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Forex Flash: AUD/USD potential descent to 1.0149 – Commerzbank

The bearishness around the Aussie dollar continues to prevail on Wednesday, extending the weekly decline to the current 1.0320 region, following session lows in the proximities of 1.0300 figure. Soft domestic releases plus the idea of the AUD being an ‘overvalued’ currency have been weighting on the cross these past sessions.

“We await a close below 1.0345 to confirm that the market has topped and trigger a slide to the 1.0149 October 2012 low”, commented Karen Jones, Head of FICC Technical Analysis at the German lender Commerzbank. The expert also added that the market would remain biased towards the downside while the cross trades below 1.0486/90

Forex: USD/CHF testing the 0.9100 level after pullback

The USD/CHF has plummeted off its session highs of 0.9151 during American trading Wednesday, as the pairs gains virtually evaporated down in less than an hour. Despite the easing however, the cross is still trading positively and has managed not to lose sight of the 0.9100 level, where it is testing presently.
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Forex: EUR/USD remains capped below 1.3550

After briefly dipping below the 1.3500 level to hit a low of 1.3493, the euro managed to trim losses against the greenback, although the recovery was capped by the 1.3545 area. This way, the EUR/USD was confined to a range and a consolidation phase as investors refrain from taking big positions ahead of the ECB meeting.
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