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The week of USD?

Last week was to show a tendency of dollar suppressing the European currencies and Japanese Yen. At the beginning of the week USD was falling down under the pressure of news, coming from Eurozone, but then the American currency made a bit of recovery and tried to push EUR, GBP and CHF down.

That week all Forex signals providers are to take into consideration quite an amount of news and events in different spheres of economical and political life. For example, on Tuesday The Reserve Bank of Australia will be taking a decision on the CASH TARGET, which is expected to be left at the level of 3.0%. In the USA the news on Wholesale Inventories and Current Account Total, which can have a big influence on Forex signals and the market itself.

The European Central Bank will be making an announcement of Interest Rates. Taking into consideration, that Retail Price Index had shown the prices lowering ,there’s no logical need to increase the Interest Rate. So, it’s expected to be left at the level of 1.0%.

At the same time BOE will announce its rates, which Forex signals providers expect not to be changed as well and left at 0.50%. The very important data on Visible Trade Balance, Manufacturing Production and changes in Industrial Production will also come from Great Britain that week and that news can impact the situation on the market greatly.

What concerns the basic currency pairs, it can be said, that the tendency of USD growth may continue. The support of EUR/USD is situated at 1.4400 and resistance – 1.4740. But that doesn’t mean that the pair will keep up to the levels and not break them just on Monday after the release of data on Euro-Zone Retail Sales. GBP/USD is expected not fall lower than 1.5700, but taking a slight look at the day graph we can see the forming of double bottom, which is the sign of trend reversal. So, the rise of GBP can be expected by Forex signals Providers. USD/CHF is likely to move to the level of 1.0500 and USD/JPY might be staying in the wide rage of 88.50-90.50.

by Jonathan Halprid
October 5, 2009
See Forex Analysis and Forex Forecasts for the previous days there:
October 2, 2009 USD continues growing up!
September 30, 2009 Important Forex signals news
September 29, 2009 Forex signals: USD rising up
 
 
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