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Friday, October 9, 2009

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Forex latest Update :-

GBP/USD trades at 1.5850, intra-week low:-
The Sterling remains under pressure against USD and EUR. GBP/USD has fallen to 1.5850 posting a fresh intra-week low. The pair trades near the mention lows, 1.30% below today's opening price action and in case it falls further Cable could find support at 1.5820/10 (Oct 2 low). GBP/USD is accumulating a decline of more than 200 pips so far today, erasing Wednesday and Thursday's gains.
Mohammed Isah, technical analyst at FXTechstrategy, affirms: "The pair's recovery higher has stalled at the 1.6118 level and is now turning back lower in early trading today. With its Thursday gains now being wiped out, GBP is presently facing downside pressure towards the 1.5768 level with a loss of there turning focus lower to the 1.5500 level, its psycho level and then its .50 Ret( 1.3652-1.7041 rally) at 1.5350. "
EUR/GBP is consolidating gains after Cable failed to hold below 0.9200. The pair is testing the highs of the week at 0.9270 and is 0.70% above today's opening price action.
Forex :- Dollar rises sharply against the Yen
USD/JPY jumped on Friday, rose for the first time after three days and posted the biggest daily increase since August. The pair peaked at 89.87, hitting the highest price in almost four days. During the American session the Dollar extended previous gains and rose more than 70 pips.
James Hyerczyk of, affirms: "Yesterday's move through .8800 was not enough to attract new sellers and traders quickly covered their short positions. Bernanke's comments about raising interest rates is causing Yen traders to lighten up long positions on the thought that the Japanese Yen will become a carry currency once the Fed begins to raise rates."

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