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USD – Forex trading recovery

On the first trading day of the week, according to the prediction, USD was to suppress its European rivals quite actively. At first EUR/USD and GBP/USD went a little bit up under the influence of the first news from USA, but then, after the speeches of Mr. Trichet and Mr. Bernanke USD pushed GBP and Euro down.

At this rate GBP/USD was trying to break through the level of 1.6500, but then it fell down very quickly and reached the minimum of 1.6312. After that the British pound was to do some recovery and the pair finished the trading day at 1.6450. EUR/USD wasn’t moving so actively, but it also managed to fell down and end trading day at about 1.4827.

On Tuesday, December 08, 2009, all the trading market participants will be waiting not only for the released of interest rates by Canadian central bank, but the British info on industrial and manufacturing production. That Forex news can be another factor to push the British currency down against Euro and USD.

At this rate, EUR/USD is likely to continue moving down to the Forex level of 1.4750, having broken through support level of 1.4800. GBP/USD might also go down to about 1.6300 under the influence of news.

by Jonathan Halprid
December 8, 2009
See Forex Analysis and Forex Forecasts for the previous days there:
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