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Forex Flash: EUR/USD struggles at bouncing, initial support at 1.2885/76 - Commerzbank

Commerzbank analysts see the EUR/USD at a struggle to do the expectable bounce, according to the 13 count on the 240 minute chart. "While rallies are contained by the accelerated downtrend at 1.3200, the market will remain directly offered. Initial support is 1.2885/76 – the 7th December low and 78.6% retracement", wrote analyst Karen Jones, pointing to a short term downside target to 1.2679/61 (61.8% retracement of the move up from July 2012 and the November 2012 low). "Longer term we target 1.2400 then 1.2050/42 the 2012 low", she added.

Switzerland: Foreign Currency Reserves grow to 427.7B in February

The Swiss Foreign Currency Reserves increased to 427.7B in February, from 427.0B in January, according to data released by the Swiss National Bank.
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Forex Flash: BoJ opts for open-ended asset purchases – UBS

The Bank of Japan made no changes to policy settings overnight, as widely expected. It was Governor Shirakawa's last policy decision before his resignation takes effect on March 19, though there was some dissent however. Board Member Shirai voted in favor of beginning open-ended asset purchases immediately rather than waiting until 2014 and combining the APP and Rinban operations into a single program.
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