The euro gained 1.2% reaching 130.09, compared to 131.73 in New York reported yesterday. No doubt the yen took advantage of the existing rumors about the audit that the Obama administration is doing to the U.S. banking sector is estimated that some 10 financial institutions will need additional capital to continue operating. Perhaps the final publication of this report harm confidence in general, and the recent optimism could evaporate with a new fear. OIL – Oil retreats after the peak in 2009, crude oil fell Tuesday, as fears over global economic recovery remain. However, crude oil reached an estimated maximum of 2009. Yesterday crude fell 63 cents, reaching $ 53.60 per barrel after highs recorded this year at $ 54.83.
Recall that since the minimum in the $ 32.40, the lowest level in 2008 oil has rebounded slowly. However, crude oil traded well below the peak in the area of $ 147 during the month of July 2008. The global economic crisis has hurt demand for this commodity and inventories are rising while the price of oil falls. However, the latest economic releases have prompted some optimism, and many analysts are already talking about that by mid-2009 will see a clear improvement and that is why crude estimate would be around $ 65 long-term. Technical News EUR / USD The pair has traded in a significant downtrend, and reached 1.3250. However, after three failed attempts to break the current levels, it appears that the 1.3250 level will signal reversal. The hourly chart shows that the RSI has reached line 30, and now hints at a rise. Going long with tight stops would be the preferred strategy to follow.
GBP / USD Cable is apparently ending the upward trend. The daily chart with Bollinger bands shows that as have achieved the key points. The daily chart also shows the slow stochastic with a hint bassist. Going short with tight stops would be the preferred strategy to follow. USD / JPY The pair is in a downtrend and is currently trading in the 98.10 area. Apparently the 97.90 level is a significant level of support. And if the pair managed to break that level of support, can take place a further fall. USD / CHF The pair continues to experience volatility, and currently is around 1.1340. In the 4 hour chart shows a bearish formation, and the hourly chart, the slow stochastic shows a possible downtrend. Going short with tight stops would be the preferred strategy to follow. The Letter of the Day Oil on the daily chart shows a bullish formation. However, other indicators suggest a downward slope, and apparently pass a correction. This phenomenon can be exploited by investors and thus enter the trend.