Yesterday EUR/CHF tumbled to fresh  lows around 1.4355. The reason was a speech by SNB Board member Jean-Pierre Danthine where he was saying that expansionary monetary policy cannot be maintained forever and firms should prepare now for return to higher rates and market set FX rates. Timing of start of tightening difficult decision.He added that SNB will counter excessive appreciation of CHF. Don’t trade EUR/CHF until the dust settles and some levels of support and resistance are formed.

Yesterday GBP was sold after the EUR became under pressure. This morning GBP/USD extends losses on fresh waves of selling after BoE MPC Andrew Sentance comments on risks of double dip. Stops were triggered below to hit 1.5175, more stops below 1.5150/1.5100.

Support is at 1.5150, 1.4980, 1.4870. Съпротивата е на 1.5330, 1.5380, 1.5475.

Euro come under renewed pressure after Greek and German officials voiced their opinions about the solution for the Greek tragedy and the differences between them became obvious. German taxpayers don’t want to pay the lasy Club Med members bills. This wil do no good for the Eurozone and the EU. Another very good article by AEP in Telegraph (http://www.telegraph.co.uk/finance/financetopics/financialcrisis/7467672/Greece-threatens-to-call-in-IMF-as-Europe-dithers.html). I have nothing to add

EUR/USD is sold by model accounts which means that 1.3550 and 1.3500 are in focus. Support is at 1.3585, 1.3530, 1.3435. Resistance is at 1.3695, 1.3725, 1.3840.

Probably the Chinese renminbi will appreciate this time and this could weigh on Cross/JPY. Until the end of the month persistent selling by Japanese exporters is also a factor.

USD/JPY is in a downward price channel. Support is at 89.95, 89.15, 88.15. Resistance is at 90.80, 91.10, 91.70.

GBP gained yesterday after the much better than expected employment data. Buying form various accounts lifted the pair to 1.5380. Profit taking followed and Asian and East European accounts booked some profits. Todai the cable could be weighed by the euro and the expected British Airways strike.

Technically speaking, GBP/USD completed 1-2-3 bottom and should get higher, but the fundamentals are in the opposite direction. Support is at 1.5205, 1.5035, 1.4945. Resistance is at 1.5380, 1.5475, 1.5570.

EUR could come under selling pressure again today after a Greek official says that the prime minister Papandreou may seek IMF aid during the April 2-4 Easter Weekend. This was in response to yesterday’s remarks by Angela Merkel that “We need to have an agreement under which, as a last resort, it’s possible to exclude a country from the euro zone if again and again it doesn’t fulfill the requirements”. If the Eurozone was a forex trader it should have closed its losing position long time ago.

Support is at 1.3640, 1.3530, 1.3435. Resistance is at 1.3740, 1.3810, 1.3840.

BoJ announced that they expand the current Y10trln.  3-month funds supplying operation to Y20trln. by a 5-2 split decision. This was expected by the forex market participants and they only decided to sell the fact initially. USD/JPY is bouncing between exporters fiscal year end selling and investors, searching for risk appetite, buying. Rumours of a 90/01 DNT is bought which means that somebody is expecting tight range trading.

Support is at 90.00, 89.15, 88.15. Resistance is at 90.80, 91.10, 91.70.

Very interesting price action in GBP/USD yesterday. Before the London open the pair was knocked down by UK Clearer, German bank and Middle east names. Around 1.4980 emerged Asian buyers and lifted the cable which rallied 280 pips. Although GBP/USD is in a serious downtrend we can see correction in the next few days. GBP is supported also by the last few polls showing conservative majority in the future parliament.

Support is at 1.5090, 1.4980, 1.4870. Resistance is at 1.5270, 1.5330, 1.5415.

Yesterday FED didn’t surprise the forex market participants and kept the prolonged period of time”" phrase in its statement. The Greek drama has nothing new to present and everybody is awaiting for the results of the austerity plan. EUR/USD broke and closed again above the down trend line. Today we will see if a break and close above 1.3840 could be managed. If this si sustained we can see a move towards 1.4020.

Support is at 1.3720/15, 1.3640, 1.3530. Resistance is at 1.3795, 1.3840, 1.3875.