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USD Traded on Flat Session

UFXBank Research from UFX Bank at 12/29/09


Daily Review 29/12/2009

USD Dollar (USD) – The Dollar traded slightly down on a flat session with low volume. Stocks in the U.S. moved away from intra-day highs but main indexes reached fresh 15-month highs. The Dow Jones rose 0.26% and the NASDAQ 0.24%. Gold (XAU) is recovering after finding support at $1,101 an ounce. Crude oil soars by 0.9% and tested levels above $79 a barrel, reaching the highest price in a month, before closing at 78.77$. Today, The CB Consumer Confidence is expected at 53 vs. 49.5 previously.
EURO (EUR) – The Euro failed once again to keep above the 1.44 zone and weakened against the Dollar after gaining in the beginning of the trading session. European stock markets moved to fresh 14-month highs, with Greek stocks trading firmer after the government passed a budget for 2010. The Euro has to stay above the 1.4420 otherwise the upside momentum will be lost and the pair will fall back to the 1.43 zone. Overall, EUR/USD traded with a low of 1.4349 and a high of 1.4413. Today, the German CPI is expected at 0.6% vs. -0.1% previously.
EUR/USD - Last: 1.4365

Resistance 1.4445 1.45 1.4575
Support 1.435 1.4305 1.4275

British Pound (GBP) – The Sterling is testing levels above 1.60 but still seems weak against the Dollar. It was the third day that the pound cannot find new direction and trading in a tight range of 1.592 to 1.602. If the Pound will not break the 1.59 zone soon, an upside move to the 1.628 level can be seen. Overall, GBP/USD traded with a low of 1.5926 and a high of 1.6013. No major economic data is expected today.
GBP/USD - Last: 1.6

Resistance 1.6025 1.6075 1.6125
Support 1.592 1.5845 1.5775

Japanese Yen (JPY) – The Yen is traded almost unchanged versus the Dollar for most of the day, but weakened slightly towards the end of the trading session. The Speculation that U.S. economic recovery will make the nation’s assets more attractive might extend the weakness of the Japanese currency. All in all, the pair is still capped under 91.85 levels, but if it won't manage to break above the 92 level a correction back to 90 is expected. Overall, USD/JPY traded with a low of 91.17 and a high of 91.75.
USD/JPY-Last: 91.70

Resistance 91.9 92.15 92.35
Support 91.1 90.6 90.25

Canadian Dollar (CAD) – The Canadian Dollar continued climbing against its U.S. counterpart as Crude oil soared and stocks advanced. USD/CAD fell to 1.0425 posting a 4-week high. The pair has a key support at 1.04. A break below this level could lead to a continuance of the downtrend. Overall, USD/CAD traded with a low of 1.0425 and a high of 1.05. No economic data expected today.

USD/CAD - Last: 1.0430

Resistance 1.0455 1.0508 1.054
Support 1.04 1.0375 1.035

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