Daily Analysis – July 20th, 2009

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.

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: Forex Pros – Written by Cory Mitchell

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