Forex - US Durable Goods Orders worse than expected; dollar unchanged

US Durable Goods Orders for August fell by 4.9% versus an expected drop of 3.5% and a 5.9% increase in July. Durables excluding transportation fell by 1.8% versus an expected drop of 0.8% and an increase of 3.7% in July. The US equity market however opened strong following news of General Motors and the United Auto Workers union reaching an agreement to end the worker strike. The US dollar resisted the weaker news, finishing unchanged against the Euro and slightly stronger against the Pound. On the flip side, investors remain tentative as worries persist of a recession in the US and higher probabilities of further rate cuts from the FOMC.

The British Pound has been under pressure as the Bank of England released its credit conditions survey yesterday which pointed towards tightening in the corporate sector credit markets in the near term.

Swedish manufacturing numbers and consumer confidence came out weaker than expected, which mirrors sentiment during the market's turmoil in recent weeks. Investors have lowered their GDP estimates in line with slower economic growth to come.

EurUsd up trend holding strong after hitting 1.4163 earlier today. The trend remains intact above 1.4043, which holds as the first (minor) support down to 1.4000.

GbpUsd still in a short term range between 1.9873 and 2.0373. First support holds at 2.0081, while a break out of 2.0321 up to 2.0373 will open the door back to 2.0654.

UsdJpy key levels to focus on are support at 113.99 and resistance at 116.38. Follow the breakout.

UsdChf downtrend still intact as ADX(14) continues to rise on a daily look. Initial resistance holding at 1.1772 and support at 1.1638.