Headlines the Economic Calendar on Tuesday
UK Construction PMI: The data measures the activity level of purchasing managers in the construction industry. The Construction PMI is forecast to stay at 44.5 in November. A lower than expected reading should be taken as negative for the Sterling.
Eurozone Producer Price Index: Watch out for the Eurozone Producer Price Index. On the year-on-year basis, the Eurozone PPI is expected to fall to -1.9% from -1.2%.
EUR/USD: The US dollar dropped versus the euro yesterday after weaker US manufacturing data. The EUR/USD pair is now trading above the 1.1052 daily support level. As long as the price stays above 1.1052 on a daily basis, the resistance level can be found at 1.1114. On the other hand, if the price moves down 1.1052, we will see 1.1007 as the next support level
Support : 1.1052 - 1.1007 - 1.0965
Resistance : 1.1114 - 1.1165 - 1.1237
GBP/USD: The GBP/USD pair hit the 1.2947 key resistance level. In order for the upward movement to gain more power, it needs to break out and stay above 1.2947 on a four hourly basis. Should this occur, the next resistance level will be at 1.3046. Otherwise, the main support level will be seen at 1.2838.
Support: 1.2838 - 1.2768 - 1.2671
Resistance: 1.2947 - 1.3046 - 1.3136
USD/JPY: The US dollar was lower against the safe-haven Japanese yen yesterday. If the price stays above 109.09 on a daily basis, the fall may pause and we will face 109.39 as the main resistance level again. Otherwise, if the price drops below 109.09, we will follow the next support level at 108.79.
Support : 109.09 - 108.79 - 108.52
Resistance: 109.39 - 109.72 - 110.36
GBP/JPY: The GBP/JPY pair is currently trading above the 140.59 main support level. As long as the pair stays above 140.59 on a four hourly basis, the rise may gain more momentum and we will watch 142.62 as a resistance level. On the other hand, if the pair drops below 140.59, the next support level will be placed at 138.25.
Support: 140.59 - 139.24 - 138.98
Resistance: 142.62 - 143.69 - 145.24
USD/CHF: The USD/CHF pair dropped below the main level of 0.9938. If the price stays below 0.9938 on a four hourly basis, the downward movement may continue and we will see the daily support level at 0.9877. Although, if the price goes above 0.9938, the next resistance level can be seen at 0.9998.
Support: 0.9877 - 0.9831 - 0.9757
Resistance: 0.9938 - 0.9998 - 1.0047
USD/ZAR: The USD/ZAR pair showed a downward movement and the pair is now testing 14.5625 daily support level. If the pair breaks down below 14.5625 and stays below that level on a daily basis, the downward movement may gain more momentum and we will follow the support level at 14.1865. On the other hand, If the pair jumps up above 14.5625, the resistance level can be seen at 14.8380.
Support: 14.5625 - 14.1865 - 13.8789
Resistance: 14.8380 - 15.1896 - 15.4801