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Forexpros.com Daily Analysis - 17/08/2009

Discussion in 'Market Predictions and Reports' started by Forexpros04, Aug 17, 2009.

  1. Forexpros04

    Forexpros04 Forexpros Representative

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    Forex Daily Analysis - Aug. 17, 2009


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    EURO/DOLLAR

    The pair is approaching support between 1.4100 and 1.4120. A bounce off this level indicates a move higher to rest resistance between 1.4260 and 1.4280. A break above indicates another move higher and a test of further resistance at 1.4320.

    Support below 1.4100 is at 1.4080 followed by 1.4000.

    With the trend still up the bias is to the upside.

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    USD/JPY - Aug 17

    Support at 94.40 has held so far, a break will likely target 94.00. Further support is at 93.80 and 93.40.

    Resistance on the upside is at 95.00 and 95.50. The current trends point to a bias to the downside for the pair. But 94.40 will need to be penetrated on a sustained break for that to materialize.


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    Forex trading analysis by ForexPros - Written by Cory Mitchell

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