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U.S. Dollar Reverses Day to Finish Higher

Discussion in 'Forex Daily News & Outlook' started by forextrends24, Sep 23, 2009.

  1. forextrends24

    forextrends24 New Member

    Mar 27, 2009
    Likes Received:
    Today’s sample of Forex Analysis from ForexHound.com

    The U.S. Dollar turned an early weak session into a gain by the close of the day. The Dollar was trading lower when the Fed announced it would keep pressure on interest rates. This news triggered a spike up in foreign currency markets, but by the end of the day, the Dollar recovered, reversing the day in most Forex pairs.

    The strongest market was the GDP USD which was up most of the day following the release of the minutes from the last Bank of England open market committee meeting. The minutes were friendly because they did not discuss lowering rates for bank reserve accounts.

    A secondary higher bottom was formed in the USD JPY which is an indication of higher prices to follow. Last week’s closing price reversal bottom in the USD JPY is still intact which indicates the potential for a rally back to .9395. A trade through .9252 will turn the main trend to up.

    Read full article at ForexHound.com as well as Forex Analysis, Forex Education and exclusive timely market Gann Analysis

    Disclaimer: Trading foreign exchange on the margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore should not invest money that you cannot afford to lose.

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