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Daily Forex Analysis – July 25, 2008

USDJPY Analysis.
USDJPY broke below the  up trend line from 103.76 to 106.05. Consolidation would more likely be seen in next few days. Further rally is still possible to test 108.58 (June 16 high) after consolidation, and a break of 107.98 level will signal resumption of up trend.

20080725_usdjpy_1

USDCHF Analysis.
USDCHF is in consolidation to up trend. Pullback to test 1.0289 support is possible in next few days. As long as this support holds, we’d expect up trend to resume, and further rally could be seen after consolidation.

20080725_usdchf_1

USDCAD Analysis.
USDCAD is now in up trend. Further rise to test 1.0238 (July 1 high) resistance is expected in next few days. Initial support is at 1.0056, as long as this support holds, uptrend will continue.

20080725_usdcad_1

AUDUSD Analysis.
AUDUSD broke below the support of the up trend line  from 0.9327 (June 12 low) to 0.9475. Deeper decline is still possible to test  0.9475 previous low support. Initial resistance is at 0.9636, only rise above this level will take price back to 0.9700 level.

20080725_audusd_1

GBPUSD Analysis.
GBPUSD is testing 1.9814 support. A break below this level will indicate that the up trend from 1.9408 (June 13 low) has completed and long term down trend has resumed. Key resistance is now located at 2.0076, a break of this level will signal further rise towards 2.0391 (Mar 14 high).

20080725_gbpusd_1

EURUSD Analysis.
EURUSD is testing the previous low support at 1.5611 (July 7 low). A break below this level will indicate that the up trend from 1.5302 (June 13 low) has completed and long term down trend has resumed.

20080725_eurusd_1

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