Daily Analysis – July 23, 2009


The pair continues to range (so far) within in a 120 pip range over the last couple of days.  A breakout will eventually occur, with the bias being higher overall.

Resistance is at 1.4260 with a break to test 1.4280.  A push above 1.4300 would confirm a breakout with the target being 1.4400.  Intermittent resistance is at 1.4350.

Support is at 1.4200, 1.4180 and 1.4155.  A break below this level is less likely than a break higher, but it could still happen.  Further support is at 1.4140 and 1.4100.


The pair jumped in early trading, and is trying to test the 94.40 level.  This is an important intra-day level.

A rise above 94.50 indicates a move to test a former swing high at 94.80.  A rise beyond is not highly likely today, but 95.00 is the resistance beyond.

Support is at 93.80, 93.40 and 93.20.

Forex Analysis by: – Written by Cory Mitchell

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