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Forexpros.com Daily Analysis - 20/07/2009

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Forexpros.com Daily Analysis - 20/07/2009

Post by ForexAnalysis on Mon Jul 20, 2009 12:41 pm

Forexpros.com Daily Analysis - July 20th, 2009

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EUR/USD The pair pushed above 1.4160 to 1.4180 but has retreated for the time being. A rise above 1.4180 would target 1.4200 a major resistance level.

A break of that resistance level would target May highs at 1.4340 (not necessarily today). Intermittent resistance is likely at 1.4230 and 1.4270.

Support lies at 1.4150-1.4140. 1.4100, 1.4060 and 1.4030 provide support beyond.

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USD/JPY The pair has broken above the 94.50 resistance area and is currently at a another resistance level, 94.65. A continued push above 94.75 would indicate strength and likely another swing higher.

95.00 should offer some resistance, followed by 95.50.

Support is likely by 94.15, then 93.80 and 93.50.


Analysis by:
Forexpros.com - Written by Cory Mitchell

Disclaimer:
Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.

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