $1527.30 mark per ounce.

American trading session:
US Dollar: US Durable goods orders demonstrated unexpected drop for 3.6% in April against the forecasted decrease for 2.5%. Nevertheless, demand for high-risk assets grew.

Technical analysis for 26/05

The pair has broken daily channel and aiming to 1.39600.
Resistance: 1.40690, 1.41780, 1.42996
Support: 1.39600, 1.38554, 1.37486
The pair stays below 1.62050 it will bring pair to decline to 1.60322.
Resistance: 1.62050, 1.63316, 1.64636
Support: 1.60322, 1.58543, 1.56722
If the pair breaks 0.88418 the pair will rise to 0.89635.
Resistance: 0.88418, 0.89635, 0.91079
Support: 0.87214, 0.85939, 0.84685
The pair is trying to decline below 81.399. It will bring pair to 80.438.
Resistance: 82.219, 83.065, 83.933
Support: 81.399, 80.438, 79.707
The pair has declined to 1.05322. If this level is broken the pair will decline to 1.04407.
Resistance: 1.06164, 1.07005, 1.07739
Support: 1.05332, 1.04407, 1.03535