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Probable recovery

The beginning of the trading day on Tuesday was marked by EUR/USD reaching the day’s maximum – 1.4926 and GBP/USD – 1.6437. The British pound was pushed up by the negative changes in Britain’s GDP, released on Friday. That made some Forex signals providers sure, that the USD’s rivals will continue rising up. But then bucks started to go up quite quickly, because of the release of another portion of negative data from USA. As the result, EUR/USD managed to fall down to 1.4769, GBP/USD reached the trading day’s minimum of 1.6310 and USD/CHF rose up to 1.0228. But against Japanese Yen, vice versa, the American currency became weaker – USD/JPY fell to 91.68.

Such situation on the market can be the first sign of the beginning of USD’s recovery. The investors, traders and Forex signals providers don’t buy risky currencies and are more concentrated on making investments in USD, which is considered to be safe at the moment. Paying attention to the news it could be admitted that the economic data from the USA is negative, in spite all the predictions. That’s another reason for USD to recover.

On Wednesday, October 28, 2009, the main news to be taken into consideration by professional traders and Forex signals developers are Nat\'wide House prices in Great Britain and American data on Durable Goods Orders and New Home Sales. Taking into consideration the actual predictions and expectations of Forex signals providers it could be said, that EUR/USD is likely to be falling down to 1.4730 (the resistance level – 1.4950), GBP/USD will try to reach 1.6470 again, USD/CHF might go to the level of 1.0150 and USD/JPY will be trading between 91.20-92.00.

by Jonathan Halprid
October 28, 2009
See Forex Analysis and Forex Forecasts for the previous days there:
October 27, 2009 USD recovers?
October 26, 2009 USD may remain weak
October 23, 2009 USD may rise!
October 22, 2009 The British pound’s rise
 
 
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