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Market View for December 24, 2008.

Tue, Dec 23 2008, 22:29 GMT
by James Whyte

ForexAmericas


Stocks ended lower on continued weak economic news.  We believe the Yen may be entering a weakening period as the Japanese economy catches up to the rest of the G10+, highlighted by Toyota’s grim news.  We are looking for a retracement back to 94.00 over the short term, but don’t expect the market to behave until Jan due to light volume and the possibility of exaggerated moves.

 

Key levels and Weekly Trends

 

Eur/Usd:

Support: 1.3910-25                Resistance: 1.4021

Weekly Trend:           Downward

 

Gbp/Usd:

Support: 1.4663                     Resistance: 1.4830

Weekly Trend:           Downward

 

Usd/Jpy:

Support: 90.10-25                  Resistance: 91.00-91.15

Weekly Trend:           Upward

 

Aud/Usd:

Support: .6760-70                  Resistance: .6838

Weekly Trend:           Neutral


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