Daily Outlook 27-08-2014

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Daily Outlook 27-08-2014 Aug 27, 2014
EUR/USD
The EUR declined 0.14% against the USD and closed at 1.3168. The USD gained ground, following upbeat economic data from the US.

In the US, the orders for the durable goods climbed a record 22.6%. Additionally, the consumer confidence in the US rose to its highest level since October 2007 to a reading of 92.4 in August, beating market expectations.

The pair is expected to find support at 1.314, and a fall through could take it to the next support level of 1.3115. The pair is expected to find its first resistance at 1.3203, and a rise through could take it to the next resistance level of 1.3241.

Trading trends in the Euro today are expected to be determined by German consumer confidence data, scheduled in a few hours.

GBP / USD
The GBP fell 0.13% against the USD and closed at 1.6546.

In economic news, the mortgage approvals in the UK declined to two-month low in July, diminishing optimism over the health of the housing sector in the nation.

The pair is expected to find support at 1.6527, and a fall through could take it to the next support level of 1.6502. The pair is expected to find its first resistance at 1.6587, and a rise through could take it to the next resistance level of 1.6622.

Amid lack of economic releases from the UK today, trading trends in the pair today are expected to be determined by global events.

USD/JPY
The USD traded tad higher against the JPY and closed at 104.09.

In economic news, the Japanese small business confidence index fell to 47.7 in August, compared to market expectations of a rise to a level of 49.5.

The pair is expected to find support at 103.8, and a fall through could take it to the next support level of 103.55. The pair is expected to find its first resistance at 104.24, and a rise through could take it to the next resistance level of 104.44.

USD/CHF
The USD rose 0.16% against the CHF and closed at 0.9176.

The pair is expected to find support at 0.9146, and a fall through could take it to the next support level of 0.9117. The pair is expected to find its first resistance at 0.9195, and a rise through could take it to the next resistance level of 0.9215.

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