[EURUSD]
Important Levels to Watch for:
- Resistance line of 1.17995 and 1.18488.
- Support line of 1.16399 and 1.15906.
Commentary/ Reason:
- The euro fluctuated in early trading Wednesday. Fell 1% to a low not seen since late July and last stood at $1.1667, down 0.37% on day, away from a top of $1.1769.
- The common currency is now in cautious mood as traders braced for volatility around the U.S. presidential election result.
- EUR/USD moved higher on Tuesday on dollar weakness and on dovish ECB comments. ECB Governing Council member Knot noted that the EU needs to develop additional funding mechanisms to support the economic recovery.
[USDCHF]
Important Levels to Watch for:
- Resistance line of 0.91885 and 0.92224.
- Support line of 0.90788 and 0.90448.
Commentary/ Reason:
- The dollar at 0.9142 against the Swiss franc on Wednesday, advanced 0.25% on the day.
[GBPUSD]
Important Levels to Watch for:
- Resistance line of 1.31884 and 1.32717.
- Support line of 1.29189 and 1.28357.
Commentary/ Reason:
- The British pound dropped 0.34% to $1.3005 erasing earlier gains of 0.6%.
- The pair is in cautious mood as traders braced for volatility around the U.S. presidential election result.
- Sterling traders continue to eye updates on Brexit trade talks.
- Bank of England is expected to bring more support and follow RBA in cutting interest rates to ramp up its bond purchases, as well as a nod to further stimulus.