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Forexpros.com Daily Analysis - 01/06/2009

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Forexpros.com Daily Analysis - 01/06/2009

Post by ForexAnalysis on Mon Jun 01, 2009 11:57 am

ForexPros.com Daily Analysis -- 1 June 2009

EUR/USD Continues Uptrend

The EUR/USD has started higher once again after bouncing off of the 1.4100 level. Resistance is currently at 1.4160. A break above this level would signal a move to 1.4220-1.4240. Beyond this there is little resistance till 1.4350.

With the daily average range sitting just below 150 pips the pair is not likely to move beyond 1.4300 unless there is a significant surprise in economic news due out of the US today.

A sustained move below 1.4100 will likely trigger stops down to the 1.4070 level and would target 1.4040 if rates continue lower. Beyond this 1.4400 should slow further falls.

The trend is up and a rise is more likely than a decline.


USD/JPY Sideways Swings

The USD is rising after finding support from the 94.40-94.60 range.

On longer term charts the pair is moving sideways within a range. A break of that range is unlikely today, but would be confirmed by a close below 93.55. Until that occurs the market may see similar swings to what we have seen over the last couple weeks.

A move above 95.50 would target 96.30 and beyond 96.60-96.70.

A break past the recent low of 94.65 would test 94.30 and beyond that the support area at 93.80.

Analysis by:
[You must be registered and logged in to see this link.] - Written by Cory Mitchell

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