Monday 29 June 2009

Forex trends: greenback inches up versus majors

The US dollar climbed against its major counterparts, euro, pound, franc and yen during Monday's early Asian trading.

Thus, greenback soared to 95.61 against the Japanese unit, compared to 95.25 at Friday’s close. On the upside, USD/JPY rally would touch 96.1 as the next likely target.

Dollar also advanced versus the European majors.

Thus buck rose to 1.4004 against the euro early morning in Asia, with 1.389 expected as the near term resistance point. Late Friday in New York EUR/USD rally was quoted as much as 1.4070.

The dollar also edged up against pound and franc, hitting the highs of 1.6454 and 1.0881, respectively, that may be compared to 1.6542 and 1.0862 at Friday’s close. 1.623 was seen as the near term support for GBP/USD rally, while 1.094 was expected as the next upside target for USD/CHF pair.

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