The End of a Volatile Week, with Vigilance Even Over the Weekend
The End of a Volatile Week, with Vigilance Even Over the Weekend
As the week comes to an end, markets continue the volatility it started since the very beginning of the week, after the fed reported two new steps to enhance the plan, and with the treasury department plan to use nation’s Exchange Stabilization Fund to help protect and secure money market funds, currencies are trying to fin their way up again after holding above their important supports today.
The European currency built the base above 1.4150 today which gives it a great push to the upside, and climbed again to record a high of 1.4400 from there up til the hour of this report, while technician consider a close above 1.4160 as a bullish sign in the market.
The British pound dipped slightly below 1.7950 today but managed to stay above it and create a solid base as well, moving again and recording a high of 1.8250 up till the moment of the report, a very important resistance on the way up, while again we still consider a weekly close above 1.7950 a very bullish sign for currency.
While the Japanese yen is still moving in harmony with the U.S. stock indices, and as the risk appetite is back in the markets, we are seeing the dollar recording some increases against the worlds lowest yielding and number one financing currency, reaching to 108 level which technically should make a reversal pattern to the upside again.
Currencies were very hectic this week, and market did not catch a break all week long, since the fall of Lehman Brothers, through all the plans set forth during the week, investors will continue to be anxious even during the weekend trying to see what might happen to the plan presented by Paulson and Bernanke.
Crown Forex
disclaimer:The above may contain information for investors/traders and is not a recommendation to buy or sell currencies, gold, silver & energies, nor an offer to buy or sell currencies, gold, silver & energies. The information provided is obtained from sources deemed reliable but is not guaranteed as to accuracy or completeness. I am not liable for any losses or damages, monetary or otherwise that result. I recommend that anyone trading currencies, gold, silver & energies should do so with caution and consult with a broker before doing so. Prior performance may not be indicative of future performance. Currencies, gold, silver &energies presented should be considered speculative with a high degree of volatility and risk.
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