Daily Forex Analysis by Finexo.com 17/11/2009

The dollar fell across the board on Monday although it recovered some after the US Federal Reserve Chairman, Ben Bernanke, commented that the Fed was keeping its eye on the fluctuation in the Dollar soothing those that fear the out-of-control spiralling that the Dollar has been in for the past three months. The Fed chairman went beyond what is typical of a central bank head and spent a good portion of his speech to a private New York organization talking about the Dollar, a move that was seen as reassuring that the US will be quick to act before anything major happened to the Dollar.
At 11:38PM GMT, the US Dollar was trading down .48% to the Euro to 1.4974, down .6% to the Japanese Yen to 89.1, down .91% to the British Pound to 1.6828, down .4% to the Canadian Dollar to 1.0475, down .47% to the Aussie to .9372 and down .51% to the Swiss Franc to 1.0072.
Chart: EUR/USD
The EUR/USD topped out at the 0.764 Fibonacci (1.4993) of the recent sell-off attempt down to the 1.4820 area – a level that was tried twice and forms the important support ahead of the 55-day moving average, which is now around 1.4730 and rising quickly. That 1.4993 level is the shortest term resistance now ahead of the 1.5063 top. The pivot for the week comes in at 1.4925.


Written by Finexo.com