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Europe is celebrating Easter... Forecast on the dynamics of USD/CHF and USD/CAD rates.
11:08 04/12/2004
Europe is celebrating Easter... Forecast on the dynamics of USD/CHF and USD/CAD rates.
The market still is extremely thin. Because of the beginning of Easter holidays European and American share markets were closed on Friday. And activity on Forex during European and American sessions was also extremely low. Today is the day off in all European countries (12), and also in Great Britain and Switzerland. In the other hemisphere Australia and New Zealand are celebrating Easter.
EUR/USD rate continues to bargain in dangerous affinity to key line of support on 1,2050; which fall will suggest market participants to consider seriously targets on 1,1650.
Fundamental push for such dynamics of the basic currencies was caused by recent data which testifies the improvement of situation on labour market in the USA and also discouraging decrease of industrial production in Germany.
Thus, despite of amplification of intensity in Iraq, EUR/USD rate still remains under pressure.
The data from Japan continue to surprise with the positive that assumes further interventions of The Bank of Japan or continuation of prompt decrease of USD/ JPY rate to a level of hundred yens for one dollar.
As the celebratory extreme thinness of the market is the best background for a various sort of strong speculative movements, we recommend being outside of the market.
As the celebratory extreme thinness of the market is the best background for a various sort of strong speculative movements, we recommend being outside of the market.
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