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USD - probable recovery.

On Thursday every Forex trader was waiting for the announcement of interest rates by ECB and BCB. The rates remained the same, but Mr. Trichet said that economics of Eurozone shows the signs of stabilization, but the recovery might be quite irregular. Besides that he admitted, that it’s quite important for the US government to keep USD strong and not to allow the currency to fall down very low.

So, having opened at 1.4680, EUR/USD rose up and reached the maximum of 1.4816. By the end of the day the pair set at 1.4790. At the same time GBP/USD had broken the level of 1.6000 and continued moving up to the maximum - 1.6118. But then the pair fell a little back to 1.6070. USD/CHF was mostly moving down and even managed to reach the day’s minimum – 1.0229 and only by the end of trading day recovered to 1.0250. USD/JPY was trading between 88.15 and 88.70, having ebede the trading day at 88.40.

The main Forex news for today, Friday 9, 2009, are to come form Greta Britrain and the USA.The British economical startistics will be completed by the PPI Input NSA and PPI Output n.s.a. data and info on Visible Trade Balance GBP. According to the prediction all the data is to show negatoive dynamics. By the way, the data on Trade Balance will be also released in the USA, which can have an influence on actions of for Forex signals providers and turn USD up. And the news on employment rate in Canada can be also very interesting.

Due to that, the main target for EUR/USD can be defined as 1.4700 with the possible resistance at 1,4850. GBP/USD might roll down to 1.5950 and remain to be trading at this level. At the same time USD/CHF is expected to stay at the level of about 1.0300. USD/JPY is likely to return to 89.00 and even go higher.

by Jonathan Halprid
October 9, 2009
See Forex Analysis and Forex Forecasts for the previous days there:
October 7, 2009 Is USD likely to rise?
October 6, 2009 USD needs recovery!
October 5, 2009 The week of USD?
 
 
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