by Mon, 03 May 2010 03:55:00 +0200
EUR/USD approaching 1.3200 area, USD/CHF up more than 100 pips
FXstreet.com (Barcelona) - EUR/USD is under a strong downside rally which led the par to drop over 140 pips. At the beginning of the Asian session, the single currency spurred by the Greece bail-out agreement, rose topping at 1.3360. That just represented a temporary mirage as the pair's sellers hammered the Euro as its heads dangerously towards key support at 1.3200.
On the USD/CHF, the upside strength also extended strongly through the Asian session as USD moved some 30 pips beyond 1.0800 mark to hold steady at 1.0831. The Greenback rose more than 90 pip since it opened at 1.0730.
The capacity of both pair's to strength in harmony one with the other triggered the current volatile movements in both crosses, therefore, as EUR/USD pulled back sharply from today's highs, USD/CHF skyrocketed testing higher bands.
| Technical Analysis (2010-05-03 01:48 GMT) | |
|---|---|
EUR/USD 1.3224/1.3225 - O: 1.3231 H: 1.3231 L: 1.3213 C: 1.3222 | |
| Trend | R3: 1.3309 |
 | R2: 1.3276 |
| R1: 1.3243 | |
| S1: 1.3162 | |
| S2: 1.3195 | |
| S3: 1.3228 | |
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