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Market Forex expects recovery?

On Wednesday the behaviour of all Forex market participants wasn’t extremely active, but the trading turned out to be pretty unpredictable, as the price ranges were quite wide. At the same time it can be admitted that the recovery of USD is likely to have a nice continuation. Euro and the British pound are still under the pressure of negative Forex trading news from Europe. At the same time USD can be pushed up by positive releases in the United States.

According to that fact, at first EUR/USD fell down to the day’s Forex minimum of 1.4672, but then the trend turned round and went up, having reached the maximum of the day situated at the point of 1.4781. By the end of the trading day the price established at 1.4738. GBP/USD was to show just the same: at first it fell down then go up and finally the trading market day was finished just near the open point – 1.6287.

Thursday, December 10, 2009 is marked by the release of interest rates of Bank of England and Swiss National Bank. According to trading predictions the rates are to remain without any changes (0.25% for SNB and 0.5% for BoE). But the market participants will be also waiting for the Forex news on trade balance and initial jobless claims in the USA.

Due to that, EUR/USD might go down again and be trading around 1.4650. At the same time GBP/USD is likely to continue falling as well and even reach the point of about 1.6170.

by Jonathan Halprid
December 10, 2009
See Forex Analysis and Forex Forecasts for the previous days there:
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