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Forex Market Update 11 Nov | Globalforex.net

Absence of a Viable Plan to Stabilize Europe

Asian stock markets opened lower slightly higher after the latest economic data showed U.S. weekly jobless claims declined to the lowest level since April, and the trade deficit shrank in September to its narrowest level since December. NIKKEI started the day at 8,545.92, previous close was 8,500.80. HANG SENG opened at 19,130.78, previous close was 18,963.89. Senior technical analyst at Mizuho Securities, Yutaka Miura said “Some took the Italian auction as good news because it wasn’t a worst-case scenario, but overall, the situation there is a minus, and not a plus. Until investors are reassured about progress toward a European solution, it’s hard for some to buy shares, and the Nikkei will remain under pressure”.

Forex market is calm during the Asian session but still worries about the deepening debt crisis in Europe keeping investors cautious. Italy moved closer to a national unity government yesterday and its treasury managed to sell 1-year bills at yields of less than 7%. But the country still paid its highest yield in 14 years to sell 12-month debt, raising fears about the sustainability of its borrowing costs. In Greece, former European Central Bank vice president Lucas Papademos was appointed to head the country’s new crisis coalition.

EUR/USD is trading at 1.3625 by the time of typing and for today resistances are located at 1.3676 and 1.3748. Support levels are 1.3507 and 1.3411.

GBP/USD is at 1.5942. Resistance levels are located at 1.5987 and 1.6043. Supports are located at 1.5870 and 1.5810.

USD/CHF is trading at 0.9056 by the time of typing and for today resistances are located at 0.9131 and 0.9207. Support levels are 0.8998 and 0.8940.

AUD/USD is trading at 1.0156. Resistances are located at 1.0220 and 1.0292. Support levels are 1.0064 and 1.0000.

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