Forexpros.com Daily Analysis - 09/07/2009

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EUR/USD We are currently seeing continued choppy trading around the lower part of this long term range.

Support is at 1.3890-1.3880, 1.3850 and 1.3830. A break below 1.3830 would signal a move to 1.3750 with support at 1.3800.

Resistance is at 1.3910 and 1.3940. A break above would target 1.4040 with minor resistance at 1.3980.

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USD/JPY Yesterdays collapse blew through strong support levels and surprised many traders. The break below 94.00 signifies a longer term downward move, but a successful retest of the 94.00 is needed.

Therefore upside resistance is now at 93.50 and 94.00. If 94.00 can hold by the end of today's sessions it is quite likely the pair will continue to head lower over of the next week or so.

Minor support is likely in the 92.90 area, followed by 92.40 and 91.80. News out of the US could make for another volatile day.

Analysis by: Forexpros.com - Written by Cory Mitchell

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