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UFXBank Forex News: USD Fluctuates on Market Uncertainties
Written by article default Tuesday, 08 February 2011 08:39
USD Dollar (USD) – The Dollar fluctuated back and forth against most of the major currencies in Forex trading. The stock markets closed positive as the NASDAQ and Dow Jones strengthened by 0.53% and 0.57% respectively. Crude oil weakened by 1.7% and closed at $87.48 a barrel. Gold (XAU) fell by 0.1% and closed at $1348.20 an ounce. Today, no economic data is expected.
Euro (EUR) – The Euro fluctuated against the Dollar and closed at the end of the day unchanged. As long as the rate is below 1.3600, the momentum of the Euro is bearish and the next support level on the four hour chart is located at 1.3540. Overall, EUR/USD traded with a low of 1.3508 and with a high of 1.3626. Today, no economic data is expected.
EUR/USD – Last: 1.3615
|
Resistance |
1.3630 |
1.3677 |
1.3760 |
|
Support |
1.3508 |
|
|
British Pound (GBP) – The Pound closed unchanged against the Dollar after it strengthened during the European session. The GBP/USD has encountered serious resistance on the daily chart (level 1.6100), and as long as the rate is below 1.6170, the pound is less attractive. Overall, GBP/USD traded with a low of 1.6090 and with a high of 1.6185. Today, the RICS House Price Balance is expected at -38.00% vs. -39.00% previously.
GBP/USD - Last: 1.6139
|
Resistance |
1.6230 |
1.6265 |
|
|
Support |
1.6050 |
1.6000 |
1.5850 |
Japanese Yen (JPY) –The Yen weakened against the Dollar for the 4th day. The momentum of the USD/JPY is bullish as long as the pair is trading above 82.00, according to the daily chart. The main resistance for the pair is located at 82.50, and if the pair breaks above this level, it could climb to 83.00 levels. Overall, USD/JPY traded with a low of 82.16 and with a high of 82.47. No economic data is expected today.
USD/JPY-Last: 82.31
|
Resistance |
82.50 |
83.00 |
|
|
Support |
81.85 |
81.54 |
81.00 |
Canadian dollar (CAD) – The Canadian Dollar dropped from a two-year high against its U.S. counterpart as crude oil, the nation’s biggest export, fell for the third day on reduced concern that supplies will be disrupted by protests in Egypt. As long as USD/CAD is trading below 0.9940, the Canadian dollar will be more attractive. The next support level on the daily chart is located at 0.9840. Overall, USD/CAD traded with a low of 0.9858 and with a high of 0.9911. Today, Housing starts are expected at 171.00K vs. 168.00K previously.
USD/CAD - Last: 0.9900
|
Resistance |
0.9915 |
0.9973 |
1.0026 |
|
Support |
0.9843 |
|
|