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An interesting position of USD

On Monday, October 12, 2009, trading was not very active because of celebrations of different holidays in different parts of the world: Thanksgiving Day in Canada, Columbus Day in the USA and Physical education Day in Japan. And there was no a lot of important news, which kept traders and Forex signals providers quite calm.

But the development of the situation on the market was quite interesting. USD was expected to continue recovery against Euro, but it fell down again. So, EUR/USD at first reached the minimum of 1.4675 but then went to the max level of 1.4813 and set at about 1.4780. Due to that some Forex signals systems developers expect the continuation of Euro’s rise.

At the same time USD suppressed its other rivals very seriously. For example, GBP/USD at first tried to go upward to 1.5881, but then rolled down to the day’s minimum of 1.5727 very fast. USD/CHF showed just the same dynamics. At first the pair tried to set at the level of 1.0350, but then fell down for about 100 pips and after a bit of correction finished the trading day at 1.0265. USD/JPY, vice versa, was to rise up for 100 pips and got to the point of 90.45. The trading day was finished at 89.90, which was another sign for Forex signals providers to buy dollar again.

On Tuesday, October 13, 2009 Forex signals providers expect more news than before: CPI and RPI from Britain, German ZEW Survey and, of course, New Housing Price Index in Canada. So, EUR/USD is expected to roll down to the level of about 1.4700 and probably set there. GBP/JPY might be trading around 1.5750, but it may rise up to 1.5900 as well. USD/JPY is expected to move to the point of 89.00, but not to rise more than 90.50. The rivalry of US Dollar and The Swiss currency might lead the pair to the level of 1.0200 with the resistance level of 1.0350.

by Jonathan Halprid
October 13, 2009
See Forex Analysis and Forex Forecasts for the previous days there:
October 9, 2009 USD - probable recovery.
October 7, 2009 Is USD likely to rise?
October 6, 2009 USD needs recovery!
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