The Greek government announced a new set of even stricter austerity measure to help alleviate some of the economic troubles that has the country agonizing. The cuts have already been announced, however in order to take effect a new draft budget will have to go through the Parliament. Greek Prime Minister Papandreou canceled his trip to Washington and New York.
The forex market had the EUR/USD forex pair open with a gap down. We are currently trading at levels of 1.3640 - 1.3650, or about 3 cents lower than the high of Thursday last week - 1.3935.
USD/CHF rose during the session on Monday as the markets bounced in the Dollar's favor. The 0.91 level acted as support, and as a result we saw traders step in at that area. The area looks supportive all the way down to 0.90 or so, and we like buying as long as we can stay above that level, and show any signs of strength or support.