Nothing Can Stop the Dollar Now!!!

Daily Forex Fundamentals | Written by Crown Forex | Aug 07 08 14:58 GMT |

The base is solid and strong and seemingly nothing is to stand in the face of the dollar those days as the gains just continue to expand; any seen upside potential for majors is doing nothing but adding to the dollar's momentum and as Trichet weakened the euro and offset the weak labor number the unexpected strong gain in pending home sales set the dollar to rumble.

The euro bared heavy losses as Trichet stressed on weakening growth in the euro nation while fearing price stability at the same time still Trichet confirmed ongoing "NO BIAS" for the ECB's governing council and that only set higher uncertainty for the euro outlook. The euro was able to break major support levels after it failed to manage the 1.55 extending the bearish wave to hit the low of 1.5355 while now the two major levels seen at 1.5360 and 1.5380 shall closing fail above the latter extensive losses is for the euro to acquire and the break point is now at 1.5320s and a breach to that shall take us till 1.5280s.

The pound is on the bearish ride and no support level is capable of slowing it till now the BoE reserved their comments as they announced steady rates while the pressure is pilling upon next week's Inflation Report. The pair neared 1.94 as it set the low of 1.9419 after rising in the morning to set the high at 1.9537; if the pair breaches 1.94 levels then its heading towards 161.8% levels which are also areas of solid support levels among 1.9350-30 and today's closing below 1.9460s shall flag those targets near to be acquired.

The USDJPY was holding solid building the base above 109 levels setting the lowest at 109.12 as the breach to 108.40s and then 108.70s is validating the pair with strong bullish momentum to achieve its targets above 110 levels to race then to following seen targets now at 111.20s.

Crown Forex

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