FXstreet.com (Barcelona) After the worst than expected NFP and the good start in Wall Street, Euro and Pound are retrieving from intraday highs, even under pre report levels, as U.S. stocks are back in red, after a 140 points positive spike. As commented these last days, trend change is not here yet: both Europeans are still inside the ranges we have been seeing for long, and under risk aversion pressure.
The risk aversion has not left the building and it has returned to provide reasons to the Dollar to growth and recover the initial losses againts its major rivals after the US opening bell.
The EUR/USD has stopped its rally after NFP data at the 1.2750 resistance level, the pair has been rejected and it has fallen to touch the 1.2630 support level after lost 120 pips.
The Cable is in a free fall after be rejected by the 1.4300 resisistan levels, The GBP/USD has fallen around 200 pips in the last hour to be below the 1.4100 support. Currently, the pair is trading around the congested band of the 1.4080/1.4130.
The USD/JPY is fighting for the 98.00 level after test the 98.20/30 resistance level. The USD/CHF is trading inside the today's flat channel of 1.1520/1.1570.
According to Valeria Bednarik, FXstreet.com collaborator, save haven explains the Dollar growth: Dollar keeps strengthening just on it's pure save haven condition. Dollar rally was triggered by Barak Obama's speech, after saying the U.S. has lost an astounding 4.4 million jobs since the recession began and vowed to continue working to get the U.S. economy back on its feet.