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Thursday October 29, 2009 - 13:33:40 GMT
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EURUSD, GBPUSD, USDJPY Intra-day update 10-29-09
Stronger than expected U.S. GDP lifts the euro to session highs against the dollar. The euro is currently pushing on the interim resistance around 1.4800 and hourly studies are positive, favoring further upside action towards the 1.4850 resistance and above. In case it gets â€śthat farâ€ť, resistance is expected to counter the uptrend into the 1.4850-1.4900 region. Above the said resistance region, short-termâ€™s resumption of uptrend will occur, re-focusing into the top side at 1.5000/50. On the lower side, minor support has been formed around 1.4740/50, backed by the more notable bottom at 1.4700 which is also the 61.8% of the last up leg from 1.448- to 1.5060. Current quote is 1.4785 @13:17 GMT
Support: 1.4740/50, 1.4700 and 1.4650
Resistance: 1.4800, 1.4830/50 and 1.4900
EURUSD 4hrs chart
Cable is recovering too, currently testing interim resistance into the middle of last decline from 1.6695 to 1.6250. Both short-term and intra-day charts are bullish and last three daysâ€™ price action suggests a re-test of 1.6700 within the coming days. Weâ€™ll see if it manages to clear the 1.6500 barrier for now, as such breakout would be an important bullish confirmation. Current exchange rate is 1.6460 @13:17 GMT
Support: 1.6400, 1.6300 and 1.6200
Resistance: 1.6500, 1.6550 and 1.6600
The dollar bounced on the 90.20 support region and currently regains some of recent lost ground against the Japanese yen, trading near 91.50. In case of extended gains above 91.50, a re-test of 92.00/30 resistance region will probably provide yet another selling point. Both short-term and intra-day studies are positive. Current exchange rate is 91.38 @13:17 GMT
Support: 91.00, 90.50 and 90.00/20
Resistance: 91.50, 92.00/23 and 92.90/00
USDJPY daily chart
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