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Forex · News · Forex ForecastsNEWS / Forex Forecasts |
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Data on German economy stopped falling of the dollar…Rate dynamics and recommendations on USD-CHF and USD-CAD.
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17:33 05/18/2004
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Data on German economy stopped falling of the dollar…Rate dynamics and recommendations on USD-CHF and USD-CAD.
The Euro dropped on Tuesday, when ZEW Institute survey showed that business confidence in Germany – the biggest European economy - came out lower than expected. Expectations index had dropped to 46.4 in March from 49.6 in the previous month due to interest rate hike concerns, high prices for oil and weak domestic demand. The Euro had dropped to $1.1965 from $1.2010.
Let us remind that speculative sentiments had undergone some changes, when the dollar failed to break out important levels of resistance on number of currencies on Friday. At the same time, the analysts are still optimistic about it, especially after yesterday’s data on inflow of capital in the U.S. The data showed that America had no problems with financing excessive consumption (about 5% from GDP), at least for that moment.
1,39 strategy target on USD/CHF is still very important. The chances that the rate will approach that mark increased when the price pulled back to the local level of support at 1,2710. Key resistance at 1,3090 will be an important point for the bulls for taking a start.
Recommendations: on the background of quite contradictory economic situation, it is reasonable to stay out of the market.
Recommendations: on the background of quite contradictory economic situation, it is reasonable to stay out of the market.
The forecast was created by trans1.
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