GBP/USD drew support from 4 hours 55 EMA and rebounds strongly. But upside is limited below 1.6426 resistance so far. Intraday bias remains neutral and some more consolidations could be seen. Though, even in case of another fall, downside should be contained by 50% retracement of 1.5935 to 1.6426 at

USD/JPY’s pull back from 85.51 is still in progress and deeper fall cannot be ruled out. But downside is expected to be contained above 81.97 support and bring rally resumption. Above 84.42 minor resistance will flip intraday bias back to the upside for 85.51 resistance. Break will target 61.8% retracement

USD/CHF’s drops to as low as 0.8895 so far today and the break of 0.8921 support indicates that the larger down trend has resumed. Intraday bias remains on the downside for 61.8% projection of 0.9774 to 0.8921 from 0.9339 at 0.8812 next. On the upside, above 0.8990 minor resistance will

Dollar index’s recovery was rather brief and dips to 74.66 in Asian session today to extend recent decline. Recovery in commodities, in particular in precious metals, is a main driving force in the current decline in the greenback. Silver takes the lead and recovers to above 41 level and is

The Beige Book based on information collected before April 4 2011 was modestly upbeat. The economy in the 12 regional Fed districts ‘generally continued to improve’. The Fed stated that ‘while many districts described the improvements as only moderate, most districts stated that gains were widespread across sectors’. Concerning recent

Even though EUR/USD is losing some upside momentum, intraday bias will remain on the upside with 1.4377 minor support intact and current rally is still expected to extend further towards 61.8% projection of 1.2873 to 1.386 from 1.3427 at 1.5024, which is close to 1.5 psychological level. Break of 1.4377

GBP/USD is still bounded is consolidation pattern from 1.6426 short term top and intraday bias remains neutral. Even in case of deeper pull back, downside should be contained by 50% retracement of 1.5935 to 1.6426 at 1.6181 and bring rise resumption. Break of 1.6426 should extend rise from 1.5935 towards

No change in USD/JPY’s outlook as consolidations from 85.51 short term top is still in progress. Deeper retreat cannot be ruled out but downside is expected to be contained above 81.97 support and bring rally resumption. Above 85.51 will target 61.8% retracement of 94.97 to 76.40 at 87.87 first. Sustained

Intraday bias in USD/CHF remains on the downside and further fall should be seen to 0.8921 support first. Break will confirm down trend resumption for 61.8% projection of 1.1729 to 0.9462 from 1.0065 at 0.8664. On the upside, above 0.9104 minor resistance will dampen the immediate bearish view and bring more consolidation first.

Dollar stays in tight range in early US session after mixed retail sales data. Headline sales rose 0.4% in March versus expectation of 0.5% but ex-auto sales rose 0.8% versus expectation of 0.7%. Commodities are consolidating with crude oil struggling around 106 while gold recovers to 1460. Risk aversion continues