The EUR has been trading a range between the 2 Fibonacci levels of 61.8% and 50%, generated from 2009's high and low. From a straight Support and Resistance perspective we would put Resistance at 1.38 and Support at 1.3450. As the EUR closes in on Support we will take a closer look at price action possibilities. A close below 1.35 would be significant although we would not call out the EUR bears until we see a close below the 61.8% level, which may cause the EUR to dip below 1.30.

The NZD has been using the 100 day moving average and the 200 day moving average as Resistance and Support respectively. With the recent bounce off the 100 day MA and the 200 day MA sitting right at .7000, the NZD is due for some significant price action. Using the 2009 highs and lows of the year, the Fibonacci Retrace level of 23.6% sits at .6994. It would seem that a close below the 200 day MA would have the Kiwi testing a .6800 handle. Should the Kiwi fall through that level .6600 could be the next potential target.

The CHF has been trying to make its move against USD, but has run into consolidation between 1.0550 and 1.0650. Although the CHF did close below the 50 day MA, it did continue to fall until it struck trend line Resistance. The next round of price action will be particularly important. If price falls further it will have breached trend line Resistance and will then attempt to take out the 200 day MA just below 1.05. However, if we see a bounce off trend line Resistance it will turn price action into the Step pattern, whereby there are new higher high and higher lows. In which case we would expect the NZD to break above the prior high

Gold Prices may be headed lower. Looking at the daily Gold Chart below, we see Gold has been having a difficult time breaking free of the 100 and 50 day MA's. What we do have on the chart is a head and shoulders pattern. A break below the neckline and Gold may test the 200 day MA near midterm Support at 1,060.

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