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Currencies Update: Weakened dollar and narrow trading of major pairs
Written by article default Wednesday, 06 October 2010 21:21
So far the dollar lost considerable strength and momentum throughout today's currencies market trading to actually fall to a 15-year low against the yen after that a private report posted from the world's leading economy showed that U.S companies unexpectedly cut jobs last month, which of course mounted worries that the Federal Reserve will buy U.S assets to support the current slowed down recovery from the unending crisis and ongoing deteriorated labor market.However some technical movements are currently taking place throughout the currencies market to have the euro-dollar pair narrow trading so far and forecasted to slump according to the one-hour and four-hour stochastic oscillator, having the Union currency trading around $1.3920 recording a high of $1.3946 and a low of $1.3796. The trading range for today is among the key support at 1.3700 and the key resistance at 1.3980.
As for the pound-dollar pair, it is plummeting faintly up till now despite of a weakened dollar due to the present technical movements to have actually the royal pound trading so far around $1.5894 recording a high of $1.5891 recording a high of $1.5937 and a low of $1.5830. The trading range for today is among the key support at 1.5775 and the key resistance at 1.6070
Now, turning to the dollar-yen pair, it is starting to rise slightly to the upside after that the U.S currency dropped to a 15-year low against the yen today due once again to the recent technical movements, having the low-yielding currency actually trading around 82.94 recording a high of 83.26 and a low of 82.71. The trading range for today is among the key support at 82.00 and the key resistance at 84.00.