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The dollar’s attempt to rise remain unsuccessful
Written by article default Friday, 15 October 2010 05:35
The dollar’s attempt to rise in a correctional move during the Asian session failed, so it wasn’t able to compensate any of the losses against its major counterparts, persisting at low levels against the yen and the euro. Expectations the Feds are on their way to buy government bonds is weakening the dollar even further and lower its chances to rise.The euro rose slightly against the dollar today, trading near its highest since January, as the pair recorded a high of 1.4048 and a low of 1.4007 and now it trades around 1.4007. The daily and four hours momentum indicators show the pair in an overbought area, however the pair persists to rise, ignoring those signs.
The pound rose slightly against the dollar today, recording a high of 1.6023 and a low of 1.5980 and now it trades around 1.6013. the daily momentum indicators show the pair in an overbought area, yet the chances for another rise remain possible.
With high volume the yen rose today against the dollar to its highest in 15 years. The pair recorded a low of 81.26 and a high of 81.61, and now it trades around 81.31. Momentum indicators show the pair in an overbought area, which could reverse the pair’s movement to the upside.