Dollar Falls vs Most Major Currencies
Daily Review 06/09/2010
Today’s Forex Trading review:
USD Dollar (USD) – The Dollar fell against most major currencies as U.S. private employers added more jobs than forecast in August, easing concern the recovery in the world’s biggest economy is slowing, boosting the investors for risk appetite. Payrolls came out at -54k vs. -101k forecast. NASDAQ and Dow Jones advanced by 1.53% and 1.24% respectively , crude oil weakened by 0.6%, closing at 74.6$ a barrel, Gold (XAU) declined by 0.2% , closing at 1251$ an ounce. There is no news owing to bank holiday in US.
EURO (EUR) – The Euro touched a two-week high versus the Dollar as overall U.S. employment declined by about half of the amount forecast, supported higher yielding assets. As long the rate is above 1.2800 level a long position is preferred and the momentum is bullish, the next resistance on the one hour chart is located at 1.2900 and the RSI indictor support up trend as well. Overall, EUR/USD traded with a low of 1.2808 and with a high of 1.2897. No major economic data expected today.
EUR/USD – Last: 1.2888
| Resistance | 1.2900 | ||
| Support | 1.2855 | 1.2775 | 1.2700 |
British Pound (GBP) – The Pound fell for a fourth week against the Dollar, the longest run of losses since June, as reports showing that U.K. services grew at a slower pace and house prices dropped fueled concern the recovery will falter (PMI came at 51.3 vs. 53.0 forecast). The GBP/USD is still trading in negative range and still trading below the 10 moving average on the daily chart, therefore the momentum is bearish, the next resistance level on the one hour chart is located at 1.5500. Overall, GBP/USD traded with a low of 1.5389 and with a high of 1.5468. No economic data expected today.
GBP/USD – Last: 1.5467
| Resistance | 1.5470 | 1.5490 | 1.5575 |
| Support | 1.5390 | 1.5350 | 1.5325 |
Japanese Yen (JPY) –The Yen fell against major currencies as stocks market over the world climbed after positive data from U.S. that released, leading the investors to sell safety assets. The main momentum of the USD/JPY is still strongly bearish but in the last few days the pair is fluctuating around 84.0 level, the next support on the daily chart is located at 83.50, if the price crosses this level the trend will continue to be bearish. Overall, USD/JPY traded with a low of 84.16 and with a high of 85.22. No economic data expected today.
USD/JPY-Last: 84.37
| Resistance | 84.66 | 85.22 | 85.90 |
| Support | 84.00 | 83.65 |
Canadian dollar (CAD) – The Canadian Dollar strengthened for the first week in a month versus the Dollar after a report showed U.S. employers added more private jobs than economists forecast, boosting stocks and brightening the outlook for trade between the two nations. As long the USD/CAD below 1.0500 levels a short position is preferred, the next support on the daily chart is located at 1.0350, if the price cross this level the trend will continue to be bearish. Overall, USD/CAD traded with a low of 1.0365 and with a high of 1.0569. There is no news owing to bank holiday in Canada.
USD/CAD – Last: 1.0396
| Resistance | 1.0450 | 1.0570 | 1.0675 |
| Support | 1.0365 |
