The US dollar appears to have lost modest ground against its primary currency rivals during short-covering at the end of last week's trading. The Bank for International Settlements (BIS) released a statement on Sunday declaring that while European banks have lowered their reliance on dollar-based assets, there is still a strong need to diversify portfolios even further. The call for diversification is not new, but this study may add pressure on the USD which has seemingly been absent during this period of risk aversion.

Forex Market Trends

 
EUR/USD
GBP/USD
USD/JPY
USD/CHF
AUD/USD
EUR/GBP

Daily Trend
down
up
up
up
up
down

Weekly Trend
up
up
up
down
up
up

Resistance
1.2254
1.4682
92.70
1.1545
0.8640
0.8412

1.2225
1.4662
92.48
1.1523
0.8618
0.8391

1.2197
1.4631
92.17
1.1491
0.8587
0.8362

Support
1.2138
1.4572
91.58
1.1430
0.8528
0.8301

1.2105
1.4543
91.25
1.1402
0.8501
0.8270

1.2084
1.4520
91.02
1.1381
0.8480
0.8252