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Currencies relatively calm as equities melt down! PDF Print E-mail
Monday, 02 March 2009 20:39
Currencies have remained relatively calm this morning as the DJIA dropped below 7000 almost touching 6800. It will almost certainly close below here today seeing as the market closes in a few hours. But what may be the reaction by currencies in the days to come.

EUR/USD:  Above rising support line
GBP/USD:  Biggest loser of the day
USD/JPY:  Caught at the end of a triangle
USD/CHF:  Test of 1.1800 fails, for now

EUR/USD
The pair has remained rather calm considering the melt down in Equities today, but with oil on the slide and equities lookinf to close below 6900, the calm may not last long.
foex daily chart

GBP/USD
The only big mover on the day, started dropping during the European session. A recovery may be long in coming if Asia gets back into the office and does not like the looks of the DJIA close and the slide in oil. Support may be timid and a drop 1.3503 lows may be in the future.
foex daily chart

USD/JPY
Caught in a Symmetrical Triangle, significant moves won’t be seen until the formation breaks down.
foex daily chart

USD/CHF
A possible head and shoulders foming around the R1 line could put the pair on a slide toward the 1.1623 area. With possible USD strength seen on the horizon, this would only be a move to get in at better prices.
foex daily chart
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Last Updated on Monday, 02 March 2009 20:46