Market review for 07.11.2011: Rumours of the imminent resignation of Italian Prime Minister supported the euro.

Forex-Metal Daily Market Review and Technical Analysis Send to a Friend |  Visit our website |  Unsubscribe Tue, 08 Nov  2011 Daily review for 07.11. 2011 Rumours of the imminent resignation of Italian Prime Minister supported the euro.    Asian and European trading sessions: Euro: Euro was under pressure against major currencies due to concerns of market participants about the political instability in Italy. Another negative factor was a released report on industrial production in Germany, which showed a big slowdown in September by 2.7% versus forecasted -0,9 %.   On the other hand, the euro retreated from its daily lows at $1.3682 against the US Dollar amid speculation that the Italian Prime Minister Berlusconi may soon resign. Supported by those rumours the EUR/USD pair strengthened and reached the $1.3812 area and remained trading around this level in spite of the fact that Berlusconi himself had actually denied those speculations.   British Pound: The GBP/USD pair traded around its November highs at $1.6040 area, which confirmed the willingness of investors to buy the British currency as a sort of alternative investments. Swiss franc: The Swiss franc fell to a two-week low against the euro on speculation that Swiss National Bank would continue to weaken its currency.   American trading session: Gold: Today the price of Gold rose to $1.784,75 per troy ounce. The December gold futures reached a six-week high on investors interest in low-risk assets against the backdrop of political and economical instability in Italy and Greece. Oil: The U.S. light crude oil WTI during the today's auction in New York rose to 95.68 dollars per barrel.         technical analysis for 08.11, 2011   EURUSD The pair may decline to the Moving Average (500) at 1.35984 is stays below 1.37486. Resistance:  1.37486, 1.38554, 1.39600 Support:  1.35984, 1.34882, 1.33143 GBPUSD The pair stays above Moving Average (200) and resistance 1.60322 it may bring pair to 1.62050. Resistance:  1.62050, 1.63316, 1.64636 Support:  1.60322, 1.58543, 1.56722 USDCHF The pair has broken resistance 0.89635 and trying to  rise to 0.91079. Resistance:  0.91079, 0.92026, 0.93069 Support:  0.89635, 0.88418, 0.87214 USDJPY The pair has declined to 78.345 and aiming to 77.539. Resistance: 78.345, 79.070, 79.707 Support:  77.539, 76.463, 75.425 AUDUSD The pair may try to break the Moving Average (200) 1.03178. Resistance:  1.03535, 1.04407, 1.05332 Support:  1.02558, 1.01744, 1.00907                   Useful Links Discuss currency news with other traders in FX2Day forum: https://fx2day.net/forum/mvnforum/index Download free demo platform: https://forex-metal.com/home/download Ready to open a real account to start trading? You can do it here: https://forex-metal.com/accounts/new Did you know that you can earn commission simply for referring a friend to us? There are 3 commission options you can choose from. To learn more please visit our Introducing Brokers page: https://forex-metal.com/broker_inquiries/new Watch our new commercial at YouTube: http://www.youtube.com/watch?v=o0fQEydv-3M Open Account |  Economic Calendar |  PIP Value Calculator |  Forex for Beginners   Forex Metal T: 1-866-464-0944 F: 1-800-689-8298 E: info@forex-metal.com You are receiving this e-mail because you have subscribed to free daily FX news via Forex-Metal.com website. If you do not want to receive any e-mail messages from us please send a message to support@forex-metal.com with UNSUBSCRIBE in the subject line. Please do not reply to this newsletter.