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Well, the dollar fell against most major currencies on Tuesday, snapping a two day rally which was spurred on by thoughts of whether or not the US will be able to raise interest rates by the end of the year. The declines came after the U.S. Treasury released a statement approving 10 of the country's biggest banks requests to repay the 68 billion dollars in government funds received as part of the Toxic Asset Relief Program (TARP) during the height of the financial crisis. This raised hopes that the worst could be over.
Nevertheless, investors and traders were growing sceptical that the Federal Reserve would raise rates by the end of 2009 after the Wall Street Journal published an article questioning the practicality of the Obama Government’s projected numbers.
At 10:00 PM GMT, the Dollar was trading down .95% to the Yen to 97.54, down 1.6% to the British Pound to 1.6309, down 1.4% to the Canadian Dollar to 1.0999, down 1.7% to the Australian Dollar to .8025, down 1.05% to the Kiwi to .6275 and down 1.35% to the Swiss Franc to 1.0768.
Well i read that the surge in the EUR/USD over the last couple of days turned around from the 0.618 Fibonacci retracement from the 1.4338 top to the 1.3805 low coming in around 1.4135. That level and the 0.764 Fibonacci at 1.4212 are the final levels barring the way to the top. To the downside, we have yet to close below the 21-day moving average (blue line) and the big structural levels are the "neckline" like area around 1.3800 and then the very important support/old resistance at 1.3723.
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