2/23/10

Forex latest Update

EUR Vs USD had a sideways consolidation today as price had a small sell off to the 38% Fibonacci retracement of the last week's price lows. Next Fibonacci resistance would be around 1.3750 if prices go up.

GBP Vs USD has been consolidating for a week and has almost reached a narrowest range so should breakout soon.

USD Vs JPY was finally sold off after the big rally during the last month and touching the price 92.25 which was at the level of 200 day Moving average point and reversed on a daily chart.

USD Vs CAD created a double bottomed on Monday, where price then rallied
to the weekly pivot R2 at 1.0582 which is also at the level of 20 day moving average.

USD Vs CHF has already tested weekly resistance R1 at 1.0887 and is retracing. If it breaks out R1 expected to reach 1.1018.

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