The US dollar pulled back against the Euro and the British Pound in overnight trading. Looming event risk is likely to continue weighing on the greenback as the US House of Representatives is set to vote on the US Treasury?s financial market rescue plan while expectations suggest the economy lost 105 thousand jobs in September.
During the month of September, fading risk sentiments has fostered bearish sentiment for the NZDJPY, and has led the pair to break below major support level.
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Identifying Trades with DailyFX 10.03.08 (Daily FX)
Gregory McLeod?s Trend of the Day -EUR/USD
The dollar fell against the pound in late New York trading Thursday night. The pound rose to $1.7690 from $1.7655 in late afternoon trading on Thursday.
The dollar fell against the Japanese yen late Thursday night. The greenback dropped to 104.96 yen from the 105.27 yen it bought in late afternoon trading.
Fri, 03th of October, 2008 By Setyo Wibowo (analyst@fxinstructor.com) EURUSD Outlook Yesterday the EURUSD hit my short target at 1.3880 , even further, bottomed at 1.3746 and closed at 1.3808 . From a longer term view on weekly chart, this fact should open the door for a further bearish scenario towards 1.3326 area (61.8 % Fibonacci retracement from 1.1639 to 1.6038 )
USDCHF is testing 1.1416 (Sep 11 high) resistance.
Our long-term range trading strategy trading the Euro against the British Pound has triggered entry at 0.7823.
While the fundamental aspects of the US economy remain grim, as US factory orders plunged 4 percent, the US dollar has still managed to rally.
