Feb 25, 2009
By: Lisa
EUR/USD almost completely reversed yesterdays gains. Opening at 1.2867, it dropped 151 pips to close at 1.2716. We continue to see the price testing the 1.2850 resistance level. While the price has managed to breach it for short periods, it seems to rebound back down in short order. The price may continue moving down toward the 1.2550 level.
As we mentioned as a possibility yesterday, it appears that GBP/USD has ended its recent upward trend. The price opened at 1.4523, then proceded to drop 310 pips to a 1.4213 close. While we suspected weakness on a continued upward trend, this big move down caught us a little off guard.
USD/JPY continued its upward trend. Opening at 96.56, it climbed to a close of 97.38, up a total of 82 pips for the day.
USD/CAD opened at 1.2402. The support level near 1.2400 held, and the price climbed to a high of 1.2611 before settling down to a close of 1.2547, up 145 pips for the day.
AUD/USD also tested its resistance level near the 0.6550 mark. Opening at 0.6520, it reached a high of 0.6553 before dropping 55 points to a close of 0.6465.
Finally, USD/CHF switched directions yet again. Opening at 1.1583, the pair climbed to a high of 1.1741 before closing at 1.1697, up 114 pips for the day.
