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Market Briefing on Wednesday June 8th

At the start of the US trading session, EUR/USD broke above the key psychological level of 1.1400, but the upside was halted close to the 61.8% Fibonacci level (1.1416), reflecting the descent from May 3rd high to May 30th low. In case of a break above it, the next resistance may be within the 1.1450-1.1465 area.

GBP/USD is trading in a tight range around 1.4560.

USD/CAD has reached 1-month lows at 1.2655 during late European trade, but has regained some ground to trade at 1.2696.

USD/BGN broke below the key psychological level of 1.7200, but the downside was halted close to the 61.8% Fibonacci level (1.7140), reflecting the ascent from May 3rd low to May 30th high. In case of a break below it, the next support may be within the 1.7110-1.7125 area.

Gold futures have overcome the 61.80% Fibonacci level ($1,254.22), reflecting the descent from May 16th high to May 30th low, and is likely to test $1,267.29 per troy ounce (the 76.4% Fibonacci).

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