Correctional movements…

By IBTimes Staff Reporter | November 19 2009 2:13 PM

So far strong correctional movements are taking place throughout the currencies market after that the low-yielding assets appeal; the dollar and the yen, was boosted as a refuge since fears were spread after that the EU stocks plunged within their midday and closing session along with a plummeting of the US stocks in their midday session.

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In fact, the dollar index, which tracks the strength of the green Benjamin in front of basket of currencies, is inclining within the daily chart but dropped slightly in the four-hour to trade at 75.30 recording a high of 75.54 and a low of 75.04.

As a result, the euro-dollar pair is narrow trading on technical movements to have the euro trade at 1.4910 recording a high of 1.4965 and a low of 1.4841 with a resistance at 1.4939 and a support at 1.4875, having in mind that the pair may rise to the upside according to the four-hour stochastic oscillator.

Still, the pound-dollar pair is declining slightly on the four-hour chart and is forecasted to fall on the one-hour momentum indicators, having the royal pound so far trading at 1.6636 recording a high of 1.6751 and a low of 1.6604 with a resistance at 1.6685 and a support at 1.6584.

Now, turning to the dollar-yen pair, it is narrow trading presently around a strong resistance level witnessed at 89.74 and a support level detected at 88.24, having so far the low-yielding Japanese currency trading at 88.90 recording a high of 89.43 and a low of 88.62.