Archived IMT (2008.12.11)

Forex traders further bid up the EUR, GBP and other higher yielding currencies against the USD, but the JPY remains stubbornly firm, especially against the broadly sold USD. USD weakness is displayed in golds breach of $810 but $850 remains a harder obstacle to pass. Short-term trades likely to favor GBPUSD towards $1.5000, followed by $1.5040, while EURUSD eyes $1.3250s, followed by $1.34 as seen in today's article. All these factors are further driving downward bias in USDCAD, which has been testing 1.2450- 2 1/2 month trend line support. Resistance remains staunch at 1.2780.