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Waiting for the Banks' decisions

On Wednesday, October 7, 2009 quite a difficult situation was at the market: the American currency was under the pressure of Mass-media, traders and Forex signals providers were waiting for the actions of the Central Banks’ heads of the best economically-developed countries, and the basic rivals of USD, that seemed to be getting stronger, turned out to fall down.

“The Independent’s” report about the possible refusal from USD in pricing oil was to push bucks down. But somehow EUR/USD fell down to the day’s minimum of 1.4648. That was the result of the negative news, coming form Eurozone – annual GDP reduced to 4.8. The level of uneployment is Switzerland grew for 0.1% to 3.9%. That was a stimulus for USD/CHF to rise up to 1.0358 and then set up at 1.0330. At the same time USD/JPY at first even reached 87.90, but then, as it had been pedicted, USD recovered a bit and the pair returned to 88.50.GBP/USD was moving in the channel of 1.5920-1.5860 the most time, but at first it fell down to the day’s minimum of 1.5857 and then managed to rise to 1.5971.

Due to the latest events of the Forex market, the main news to be taken into consideration is, of course, the announcement of Interest Rates by British Central Bank and the Central Bank of Europe. It’s expected that the rates will remain at the same level – 0.5 and 1.0% correspondingly. But the changes of Interest Rate by The Central Bank of Australia may force the Banks of other countries to change them as well.

So, it’s necessary to say, that for Thursday, October 8, 2009 the support for EUR/USD will be 1.4550 and resistance – 1.4700. GBP/USD is likely to break the level of 1.6000 and set right there. USD/CHF might rise even to the level of 1.0450 with the support at 1.0300. USD/JPY is expected to be trading between 88.00 and 89.00.

by Jonathan Halprid
October 7, 2009
See Forex Analysis and Forex Forecasts for the previous days there:
October 7, 2009 Is USD likely to rise?
October 6, 2009 USD needs recovery!
October 5, 2009 The week of USD?
October 2, 2009 USD continues growing up!
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