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USD may rise!

Yesterday the American currency showed the first signs of recovery in the first part of the trading day. But the main reason for that was not the good news from USA, but bad one from Eurozone and the Great Britain. The British retail sales remained the same (the minimum increase of 0.5% was predicted) against all predictions, which pushed GBP/USD to1.6485. The info from Europe wasn’t good too: ECB Euro-Zone Current Account SA showed quite negative dynamics (-1.3 billion Euro), which was the reason for EUR/USD to fall down to 1.4942. At the same time Japanese index Nikkei opened with a gap down, just like all the European indices did few hour later. That was somehow good for USD and made the bucks stronger.

But the second part of the trading day turned everything upside down. After the negative news from the USA, the rivals of USD started to recover very fast. And by the end of the day they not only completely recovered their positions, but even managed to push bucks down again. Just look: EUR/USD finished trading day at 1.5037, GBP/USD – 1.6630, USD/CHF – 1.0039.

The main news for Forex signals providers to take into consideration on Friday, October 23, 2009, are: tha data on IFO - Business Climate in Germany, the info on changes in British GDP, and Existing Home Sales in the United States. Due to the predictions, the recovery of USD may be observed today, because all the news can turn out to be positive for the American currency.

EUR/USD is likely to reach 1.4950 with the resistance level of 1.5090, GBP/USD might continue going upwards and set at about 1.6750. USD/CHF can reach the psychological level of 1.0000 with the support of 1.0120. And USD/JPY will be trading between 91.00 – 92.00.

by Jonathan Halprid
October 23, 2009
See Forex Analysis and Forex Forecasts for the previous days there:
October 22, 2009 The British pound’s rise
October 21, 2009 Is it a recovery?
October 20, 2009 Disaster for USD!
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