The American Session today was of no interest today as by being a Good Friday today most of the major markets remained closed and hence no significant market activity. The Euro against the American Dollar followed a sluggish 25pip downwards movement to record a session low of 1.4531. It is of great interest the fact that the 1.4531 low is the Fibonacci 23.6% support level that was also yesterday’s low that was tested twice and once again it has been proven to be a very strong support level. The currency pair is currently traded at 1.4547 while major action is not expected to be visible until Tuesday where the Easter Holidays will terminate.
The Sterling was traded in a sort of range behavior. A sign of a downwards movement was developed until the midsession that resulted to a session low of 1.6501. Following that low there was recovery in the next two hours bringing the British Pound to 1.6512. Lack of activity in the market was obvious from the fact that the difference in pips between the session high and low was only 34 pips.
The Swiss Franc also traded in a sluggish 33pip range session. Most of the significant volatility was developed between 15:00GMT and19:00GMT where the candle sizes appeared to be of greater size. Overall the Dollar is struggling to recover against the Swiss Franc. Since the American Session yesterday until the end of today’s Asian Session it has recorded 90 pips gains while it failed to continue doing so after. The USDCHF pair is currently traded at 0.8851
The American Dollar recorded some minor pip gains against the Canadian one. With the market reaching the week’s closing session combined with the fact that major markets are closed as a result of the Easter holidays it is not possible to make conclusion from today’s market activity. Nevertheless it appears that the USD is making some gradual gains since the 0.9472 3.5 years long from yesterday in a week that the USD has struggled majorly.
The precious Gold is continuing its impressive streak with today’s newest all-time high being at 1511.24. During the US session however it was traded in a range with no significant changes. This has been one of the most favorable weeks for Gold and other commodities that recorded major gains taking advantage of the drop of the American greenback.