Forex News – 7th November 2011

EUR
The EUR resumed it weakening as traders finally woke up and realized that chaos in Greece may spill into countries, with Italy as the next Financial victim.

Elections in Greece will now be held on Feb19, with ECB’s Papademos a possible successor for the interim government. As you know, Papandreou agreed to step down after winning a no confidence vote.

EURUSD currently trades at $1.3734, Key level is $1.3600 as a successful breach of the mentioned level may confirm a bearish flag with a downward Scope of +400 pips on.
Next support is at $1.3711, resistance at $1.3970.

CHF

SNB Hildebrand said over the weekend the Franc fx rate still high, should continue to fall in future. Rumors are flooding the market The SNB will raise
The floor in EURCHF to 1.2500 after the CPI is released at 08:15am GMT.
EURCHF has gained since the beginning of the session +134 pips on those rumors and USDCHF gained +138 pips.
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