Chris Lee | forex

Another leg down? Q2 GDP could be revised down 1.3%

Aug 11th 2010 at 11:16 PM

The Dollar and the Yen are continuing to retain their strength. The Euro (1.2885) fell sharply breaking below 1.3000 yesterday and is now trading below 1.29. The 21-Week-MA is at 1.2839 and the 100-DMA is at 1.2805, a strong break below these would pull it further down towards 1.2750. Dollar-Yen (85.00) failed to sustain the bounce back seen in the US session yesterday and is keeping its overall bearish sentiment intact for a further fall towards 84.00-83.50 on a break below the Support at 84.80. The Euro-Yen Cross (109.50) is retaining its downside momentum and a break below 109 might see 108.00-107.50 on the downside. Dollar-Swiss (1.0575) may come down towards 1.0450 today. Aussie (0.8941) may go down towards 0.8900 today and Cable (1.5669) may not be able to break below the Support at 1.5600 in the coming sessions today.

Happy Trading!!

Chris Your friendly trader

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