Failure to extend yesterday’s rebound and euro met heavy offers at 114.24, the selloff from there signals top has been formed at 114.74 earlier this week and consolidation with mild downside bias is seen for correction to 111.90 (38.2% Fibonacci retracement of 107.30 to 114.74), then 111.50/55, however, reckon 111.02

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Trade Idea: EUR/JPY – Sell at 113.55

The euro has fallen against the franc this week. Ever since the Swiss bank made comments that they would tolerate their franc to go below 1.30 it has been on a strong uptrend

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Chart of the Day – EURCHF

Initial unemployment insurance claims fell -11,000 to 457,000 for the week ending July 24, partially reversing the previous week’s 41,000 rise to an upwardly revised 468,000 level (initially reported as 464,000). The drop beat market expectations going into today’s report for the level of claims to dip to 460,000

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U.S. Initial Jobless Claims Fall