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Friday’s trading session was characterized by mixed thoughts

By:   iForex
  • 24-12-2007
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Friday’s trading session was characterized by mixed thoughts as most traders refrained from making additional trading decisions before Christmas week.
Even though the dollar managed to gain strength against certain currency pairs, economic data continued to weaken it against others. Rumors of a bail out from a Singapore Fund along with stronger than expected personal spending helped to regain consumer confidence, sparking an intraday rally in the U.S stock market.The positive sentiment affected the currencies as well, as carry trades managed to regain some previous losses.
Despite the dollar strength commodity currencies benefited from stronger than expected economic data as Canadian GDP and retail sales were higher than what the market had predicted, while the conference Board leading indicators in Australia revealed higher results. In addition the gold market extended its gains, as spot prices ended the session at $810.80 while future prices averaged a 1% gain.
Even though the currency markets are opened until 18:00 GMT, volatility will remain relatively low as most traders will continue their weekend, especially as the markets will be closed on Tuesday.


Euro | Japanese Yen | British Pound | Swiss Franc 


 
Euro
 
After opening in Asia at $1.4326 this currency pair rallied up to an intraday high of $1.4409. Positive data from the U.S helped the dollar to regain part of its losses as this pair closed the session at $1.4357. 

 

Support: 1.4320, 1.4250, 1.4120 
Resistance: 1.4440, 1.4480, 1.4520 
 
Euro | Japanese Yen | British Pound | Swiss Franc

  
 
Japanese Yen
 
Following optimistic views from the stock market carry trades managed to hold their ground. The dollar managed to spring higher, closing the session around its upper trend line at $114.18 (see weekly report).  

 

Support: 113.00, 112.50, 112.00 
Resistance: 114.40, 114.80, 115.2 
 
Euro | Japanese Yen | British Pound | Swiss Franc

  
 
British Pound
 
Following its previous trading days, the pound continued to loose strength against the dollar. Even though this currency pair managed to touch a high of $1.9893 the negative Pound sentiment didn’t help to support the intraday strength sending this pair down to close at $1.9820.  

 

Support: 1.9830, 1.9750, 1.9700 
Resistance: 1.9950, 2.0050, 2.0100 
 
Euro | Japanese Yen | British Pound | Swiss Franc 


 
Swiss Franc 
 
 

Support: 1.1500, 1.1450, 1.1400 
Resistance: 1.1580, 1.1620, 1.1680


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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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