Euro Extending Losses; SNB Intervention Just Around the Corner

Article originally published on innerfx.com and republished here with permission

Quote of the day:“Nobody ever did, or ever will, escape the consequences of his choices.” ~ Alfred A. Montapert

Good morning. EURUSD is approaching the 3-months support zone as risk-off trade intensifies across the board – CHF and JPY extending gains all over the place, Gold reaching new record highs while writing these lines, AUDJPY breaking below critical support as noted yesterday. Well, things just go from very bad to worse – you get the picture. Let’s take a quick look at some charts. Regarding CHF pairs – extra caution is advised – check today’s SNB Press Release (h/t ZH_CB)

EURUSD – it’s still holding quite well above support zone compared to other EUR pairs but doesn’t mean it’s worth buying

Euro Vs US Dollar Daily Chart 8-3-2011Euro Vs US Dollar Daily Chart 8-3-2011

US  Dollar

USD Index Daily Chart 8-3-2011USD Index Daily Chart 8-3-2011

EURJPY – 110.50 former support likely to provide resistance if EUR pulls back

Euro Vs Japanese Yen Daily Chart 8-3-2011Euro Vs Japanese Yen Daily Chart 8-3-2011

AUDJPY – key risk indicator now below support, let’s see if it holds

Australian Dollar Vs Japanese Yen Daily Chart 8-3-2011Australian Dollar Vs Japanese Yen Daily Chart 8-3-2011

Silver – still lagging behind Gold, now testing resistance

Silver Daily Chart 8-3-2011Silver Daily Chart 8-3-2011

CHFJPY – fast pullback after reaching highs above the 100 handle.

Swiss Franc vs. Japanese Yen Daily Chart 8-3-2011Swiss Franc vs. Japanese Yen Daily Chart 8-3-2011

EURAUD – recovering towards pivotal resistance, seems reasonable to expect a breakout in the coming days. Longer term sentiment remains bearish

Euro vs. Australian Dollar Daily Chart 8-3-2011Euro vs. Australian Dollar Daily Chart 8-3-2011

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About abwehra group

The Art&Science of Trading Gold
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