The US Dollar on Wednesday rose across the board against a basket of currencies. Since worries about the Greece situation are increasing and the Europe seems unable to solve its sovereign debt problem, investors are looking at the greenback as a safe haven. Yesterday the dollar rose near the 81.06 yen resistance level while it found support at the 80.81 level. Against the Swiss Franc the US dollar rose up to the 0.8549 resistance, rallying after touching a record low at the 0.8324. The Australian dollar also lost ground against the U.S dollar; it fell heavily down to 1.0531 with support level at 1.0522 and resistance at the 1.0590 level.
EURUSD
The Euro fell broadly to new lows after three weeks, early on Thursday. Euro looks vulnerable to worries that Greece’s debt will get out of control as a new bailout scheme to keep Greece from defaulting is not yet agreed and protestors in Athens against austerity measures are becoming violent. Even if Greece is a small part of the euro zone economy it could affect the whole European financial system if it is considered to be in default. Portuguese and Irish spreads were up to European record high versus the German 10-year bund. The euro early this morning fell down to 1.4120 level continuously penetrating the previous lows, seems like no support level can hold the downtrend, next support level expected to hold the short-term downtrend is at 1.4055 level.
Support/Resistance 1.4055/1.4200
GBPUSD
The cable is getting weaker as investors are putting their money in less risky currencies like the US dollar. Contagion fears of the sovereign debt in Europe are affecting the British economy as well; this is reflected on its currency. The British pound has been losing ground in the last trading sessions and fell down to the 1.6165 support level while the 1.6225 level is expected to hold any bounce up.
Support/Resistance: 1.6165/1.6225
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