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USD - falling down

According to yesterdays predictions, during the first part of the trading day USD had been falling down against EUR and GBP. The British pound was moving upward quite quickly and even set the days maximum at 1.6466 against USD. European currency was trying to set up at the level of 1.4840, but the began to move down under the pressure of news, that make dollar rise. But at the same time USD/JPY has suddenly and very fast moved down 91.00. That was s sign of Japanese economy getting more stable and stronger.

By the end of the trading day the situation had become more stable and the basic currency pairs were back to the level of the beginning of the day. EUR/USD had fallen a bit and set up at 1.4724, GBP/USD finished the trading day at 1.6345, USD/CHF – 1.0271, USD/JPY – 91.30.

Today the downward tendency of USD can continue up to the release of the European data - indexes of German research institute Ifo. According to forecasts, the data promise to show positive dynamics - in this case Euro still has the chance to return to area 1.4800 and then to repeat an attempt of reaching the new maximum. Now almost all Forex signals providers are waiting for that important release. So, the upward moving of European currency against USD is expected today. The probable target for EUR/USD is 1.4875. Thus, GBP/USD may return back to the level of 1.6460, because the British pound shows the signs of recovery. USD/JPY can go up to 92.00 and USD/CHF to 1.0350.

by Jonathan Halprid
September 24, 2009
See Forex Analysis and Forex Forecasts for the previous days there:
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