Dollar Moves Up At The End Of The Week

Like the EUROPE close, the US week close is seeing buyers of dollars.  The EUR/USD has moved back toward the 100 hour Moving average at the 1.2587 level.   For the week the EUR/USD closed last week at 1.2676 and is now down on the week.  The low for the week was 1.2456.  The high was today at the 1.2753.  Overall, it was a fairly random week with 3 days down and 2 days showing gains.  The ECB cut rates by 50 basis points this week and ECB cut growth and inflation forecast.  Trichet was more bearish about prospects going forward and suggested the rate cut may not have been the last one.

The USD/CHF price is back above the 100 day MA and the trendline support.  This keeps the longer term bias to the upside.  Next week the SNB is expected to cut the Target Libor Rate to 0.25% from 0.5%.  Last week the USD/CHF closed at 1.1699.  The high was 1.1847.  The low was 1.1486.

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