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Forex: USD/JPY: Dollar decline holds above 90.00

Thu, Nov 5 2009, 11:35 GMT
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FXstreet.com (Barcelona) - Dollar decline from Thursday's high at 91.30 has found support at 90.00 low during European session, and the pair has bounced to levels around 90.30 at the moment of writing.

If the Dollar manages to remain above 90.00, the Swiss e Trade Strategy Team, observes the possibility of a re-test of 91.30 resistance during the day: "The level 90.00 represents an important support zone, which we think will not be broken today. We rather see upmoves setting in, towards the 91.30 mark again."

Support levels lie at 90.00/05 (Nov 4 low) and below here, 89.85 (Nov 3 low) and 89.40/55. Resistance levels are 91.00/05, and above here, 91.30 (Nov 4 high) and 91.60/65 (Oct 30 and 29 highs).

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Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.

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Any opinions, news, research, analyses, prices or other information contained on this website, by FXstreet.com, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXstreet.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.

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