UK house prices rose jumping 2.2 percent from February. This is the largest monthly increase seen since May 2009. After starting the session around 1.5880 the GBPUSD is currently trading right at the 1.5900 level. Looking ahead in the session we have important releases from the United Kingdom. Expectations of the analysts are that the Official Bank Rate will be kept at 0.50 percent. Support for the GBPUSD is seen at 1.5841 and resistance is seen at 1.5964. The Inside View indicator on HotForex shows that 56 percent of the traders are long on the GBPUSD.
EURUSD
ECB kept the benchmark interest rate at the record low of 1 percent. The President of ECB Mario Draghi said again that the Central Banks outlook is still subject to downside risk. EURUSD found support around the 1.3100 level currently trading about 50 pips above. Looking ahead in the week we don’t have any important releases from the Eurozone due and the pair will be mostly driven by the releases from the United States. We have the US non-farm payroll data which is due for releases on Friday. Support for the EURUSD is seen at 1.3106 and resistance is seen at 1.3239. The Inside View indicator on HotForex shows that 60 percent of the traders are long on the EURUSD.
USDCAD
The pair broke up yesterday getting close to the parity level driven by the strong US dollar. Today we have series of events due from Canada which will possibly generate some volatility. Expectations of the analysts are for better than expected figures. Support for the USDCAD is seen at 0.9913 and resistance is seen at 0.9972. The Inside View indicator on HotForex shows that 64 percent of the traders are long on the USDCAD.
EURCHF
There is not much happening on the EURCHF lately, but the pair has been on focus in the eyes of a lot of investors. So far the Swiss National Bank is protecting the 1.20 level and the pair is still hovering above it. Investors are expecting that SNB will hold to its word and protect the floor. Reports from everywhere are showing massive long orders currently opened as everyone is awaiting for an intervention. Will it happen or not its hardly to say, but just as a reminder to everyone, but the previous famous intervention happened just the day when the Foreign Currency Report was releases and we have the same event due today. Support for the EURCHF is seen at 1.2030 and resistance is seen at 1.2044. The Inside View indicator on HotForex shows that 99.50 percent of the traders are long on the EURCHF.
Important releases and events
CHF: Foreign Currency Reserves; CPI m/m
GBP: Manufacturing Production m/m; Asset Purchase Facility; Official Bank Rate; MPC Rate Statement
EUR: German Industrial Production m/m
CAD: Building Permits m/m; Employment Change; Unemployment Rate; Ivey PMI
USD: Unemployment Claims