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Forex Market Updates : 14th July 2010
Weakness in the dollar seen all over. The Euro (1.2720) has risen sharply. It has very significant Resistance in the 1.2735-65 region, which if broken might see further rise 1.2800-50.
Dollar-Yen (88.87) has bounced back from yesterday's low of 88.03 and might rise towards 89.20-50today. Euro-Yen Cross (113.18) has risen sharply following the in the Euro and Dollar-Yen. A strong break above the immediate Resistance at 113.50 might increase the chances of further rise to 114.50-115. T
he Pound (1.5210) has risen following the data release that showed a higher than expected increase in the inflation that has left speculation that BOE would rise the interest rates. While above 1.5200 there are good chances of further rise towards 1.5300-30 today. Dollar-Swiss (1.0560) has come off from yesterday's high of 1.0646 mirroring the rise in the Euro. Significant Resistance-turned-Support is seen at 1.0512 which might be tested today.
Aussie (0.8827) has risen breaking above 0.8800 and might test the 21-Week-MA Resistance (0.8874) today.
Good luck trading!
Your friendly forex trader,
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