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Narrow-Range Trading in Thanksgiving
Written by article default Thursday, 25 November 2010 11:08
Trading today remained within narrow range in the absence in the economic fundamentals and amid the celebration with Thanksgiving holiday in the United States.The dollar kept its strong pace that started since the beginning of November impacted by the upbeat jobless claims and housing data released yesterday.
The dollar index, which tracks the dollar movements versus a basket of major currencies, is currently trading near the day's opening level at 79.74 after reaching a high of 79.96 and a low of 79.66.
Concerning the euro-dollar pair, it remained trapped below resistance at 1.3363 where the highest point was touched at 1.3360 and the lowest was at 1.3289.
The trading range for today is among the key support at 1.3240 and the key resistance at 1.3590.
Moving to the royal pair, it also preserved its weak performance after four days of decline as the breakout of 1.5875 key level this week pushed the pair lower.
The pair is currently trading at 1.5766 after reaching a high of 41.5793 and a low of 1.5723, while the trading range for today is among the key support at 1.5645 and the key resistance at 1.5965.
With regard to the dollar-yen pair, it rebounded from the second day, yet it may face strong resistance at 83.80 levels that may stand against the dollar's reversal correction from 15-year low against the yen.
Currently, the pair is trading at 83.58, reaching a high of 83.69 a low of 83.38, while the trading range for today is among the key support at 81.50 and the key resistance at 85.00.