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UFXBank Forex Outlook: Dollar Trading Mixed vs. Majors

Written by UFXBank Research Team
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USD Dollar (USD) – The Dollar traded mixed against the major currencies of Forex trading as Treasury yields surged on speculation an agreement to extend tax cuts will boost the economy, increasing demand for U.S. assets. The initial jobless claim came out 421.00K better than expected 430.00K. NASDAQ increased by 0.29% and Dow Jones fell   by 0.02%, Crude oil rose by 0.1% closed at 88.37$ a barrel ,  Gold (XAU) increased  by 0.7% and closed at 1392.8$ an ounce. Today, the trade balance is expected at -44.40B vs. -44.00B last time.

Euro (EUR) – The euro traded near the lowest in more than a week against the dollar as concerns Europe’s debt crisis will linger damped demand for the region’s assets, as long as the pair trading below 1.3470 levels still a short position is preferred according  the daily chart. Overall, EUR/USD traded with a low of 1.3164 and with a high of 1.3322. We are not expecting a major data for the euro today.

EUR/USD – Last: 1.3252

Resistance

1.3317

1.3400

Support

1.3170

1.3077

British Pound (GBP) – The Pound fell against the Dollar after the trade balance came out -8.50B worse than expected -8.10B and the interest rate still the same 0.50%. The next resistance of GBP/USD according the daily chart is located at 1.5900, if the rate breakup this rate a long position is preferred, if the rate breakdown the 1.5700 levels the pair could decline to 1.5600 levels. Overall, GBP/USD traded with a low of 1.5711 and with a high of 1.5841. Today, no major data is expected.

GBP/USD - Last: 1.5781

Resistance

1.5790

1.5834

Support

1.5723

1.5660

1.5600

Japanese Yen (JPY) –The Yen rose against the Dollar and captured again at the support level of 83.40.  As long the USD/JPY is trading above 83.00 levels a long position is preferred, the next resistance level is located at 84.40. Overall, USD/JPY traded with a low of 83.51 and with a high of 84.11. No economic data expected today.

USD/JPY-Last: 83.68

Resistance

83.83

84.14

Support

83.40

83.00

82.33

Canadian dollar (CAD) the loonie rose for a second day, trimming gains as stocks pared an advance. The Bank of Canada said in a report the risks to the nation’s financial system have increased in the past six months because of Europe’s debt crisis, global trade imbalances and rising debt of local households. The resistance level of the USD/CAD on the 1 hour chart is located at 1.0150, if the price breakup this level the momentum will become a positive for the US Dollar .Overall, USD/CAD traded with a low of 1.0066 and with a high of 1.0126. Today, the trade balance is expected at -2.00B vs. -2.50B previously.

USD/CAD - Last: 1.0098

Resistance

1.0122

1.0158

1.0275

Support

1.0084

1.0011

1.0000

 

 

 

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