Minor Fluctuations on Major Forex Pairs on Monday - 19.3.2012

US Dollar The US dollar has been trading sideways versus its major counterparties on Monday the 19th of March, there have not been any important economic announcement for the dollar today. Against the Japanese Yen the greenback found support at the 83.01 level early today and bounced up to the 83.42 level, just below the resistance level at the 83.56. The Moving Averages (20) and (10) do not give a clear signal of the trend since the forex pair is in a range formation. Versus the aussie the US dollar was little changed in the evening trading session, it found resistance at the 1.0617 in the morning and dropped to the 1.0558 support level during the last hour. The Gold is also trading in a range bound between the 1664.26 resistance level and the 1638.91 support level, it was lastly seen at the 1655.69 level. Against the Swiss franc the greenback has barely changed by 10 points, is trading now at the 0.9173 level and investors seem to be away from the market today. US stock indices opening today with mixed signs, the Dow Jones Industrial Average is negative by 9.00 points, or by 0.07 per cent, at 13,223.60. The Standard and Poor’s 500 Index is positive by 0.77 points, or 0.05 per cent higher, at the 1,404.94 level. Euro The Euro was flat against the greenback without giving any gains or losses. The euro remained below the resistance at the 1.3183 level and the 1.3141 support level is still in place, creating a flag formation in the range of these levels. However, against the Japanese Yen the Euro was more willing to give profits to the bulls, it found support at the 109.18 in the morning and bounced higher, trading now at the 109.81 level. The Euro was also supported by the better than expected announcement of the Current Account at 4.5 billion, 1.2 billion higher than the forecast. European stocks were negative to flat on Monday, with investors booking recent profits on the DAX and CAC and market participants were unwilling to take greater risk without further signs of recovery in the U.S and European economies. The UK’s FTSE 100 Index is trading 0.17 per cent lower, having lost 10.25 points at the 5,955.33 level. The France’s CAC40 is now trading at the 3,572.36 level, negative by 0.63 per cent and the Germany’s DAX Index is now trading at the 7,126.47, lower by 31.35 points or 0.44 per cent.