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Daily Forex Analysis – July 24, 2008

USDCHF Analysis.
USDCHF broke above 1.0351 previous high resistance. Further rise is still possible to test 1.0539 (June 13 high) level. A break of this level will indicated that the down trend from 1.0623 (May 8 high) has completed and long term up trend has resumed. Initial support is now at the up trend line from 1.0010 to 1.0134.

20080724_usdchf_1

USDCAD Analysis.
USDCAD broke above 1.0080 resistance. The rise from 0.9974 could possibly be resumption of up trend. Further rebound is expect to test 1.0238 (July 1 high),  a break of this level will confirm that the fall from 1.0322 (June 10 high) has completed and long term up trend has resumed. Initial support is now located at 0.9974, only fall below this level will signal deeper decline to 0.9900 level.

20080724_usdcad_1

AUDUSD Analysis.
AUDUSD broke below 0.9677 support and the fall from 0.9849 extended further to as low as 0.9592 level. Deeper decline is still possible to test the support of the up trend line from 0.9327 (June 12 low) to 0.9475. Rebound would more likely be seen before breaking below the trend line support.

20080724_audusd_1

GBPUSD Analysis.
GBPUSD traded in range between 1.9897 and 2.0076. Deeper decline is still possible to test 1.9814 support. Key resistance is now located at 2.0076, a break of this level will signal further rise towards 2.0391 (Mar 14 high).

20080724_gbpusd_1

EURUSD Analysis.
EURUSD broke below the support of the up trend line from 1.5302 (June 13 low) to 1.5611. Deeper decline to test 1.5611 previous low support is expected. A break below this level will indicated that the uptrend from 1.5302 has completed and long term down trend has resumed.

20080724_eurusd_1

USDJPY Analysis.
USDJPY broke above 107.75 previous high resistance. Further rise to test 108.58 (June 16 high) is still possible in a couple of days. Initial support is at the up trend line from 103.76 to 106.05, consolidation could be seen if the trend line support gives way.

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