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Currencies Update: Dollar refuge appeal remains strongly boosted
Written by article default Tuesday, 16 November 2010 06:29
So far today the green Benjamin continues on gaining momentum within the currencies market throughout the US session as pessimism is largely spread across overall markets after that concerns mounted that China may step up measures to curb inflation and Ireland will need to tap international bailout funds although reports reported by the superpower today showed that prices pressures remained well subdued in October.If truth be told, due to these fears the U.S. Dollar index, which measures the green Benjamin's performance versus six major currencies, inclined considerably to currently trade at 83.23 recording a high of 83.32 and a low 82.83.
Accordingly the euro-dollar pair is declining since that the euro is being pulled to the downside by the strengthened dollar to trade so far around 1.3480 recording a high of 1.3655 and a low of 1.3456, having in mind that the pair is forecasted to start inclining according to the dour-hour and one-hour stochastic oscillator. The trading range for today is among the major support at 1.3500 and the major resistance at 1.3760
As for the pound-dollar pair, it is plummeting as well as the euro-dollar pair due to present uncertainties spread but shows a tendency to start climbing to the upside according to the one-hour and four-hour momentum indicators, having the royal pound now trading at 1.5854 recording a high of 1.6084 and a low of 1.5848. The trading range for today is among the major support at 1.5835 and the major resistance at 1.6205
However, the dollar-yen pair is inclining to the upside because of a the current strengthened dollar but may start plunging according to the four-hour and one-hour momentum indicators with the low-yielding yen now trading around 83.50 recording a high of 83.55 and a low of 82.83. The trading range for today is among the major support at 81.95 and the major resistance at 84.00.