Slight Correction then back to the downside

By IBTimes Staff Reporter | February 26 2010 1:06 AM

The U.S. dollar has witnessed during the Asian session some slight decline against major currencies compared to the substantial rise recorded in the previous period against the majors, the reason behind this weakness in the performance of the dollar in the Asian session is the need for technical indicators to adjust their reading after the continuing decline in the market due to dollar strength.

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The Euro faced strong support level at 1.3480 and returned from this level to the upside. The European currency recorded it's highest level during the Asian session at 1.3603 and this increase support by the technical indicators, in addition to the gains made by the Asian Stocks today which promoted the investors to turn to high currencies again like the Euro, The Euro is currently trading at 1.3595 level and recorded the lowest level at 1.3533.

The British pound tried to rise in the Asian session after the greatest decline against the US dollar yesterday, the British Pound has arrived to its highest level at 1.5288, it's excepted to continue trading around this levels trying to collect the appropriate force to complete the moved to the downtrend, and the pair now is trading at 1.5276 level after recorded the lowest level in the Asian session at 1.5234.

The US dollar fell against the Japanese Yen yesterday to hit the support level of 88.80, which stopped downtrend movement of the Pair to return today to rise slightly, recorded the highest level at 89.49 and currently trading at 89.25 and it has recorded the lowest level in the Asian session at 89.17.