Forex: EUR/USD falls as Draghi speaks

The euro weakened and retraced its intraday advance versus the greenback after Draghi said in a conference exchange rate is not a policy target and that the ECB stance will remain accommodative.

EUR/USD dropped nearly 30 pips on the headlines, as they were interpreted as dovish, sliding to the 1.3330 area in recent dealings. At time of writing, EUR/USD is quoting around 1.3340 zone, slightly below its opening price.

As for technical levels, Valeria Bednarik, chief analyst at FXstreet.com sees immediate support levels at 1.3310, 1.3270 and 1.3220, while she locates resistances at 1.3375, 1.3410 and 1.3440.

Feb 18, 2013

Forex: USD/CHF trading sporadically at 0.9235/39

The USD/CHF has been in a state of flux since the European session Monday, however the onset of American trading has taken its volatility to a new level. Following a setback in the 0.9223 region earlier, the cross jumped nearly 15 pips to trade positively at 0.9241. In recent moments the pair has eased slightly off of this mark, settling at 0.9235/39, clinging to a +0.10% advance.

Forex: EUR/GBP falls on ECB Draghi's speech

The euro is being pressured by ECB's Draghi words as he speaks before the European Parliament. He said the central bank's stance is accomodative and that the exchange rate, while not a policy target, it is important for growth and price stability. Eurozone weakness is expected to continue throughout 2013.