iFOREX

The Dollar continued to strengthen against an array of currency pairs during Friday’s trading session, following Thursday’s turnaround. The currency that took the hardest hit against the Dollar was the Euro falling from a high of $1.5861 on Thursday to a low of $1.5556 on Friday. Nothing stopped the dollar rally, even U.Michigan Consumer Sentiment that came out lower than expected (62.6), the lowest reading since the early 1980’s. Uncertainty in the Euro-zone regarding their monetary policy along with expectations that the upcoming rate cut in the U.S could possible be the last, drove the Dollar forward ignoring all economic data. Not all the currency pairs weakened against the dollar, as the Pound continued to show strength on speculations that the new plan by the BOE will help to revive the economy putting it back on track. Over on the commodity market Gold closed the session with minor gains of 0.03%, while Silver bounce off of major support levels, closing the session up by 1.13%. Crude oil continued to linger at all time highs closing the session at $118.52 per barrel. Looking forward economic data will have a relatively low affect on the currency pairs today. Currency traders should watch out for three important economic results later on this week from the U.S; GDP, Non-farm payrolls, interest rate decision. 

 
Euro | Japanese Yen | British Pound 

 
Euro
 
After opening the session in Asia at $1.5682, the Euro consolidated throughout the first few hours of the session. Dollar bulls continued to have an influence on this pair sending it down to an intraday low of $1.5556. Even though the Euro regained some of its strength during the session, the dollar had the upper hand sending this pair down to close at $1.5592

Support: 1.5550, 1.5500, 1.5450 
Resistance: 1.5700, 1.5750, 1.5800 
 
Euro | Japanese Yen | British Pound

 
Japanese Yen
 
This carry traded currency experienced choppy trading throughout Friday’s intraday session trading between $103.90- $104.80. A lackluster equity session in the U.S had its affect on this pair as the USD/JPY closed barely unchanged at 104.42

Support: 104.20, 103.50, 102.80 
Resistance: 104.80, 105.00, 105.50 
 
Euro | Japanese Yen | British Pound

 
British Pound
 
After opening the session at $1.9737 and trading barely unchanged, this pair’s volatility increased sending the Pound up to $1.9875. The pound re-tested that level once again during the session but couldn’t manage to hold onto its strength. The GBP/USD closed the session at $1.9827.

Support: 1.9820, 1.9770, 1.9720 
Resistance: 1.9880, 1.9950, 2.0000 

Euro | Japanese Yen | British Pound