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Is it a recovery?

On Monday, October 19, 2009 the fast fall down of USD allowed EURUSD to reach the 14-months’ maximum of 1.4993. GBP/USD moved up to 1.6487 and USD/CHF set the new 14-month minimum of 1.0081. But on Tuesday the situation changed. Negative dynamics, shown by the American stock exchanges, made investors and Forex signals providers to buy USD and sell other risky currencies. As the result EUR/USD managed to reach the minimum level of 1.4880, GBP/USD fell down to 1,6327, USD/CHF rose up to 1.0167 and USD/JPY set at the level of 91.06.

In spite of Tuesday’s events, the American currency still remains under the pressure. But the possibilities for USD growing are quite high, because the entire Euro zone is interested in strong bucks. At the same time a lot of analysts and Forex signals providers expect the continuation of dollar’s falling down. The main thing to be paid attention to is the publication of Fed\'s Beige Book in the USA and the Release of Bank of England’s Decision on Minutes of Interest Rate.

The support of EUR/USD is situated at 1.4870, which can be reached by the end of the trading day. But some Forex signals providers predict that the rise up to 1.4980 is also possible. The British pound is likely to set at about 1.6450 (with the support of 1.6300) and USD/CHF might get closer to 1.0080.

by Jonathan Halprid
October 21, 2009
See Forex Analysis and Forex Forecasts for the previous days there:
October 20, 2009 Disaster for USD!
January 1, 1970 USD - falling down awfully!
October 13, 2009 An interesting position of USD
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