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U.S. Dollar could recover as GBP lose its momentum.
By: Finotec - 14-07-2008
0votesThe dollar rose for the first time in four days against the euro after U.S. Treasury Secretary Henry Paulson announced funding plans for Freddie Mac and Fannie Mae to restore confidence in financial markets.
Fundamental
The dollar rose for the first time in four days against the euro after U.S. Treasury Secretary Henry Paulson announced funding plans for Freddie Mac and Fannie Mae to restore confidence in financial markets.
The currency climbed against the yen after Paulson asked Congress for the authority to buy unlimited stakes in the two largest U.S. mortgage finance companies and the Federal Reserve offered them loans through its discount window.Technical
The Sterling may start a downtrend for a short period and then bounce back again versus U.S. dollar as we can see strong volatility in the market, based on technical indicators like RSI, which breaks 70% line downwards, MACD crosses the signal line and breaks the equilibrium level downwards, and Bollinger gives us a bearish signal by closing the candle below the middle band.GBP/USD (Daily Chart)
The primary tendency gives us a clear uptrend.
GBP/USD (4 Hours Chart)
The pair couldn’t break standard error channel middle line.
GBP/USD (Hourly Chart)
The Minor trend had a strong retracement.
Resistance
1.9895
1.9955Support
1.9800
1.9755
Next Analysis: Will the Swiss Expand Resent Losses on Carry Trades?Content Provided by:
Finotec
Derivative and forex trading broker Finotec is a division of leading real-time Internet trading company Finotec Trading Inc, which pioneered the world of online forex trading in 1998. After launching our revolutionary forex online trading platform in 2001, we continued to improve our services and no
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