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The U.S dollar hit new lows

By:

iForex

2007-29-10

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The U.S dollar hit new lows on Friday against numerous counterparts as traders continued to price in expectations of a rate cut this up coming Wednesday. In addition to trader expectations, U.Michigan Consumer sentiment reported a lower result dampening trader views of the USD even further. Commodities continued to rally as Crude oil hit a record price $91.10 per barrel in electronic trading, dragging gold along with it. In addition the Japanese government reported that the core consumer price index fell 0.1% in September from a year earlier, this report strengthened traders thoughts that Japan will continue to leave interest rates at 0.5% until next year.
The end of each month is always a volatile time for currencies as hedge fund managers buy and sell, trying to add extra returns on to their portfolios. The economic calendar is relatively light today; therefore this trading session will continue to take its cue from last week’s sentiment, while trader’s thoughts regarding Wednesday’s decision will only add to the action.

Euro | Japanese Yen | British Pound | Swiss Franc

Euro

The trend was up throughout the whole of the intraday trading session on Friday, opening the session around $1.4324 and closing at a new high of $1.4388. There was no dollar strength during the session as economic data continued to come out negative pushing the Euro higher.

Support: 1.4400, 1.4350, 1.4300
Resistance: 1.4450, 1.4500, 1.4550

Euro | Japanese Yen | British Pound | Swiss Franc

Japanese Yen

This currency pair remains trading just above support levels of around ¥113.5. Opening at Thursday’s closing price, the Yen bounced back and forth eventually finding intraday support at its opening price. The session ended with this currency pair trading between the intraday high and low at ¥114.21.

Support: 113.90, 113.50, 113.00
Resistance: 114.50, 114.80, 115.20

Euro | Japanese Yen | British Pound | Swiss Franc

British Pound

The Pound managed to creep above resistance levels that have formed over the last couple of trading sessions. Even though this currency started off with a positive tone, it ended the session flat, around opening prices.

Support: 2.0480, 2.0450, 2.0400
Resistance: 2.0550, 2.0600, 2.0650

Euro | Japanese Yen | British Pound | Swiss Franc

Swiss Franc

Support: 1.1620, 1.1580, 1.1550
Resistance: 1.1660, 1.1700, 1.1750

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