China Says G8 Should Promote More Currency Diversification

Chinese Official Dai is on the newswires saying the management of reserve currency system must be improved with the goal of a more diversified system

This has led to some further selling of the USD.  The EURUSD is making new highs for the day and approaches the 200 hour MA at the 1.4003 level and the 38.2% retracement level of the move down from July 1st at the 1.4018 level.  Look for sellers against the levels.

The GBPUSD is once again approaching resistance at the 38.2% retracement level its move down from the July 1st high.  That level comes in at 1.6273.  A break above this level will target a key resistance area between 1.6297 and 1.6330.  There were a number of highs and lows at the area over the last week and the 200 hour MA comes in at the 1.6330 level currently.

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