Daily Commentary on various currencies

As Expected, Friday has once again been crazy so far in many ways with all currency pairs making wild whipsaws. GU went down just below its support and threatened to fall off the cliff. But the fact that it did manage to hold on just below support showed that there was some strength in the background.

This was proved later in the day with all pairs spurting againt the dollar and GU also broke through its resistance and is now trying to break its next resistance which is yesterdays high.

EU continued its onward march and it looks like this march would continue.

The most interesting pair today and rather the whole of this week has been USDCAD. It had been loitering around one of its major support levels and i had even pointed out the same in one of my previous posts. That big support has been broken today and we should see the pair drop down to close to 1.2.

GBPJPY again showed that it has huge support right from 140.6 to 141.5 and so any visit to this region would give good risk to reward ratio for longs. But this region has been visiting a few times this week which has made this region a bit weak. So any further visits to this region could spell danger. I expect the price to go back to 144 where again it should be facing strong resistance and it would be interesting at this point to see if the ranging continues.