No European trend

The Euro is testing resistance at $1.455 after consolidating between $1.40 and that level for the last two months. Twiggs Momentum oscillating in a tight band around zero reflects no real trend and this is likely to continue unless the Fed introduces a new round of quantitative easing.

Euro EUR

* Target calculation: 1.45 + ( 1.45 – 1.40 ) = 1.50

The Pound is testing resistance at $1.66 against the greenback. Breakout above the 2011 high of $1.67 would signal another primary advance, but Momentum is falling and we can expect strong resistance between $1.66 and $1.70.

Pound Sterling GBP

* Target calculation: 1.65 + ( 1.65 – 1.60 ) = 1.70

The Swiss Franc is testing support at $1.25 against the greenback. Respect of support is likely, but breakout above $1.30 is also unlikely in the short-term unless Ben Bernanke announces further quantitative easing.

Swiss Franc CHF