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The dollar`s appeal is corroded so far on persisting fears…

Publish Date28/11/2012 05:17:29 PM

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Today worries and uncertainties are spread on the U.S soil ahead of tomorrow`s GDP report to accordingly corrode so far the dollar`s appeal since only fears are persisting over the near future regarding the fiscal cliff that can easily push back the country in a worse recession which entails automatic tax hikes and spending cuts totaling around $600 billion.

Plus a report by the U.S Census Bureau showed that the U.S new home sales recorded a drop of 0.3% in October to 368 thousand compared to September reading of 369 thousand homes, revised from 389 thousand or 5.7%.

As a result the euro is rising to the upside on the four hour chart sending in fact the EUR/USD pair to trade up around $1.2921 while recording the highest level of $1.2944 and lowest level of $1.2879, yet the pair may start to decline slightly according to the four-hour momentum indicators. The trading range for today is among key support at 1.2760 and key resistance at 1.3070.

As for the British Pound, it is climbing up to the upside strongly leading the GBP/USD pair to trade around $1.5997 while recording the highest level of $1.6023 and lowest of $1.5961 and is most probably going to start to fall as witnessed at several time scale within the stochastic oscialltor. The trading range for today is among key support at 1.5820 and key resistance at 1.6180.

Finally, the USD/JPY pair is actually consolidating at different time charts to trade around ¥78.83 while recording the highest level of ¥79.27 and lowest levels of ¥78.66. The trading  range for today is among key support at 80.75  and key resistance now at 82.80.



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