Daily Analysis – July 15th, 2009

EUR/USD The pair continued it's doldrums yesterday moving in a choppy fashion once again. Being in the middle of the range this is likely to continue.

Minor support is at 1.3960, 1.3930, 1.3910 and beyond this 1.3875. Volatility has decreased, but 1.3850 and 1.3825 could come into play with news out of the US today.

A push above 1.4020 would be needed to indicate a move to the former swing high at 1.4070. 1.4100 should provide resistance beyond, as well at 1.4150.

USD/JPY The pair is still meddling below the 94 resistance area. A closer test of this area is likely, but the overall bias is still down.

Although, a push above 94.00 would indicate move to 94.40. Further resistance is at 94.60 and 94.80.

After a test of 94, or the pair can not climb higher, a downward break below 93.30 would indicate a move back down. Initial target is 93 and beyond this 92.60. 92.20 is likely to provide support further down.


Analysis by: – Written by Cory Mitchell