Asian currency market july 27 2012

forex trading outlook today - Asian currency market july 27 2012 : The ECB President Mario Draghi pledging to do whatever necessary to protect the Euro Zone triggered sharp rise in the risky assets yesterday. However, the currencies remain flat now after yesterday's sharp move reflecting that the market is still not completely convinced to take fresh longs in the non dollar currencies. US GDP data release due today which will watched by the market.

The Euro (1.2285) is still getting Resistance in the 1.2300-30 which needs to be broken decisively to ease the downside pressure a bit. 1.2400-50 can be targeted if 1.2330 is broken else a pull back to 1.2200 is possible. Dollar-Yen (78.20) remains ranged between 78.00 and 78.35. The Euro-Yen Cross (96.09) has risen above 96 and can rise further to 97.00-30 with Support at 95.60.

Dollar-Swiss has seen a sharp fall and is trading below 0.9800. A test of 0.9750-700 looks likely now while below 0.9800. The Pound (1.5679) is coming off from the high of 1.5723 and can come off further to 1.5600 or even lower while below 1.5700 as the 200-Week-MA (currently at 1.5722) is continuing to hold well still. Aussie (1.0415) remains strong and can rise to 1.0450-500. It has very good Support now near 1.0350.

The Asians are trading strong. The Korean won is trading near 1138 and can strengthen to 1128-25. The Sing Dollar is trading near 1.2509 and can strengthen further to 1.2450. Dollar-Rupee had closed lower yesterday at 55.53/54 and can test 55.15 or even 55 on a break below the immediate Support at 55.40.

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