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Forex Signals analysis and forecast on Wednesday, 09-16-2009

On Tuesday before the American session the “competitors” of USD were under pressure. EUR was gradually moving downwards, whcih was promoted by release of indexes of the German research institute ZEW which actual values have appeared to be worse than Forex signals providers expected.

The British pound also at first tried to reach the level of 1.6650, but the speech of representatives of Bank of England has literally brought down an exchange rate: the head of Central Bank Mervin King has informed, that the possibility of the fall of the rate under the deposits hold in the Central Bank by commercial banks was considered at the latest session of Committee on a monetary and credit policy. So, the predictions of some Forex signals providers failed.

But the American session has turned everything upside down. EUR has even grown to the maximum from Decamber, 2008 – 1.4684 and GBP managed to rise up to 1.650. The same situation happened to CHF and JPY: in the first part of the trading day the were falling, but then played back quickly.

Forex Signals forecast for September 16, 2009

The situation can develop just the same way as on Tuesday. For example GBP is going to fall down: the news on unemployment in Great Britain are expected to show the growth of unemployment, which can bring GBP down. At the same time the good news on Consumer Price Index in the USA are expected today. And that is to push dollar upward against its main “competitors”. So, some Forex Signals providers advice to go short on GBP/USD. The levels of support and resistance for EUR/USD are 1.450 – 1.470, and for GBP/USD – 1.640 – 1.665. USD/JPY is expected to stay around 90.0 and USD/CHF – 1.03.

by Jonathan Halprid
September 16, 2009
See Forex Analysis and Forex Forecasts for the previous days there:
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