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On Monday the American currency didn’t manage to recover from the defeat it got on Friday because of the negative data on nonfarm payrolls. So, USD was suppressed by its main rivals once again. The attention of the Forex market participants (even signals providers) was drawn mainly to the China, which showed the enormous speed of economic growth. Some market Forex investors and analytics thought it to be another sign of the world economic beginning to recover from the crisis.

At the same time it seems that USA can be the country to recover later than others, which is not very good for the American currency - USD. In addition the head of Saint-Luis FRS J. Bullard claimed that the interest rate will remain at the same level “for quite long time”. That also made all Forex market participants interested in buying high-yield currencies.

Due to that, EUR/USD was managed to reach 2-week’s maximum of 1.4555, having broken through the resistance level of 1.4500. GBP/USD rose up to 1.6192, but then rolled back to about 1.6100.

Tuesday, January 12, 2010, doesn’t seem to be a day, rich in economic important Forex news. The news on visible trade balance will come from Great Britain and the data on trade balance gonna be released in the United States. Besides that the head of Dallas FRS R. Fisher gonna make his speech, which should also be paid attention by market Forex participants. At this rate, it can be admitted, that EUR/USD is likely to fall down to the level of about 1.4430 and GBP/USD can go to the point of 1.5950.

by Jonathan Halprid
January 12, 2010
See Forex Analysis and Forex Forecasts for the previous days there:
January 6, 2010 Active Forex signals day
December 30, 2009 New Year Forex trading!
 
 

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