Better than Expected US Data Boost the dollar

Daily Forex Fundamentals | Written by Crown Forex | Jul 25 08 14:33 GMT |

The US session came to support the dollar as the economic data beat expectation with a surge in durables, better confidence and finally less than expected fall in new home sales all helped the dollar and marked the rise. The euro is now flat trading back near is opening levels, as after it neared the target we set in the previous report at 38.2% Fibonacci level it couldn't though break above setting the high short slightly at 1.5752, reversing from there with the dollar strength to 50.0% levels again as it's currently now trading around 1.5670s, while now we need to pay attention to the weekly close for closing below that level might provide stronger bearish signals for the pair in the coming week. Sterling peaked today at 1.9977 retreating from there in the US session though still now trading above 1.99 level and so for as far as sterling manages to withhold its gains to above 1.9850 it will be strong support for the pounds upside wave, while though as long as trading remains above 1.9820s we will still favor the upside for the pound. The USDJPY pair totally reversed its downside wave and breached into 107 levels and currently trading at good resistance levels where it set the high of 107.89 which open the door directly to the coming strong level at 108.20s which I say unlikely to see a successful breach and a close above it. Crown Forex disclaimer:The above may contain information for investors/traders and is not a recommendation to buy or sell currencies, gold, silver & energies, nor an offer to buy or sell currencies, gold, silver & energies. The information provided is obtained from sources deemed reliable but is not guaranteed as to accuracy or completeness. I am not liable for any losses or damages, monetary or otherwise that result. I recommend that anyone trading currencies, gold, silver & energies should do so with caution and consult with a broker before doing so. Prior performance may not be indicative of future performance. Currencies, gold, silver &energies presented should be considered speculative with a high degree of volatility and risk.