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Daily Forex Analysis – July 22, 2008

AUDUSD Analysis.
AUDUSD formed a short term cycle top at 0.9849 on 4-hour chart. Sideways consolidation in a range between 0.9677 and 0.9849 could be seen in next few days. Near term support is at 0.9677 and followed by 0.9615. Key resistance is at 0.9849, a break above this level will signal further rally towards 1.0000 area.

20080722_audusd_1

GBPUSD Analysis.
GBPUSD might be forming a short term cycle bottom at 1.9906 on 4-hour chart. Sideways consolidation in a range between 1.9906 and 2.0158 could be seen before breaking above 2.0158 level. One more rise towards  2.0391 (Mar 14 high) is still possible after consolidation.

20080722_gbpusd_1

EURUSD Analysis.
EURUSD broke above the key resistance at 1.5893 and formed a short term cycle bottom at 1.5783 on 4-hour chart.  Sideways consolidation in a range between 1.5783 and 1.6038 could be seen before breaking above 1.6038 level.

20080722_eurusd_1

USDCHF Analysis.
USDCHF traded in range between 1.0134 and 1.0257. Initial support is at 1.0134, as long as this support holds, we’d expected up trend to resume and one more rise towards 1.0351 is possible. However, a break of 1.0257 is needed to confirm such case.

20080722_usdchf_1

USDJPY Analysis.
USDJPY might be forming a short term cycle top at 107.15 on 4-hour chart. Key support is located at 105.97, a break below this level will confirm the cycle top, and pullback to 105.00 area  may be expected to follow.

20080722_usdjpy_1

USDCAD Analysis.
No changed in our view, USDCAD might be forming a short term cycle top at 1.0080 on 4-hour chart. Pullback to test 0.9974 previous low support is expected, and a break of this level will signal deeper decline to 0.9900 level.

20080722_usdcad_1

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