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Forex Wrap

September 23rd, 2009 DerekS Comments off

It was quite a wild ride in currencies today.  I guess that isn’t a big surprise being FOMC day.  EUR/USD started the NY session trading in and around her lows.  Within two hours time EUR/USD sunk to 1.4730 but caught a bounce off of support (9/17 close and break-out point on 9/22).  By FOMC EUR/USD was trading 1.4775, within a blink of the eye she was pushing yearly highs 1.4843.  The “no change” release had the risk trade firing on all cylinders, however; the statement itself had traders running to safe havens.  EUR/USD quickly reversed, presently trading at her lows 1.4730 (previous support).

 

EUR/USD: Couple support levels catching my eye: 1.4730ish (9/17 close and 9/22 break-out), 1.4700 (acted as a support and resistance level between 9/16 and 9/21), beyond that 1.4675 via a daily trend line on a price chart.  Given today’s reversal, I would be inclined to wait for the deeper pullback.  Resistance should come in at today’s high 1.4840ish.

 

GBP/USD: Some (tiny-itsy-bitsy) support at present levels 1.6330, beyond that it could be a slippery slope.  Resistance at today’s high 1.6450ish, which is in and around 9/18’s high price.

 

USD/JPY: Support 90.50ish, beyond that… very slippery slope.  Resistance eyed at 91.50ish…

 

Thanks,

 

Derek Siek…

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