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Forexpros.com Daily Analysis - 09/09/2009

Discussion in 'Market Predictions and Reports' started by Forexpros04, Sep 9, 2009.

  1. Forexpros04

    Forexpros04 Forexpros Representative

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    Forexpros Daily Analysis Sep 9, 2009


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    Euro Dollar Break Major Resistance

    The 1.4440-1.4450 was broken yesterday as rates pushed above 1.4500. A successful hold above and/or re-test of the 1.4440 level would confirm another swing higher. This is in alignment with the longer term trend.
    Trend line resistance comes in at 1.4530, along with intra-day swing highs at 1.4535. A break above this area indicates movement to 1.4600 and beyond, 1.4650-1.4670.
    A move below 1.4460 will likely find support at 1.4440 and 1.4400.

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    USD/JPY

    Lots of action yesterday just above 92.00 (92.00-92.30) which at least for the short term puts a strong support level in place.
    Resistance on the upside is at 92.65-92.70, 92.90 and 93.00-93.10.
    Support is at 92.30 and 92.00.
    A break below 92.00 (confirmed by a move below 91.90) indicates another swing lower. Support is likely at 91.70 and 91.50.

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    Forex trading analysis by Forexpros - Written by Cory Mitchell

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