Dollar Closes Higher for Week against a Basket of Currencies

Reported by FXstreet.com on Saturday, 21 November 2009 (on November 21, 2009)

After reaching a 15 month low early in the week, the U.S. Dollar closed higher for the week against a trade-weighted basket of currencies.� Technically, this closing price reversal, once confirmed, often leads to a 2 to 3 week retracement.� The daily chart suggests that a move through 77.50 is necessary to turn the main trend to up. � The low for the week for the Dollar was posted shortly after Fed Chairman Bernanke mentioned his concern for the Dollar in a speech.�

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