Chris Lee | forex

Forex market Updates : 16th July 2010

Jul 16th 2010 at 12:04 AM

Spain's successfull 3 billion euro bond sale has strengthened the Euro further. The Euro (1.2913) has risen sharply above 1.29. However, the 21-Week-MA (1.2953) Resistance is holding as of now and a break below 1.29 might see 1.2800-2780 today.

 Dollar-Yen (87.21) fell breaking below 88 as expected. Very important Support is seen at 87, a strong break below which might trigger further downmove. Euro-Yen Cross (112.67) has been ranged between 112-113.50 over the last couple of days within the overall downtrend. T

he Pound (1.5426) is retaing its strength and looks bullish for further rise towards 1.5550-5600.

Dollar-Swiss (1.0425) is continuing to trade weak. The immediate Support at 1.0400 is holding as of now and if it continues to hold we might see a bounce back towards 1.0500. On the downside Support is seen at 1.0350. Aussie (0.8784) has come off from yesterday's high of 0.8849 and might dip to 0.8700 today.

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