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Daily Forex Analysis – July 28, 2008

USDJPY Analysis.
USDJPY broke above 107.98 resistance. However, consolidation would more likely be seen before breaking above 108.58 (June 16 high), and pullback to test 106.57 is still possible in a couple of days. Initial support is at the up trend line from 103.76 to 106.57, a break of the trend line support will signal deeper decline towards 106.57.

20080728_usdjpy_1

USDCHF Analysis.
USDCHF is in consolidation to up trend and pullback to retest 1.0289 is still possible in a couple of days. As long as this support holds, we’d expect up trend to resume, and further rally is still possible after consolidation.

20080728_usdchf_1

USDCAD Analysis.
No changed in our view, USDCAD is 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.

20080728_usdcad_1

AUDUSD Analysis.
AUDUSD’s down trend extends further to as low as 0.9527. 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.

20080728_audusd_1

GBPUSD Analysis.
GBPUSD failed to test 1.9814 support and rebounded from 1.9816, the pair might be forming a short term cycle bottom on 4-hour chart. Further rise is expected to test 2.0158 previous high resistance. However, a break above 1.9978 in needed to confirm such case.

20080728_gbpusd_1

EURUSD Analysis.
Being supported by 1.5611 (July 7 low), EURUSD rebounded from 1.5628 level. Further rise to 1.5800-50 area to reach next short term cycle top is still possible in a couple of days. Initial support is at 1.5611, a break down below this level will indicate that the up trend from 1.5302 (June 13 low) has completed and long term down trend has resumed.

20080728_eurusd_1

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