Dollar remains corroded on optimism…

By IBTimes Staff Reporter | October 29 2009 2:40 PM

So far, the green Benjamin continues on loosing slightly momentum throughout the currencies market as optimism remains spread after that the world's largest economy witnessed a better-than-forecasted growth rate within the third quarter, boosting accordingly the trader's appetite of risk and the high-yielding currencies appeal.

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As a result, the euro-dollar pair continues on inclining slightly but is forecasted to start plunging according to the four-hour and one-hour momentum indicators, having the Union currency trading at 1.4837 recording a high of 1.4849 and a low of 1.4682 with a resistance at 1.4885 and a support at 1.4803.

As for the pound-dollar pair, it is so far plunging due to technical movements, having the royal pound trading at 1.6545 recording a high of 1.6602 and a low of 1.6336 with a resistance at 1.6617 and a support 1.6465, having in mind that the pair may slump further to the downside according to the four-hour and one-hour stochastic oscillator.

Now, turning to the dollar-yen pair, it is narrow trading so far between a resistance level witnessed at 92.01 and a support level detected at 91.11, having the low-yielding Japanese currency trading until now around 91.57 recording a high of 91.61 and the low of 90.22.