GCI Forex News - USD/JPY: Yen rose on speculation that recent losses were overdone

USDJPY Movement

For the 24 hours to 23:00 GMT, the USD weakened 0.25% against the JPY and closed at 82.37. The Yen rose on bargain hunting as investors speculated that recent decline in the currency was overdone. However, gains were capped amid expectations that upcoming elections on December 16 would result in growing political pressure on the BoJ to implement more aggressive monetary easing measures.

Meanwhile, on an annual basis, super market sales in Japan dropped 4.0% in October, marking its eighth consecutive year-on-year drop and compared to a 2.0% fall recorded in the previous month.

In the Asian session, at GMT0400, the pair is trading at 82.28, with the USD trading 0.11% lower from yesterday’s close.

The pair is expected to find support at 82.02, and a fall through could take it to the next support level of 81.77. The pair is expected to find its first resistance at 82.68, and a rise through could take it to the next resistance level of 83.09.

The currency pair is trading below its 20 Hr and 50 Hr moving averages.

GCI Forex News - USD/CAD: Canadian retail sales rise in September

USDCAD Movement

For the 24 hours to 23:00 GMT, the USD rose 0.17% against the CAD to close at 0.9977.

On the economic front, Canada’s retail sales rose 0.1% (MoM) in September, from 0.3% in the previous month.

In the Asian session, at GMT0400, the pair is trading at 0.9978, with the USD trading marginally higher from yesterday’s close.

The pair is expected to find support at 0.9960, and a fall through could take it to the next support level of 0.9942. The pair is expected to find its first resistance at 0.9989, and a rise through could take it to the next resistance level of 1.0001.

Trading trends in the pair today are expected to be determined by the release of consumer price index data in Canada.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.

GCI Forex News - AUD/USD: Aussie up during Asian trade

AUDUSD Movement

For the 24 hours to 23:00 GMT, AUD weakened marginally against the USD to close at 1.0379.

LME Copper prices rose 0.1% or $11.3/MT to $7715.8/MT. Aluminium prices declined 0.6% or $12.5/MT to $1915.3/MT.

In the Asian session, at GMT0400, the pair is trading at 1.0396, with the AUD trading 0.16% higher from yesterday’s close.

Data released this morning indicated that China’s MNI business sentiment index advanced to a reading of 53.6 in November, compared to a reading of 51.9 October.

The pair is expected to find support at 1.0366, and a fall through could take it to the next support level of 1.0337. The pair is expected to find its first resistance at 1.0411, and a rise through could take it to the next resistance level of 1.0427.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.

GCI Forex News - USD/CHF: Swiss M3 money supply growth slowed in October

USDCHF Movement

For the 24 hours to 23:00 GMT, the USD declined 0.40% against the CHF and closed at 0.9365.

Yesterday, the Swiss National Bank Governing Board member, Fritz Zurbruegg, stated that the Franc ceiling is an extreme measure that carries “considerable” risks. He indicated that inflation is not a threat in the short or medium term but central banks must stay alert and exit from unconventional policy measures once necessary.

In economic news, M3 money supply in Switzerland climbed 8.6% (YoY) in October, slower than the 8.8% rise in September.

In the Asian session, at GMT0400, the pair is trading at 0.9381, with the USD trading 0.17% higher from yesterday’s close.

The pair is expected to find support at 0.9340, and a fall through could take it to the next support level of 0.9299. The pair is expected to find its first resistance at 0.9441, and a rise through could take it to the next resistance level of 0.9500.

The currency pair is trading below its 20 Hr and 50 Hr moving averages.

GCI Forex News - USD/CAD: Canada Teranet/National Bank composite House Price Index fell in October

USDCAD Movement

For the 24 hours to 23:00 GMT, the USD rose marginally against the CAD to close at 0.9960.

On the economic front, the Teranet-National Bank National composite house price index in Canada declined 0.2% (MoM) in October, compared to a 0.4% drop in September. Meanwhile, on an annual basis, the index rose 3.4% in October, compared to a 3.6% rise recorded in the previous month.

In the Asian session, at GMT0400, the pair is trading at 0.996, with the USD trading flat from yesterday’s close.

The pair is expected to find support at 0.9947, and a fall through could take it to the next support level of 0.9933. The pair is expected to find its first resistance at 0.9983, and a rise through could take it to the next resistance level of 1.0006.

Trading trends in the pair today are expected to be determined by the release of retail sales data in the Canada.

The currency pair is trading below its 20 Hr and 50 Hr moving averages.

GCI Forex News - AUD/USD: Aussie trading lower in the Asian session

AUDUSD Movement

For the 24 hours to 23:00 GMT, AUD weakened marginally against the USD to close at 1.0382.

LME Copper prices declined 0.3% or $26.0/MT to $7704.5/MT. Aluminium prices declined 1.3% or $24.5/MT to $1927.8/MT.

In the Asian session, at GMT0400, the pair is trading at 1.0382, with the AUD trading marginally lower from yesterday’s close.

This morning, the Markit/HSBC purchasing managers’ index in China rose to a reading of 50.4 in November, compared to a reading of 49.5 in October.

The pair is expected to find support at 1.0346, and a fall through could take it to the next support level of 1.0311. The pair is expected to find its first resistance at 1.0409, and a rise through could take it to the next resistance level of 1.0437.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.

GCI Forex News - USD/CAD: Canadian Dollar trading lower this morning

USDCAD Movement

For the 24 hours to 23:00 GMT, the USD declined marginally against the CAD to close at 0.9967.

In Canada, wholesale sales declined 1.4% (MoM) in September, compared to a downwardly revised 0.3% increase recorded in the previous month.

In the Asian session, at GMT0400, the pair is trading at 0.9988, with the USD trading 0.22% higher from yesterday’s close.

The pair is expected to find support at 0.9965, and a fall through could take it to the next support level of 0.9942. The pair is expected to find its first resistance at 1.0002, and a rise through could take it to the next resistance level of 1.0015.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.

GCI Forex News - USD/CHF: Swiss trade surplus widened in October, pair trading higher this morning

USDCHF Movement

For the 24 hours to 23:00 GMT, the USD declined 0.27% against the CHF and closed at 0.9403.

Switzerland’s trade surplus widened to CHF2.8 billion in October, from a revised CHF1.9 billion surplus in September. Meanwhile, on a monthly basis, exports slumped 16.5% in October, compared to a 2.9% rise in the previous month, while imports dropped 8.2% in October, following a 4.6% rise in the previous month.

In the Asian session, at GMT0400, the pair is trading at 0.9449, with the USD trading 0.48% higher from yesterday’s close.

The pair is expected to find support at 0.9408, and a fall through could take it to the next support level of 0.9366. The pair is expected to find its first resistance at 0.9474, and a rise through could take it to the next resistance level of 0.9500.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.