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Daily Analysis
By: iForex - 27-08-2008
0votesThe currency market experienced a volatile trading session yesterday, as the Dollar gained strength during the first part of the day only to give it back during afternoon hours. The volatile movement was caused by a wave of economic data hitting the board in Europe and in the U.S. The IFO German business climate index fell in August more than expected to a three year low, suggesting that Germany,the leading economy of the European members could be heading for a recession. The news immediately impacted the currencies, as other members like Spain and Italy are already struggling, affected by the recent global slowdown. As mentioned above, Dollar counterparts bounced back towards the afternoon as US New Home Sales continued to paint an ugly picture, coming in lower than expected. Even though consumer confidence beat market expectations, it didn’t help the Dollar to hold onto all its intraday gains. The volatility in the markets also affected commodities, which opened the session negative, only to finish the session in positive territory. From a low of $807 Gold bounced back to close the session at 824.41 per ounce. Crude oil also reversed throughout the day closing the session up at $116.23 per barrel. Looking forward, movement on the pairs should increase this afternoon as New Orders and Durable goods Orders for July are going to be released.
Euro
Daily EUR/USD High 1.4762 Low 1.4568 Close 1.4652 R3 1.4948 R2 1.4855 R1 1.4754 Pivot 1.4661 S1 1.4560 S2 1.4467 S3 1.4366
Support: 1.4680, 1.4650, 1.4620 Resistance: 1.4740, 1.4780, 1.4840
Japanese Yen
High 109.96 Low 109.13 Close 109.59 R3 110.82 R2 110.39 R1 109.99 Pivot 109.56 S1 109.16 S2 108.73 S3 108.33
Support: 108.70, 108.30, 107.80 Resistance: 109.50, 109.90, 110.30
British Pound
Daily GBP/USD High 1.8534 Low 1.8326 Close 1.8398 R3 1.8720 R2 1.8627 R1 1.8512 Pivot 1.8419 S1 1.8304 S2 1.8211 S3 1.8096
Support: 1.8420, 1.8370, 1.8330 Resistance: 1.8480, 1.8550, 1.8600
Next Analysis: EURO and GBP are expected to swing and riseContent Provided by:
iForex
iFOREX is an international group of Forex companies founded in 1996 by a group of bankers and Forex dealers.
In 2004, with an existing wide client base numbering in the thousands, our multilingual internet-based trading platform was launched. Since then, iFOREX has expanded its client bas
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