SearchMidday Forex Commentry22nd February 2006 As so often happens, when everybody gets bored and becomes convinced that a currency market will never move, the move comes. The US Dollar has gained against all the major currencies, Japanese Yen, Swiss Franc, British Pound and Euro. The move has not triggered any major stops or touched any targets, but it is a move ahead of the release of the US January Consumer Price Index at 13:30 GMT. The British Pound is trading at 1.7375 , down 75 pips from the European opening levels. The small amount of support at 1.7390 has broken with the next objective of 1.7330 in traders sights. The Swiss Franc is trading at 1.3140 just below resistance at 1.3155 and 1.3205. The Euro has sunk to 1.1870 with traders who are bullish of the US Dollar looking to break support at 1.1855 with day traders looking for a target of 1.1810. The Japanese Yen did dip in value with the European currencies but now seems to be taking a breather. USD/JPY is currently trading at 118.66. A trade above 119.00 would be needed to get US Dollar bulls excited. Categories: Forex News |
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