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Daily Forex Analysis – July 29, 2008

GBPUSD Analysis.
GBPUSD might be forming a short term cycle bottom at 1.9816 on 4-hour chart. Key resistance is located at 1.9978, a break of this level will confirm the cycle bottom and further rise towards 2.0158 previous high is expected to follow. Initial support is at 1.9814, only fall below this level will signal deeper decline towards 1.9647 (July 7 low).

20080729_gbpusd_1

USDJPY Analysis.
USDJPY pulled back from 108.07 and is testing the support of up trend line from  103.76 to 106.57. Deeper decline is expected if the trend line support gives way, and target would be at 106.00-50 area.

20080729_usdjpy_1

USDCHF Analysis.
No changed in our view, 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.

20080729_usdchf_1

USDCAD Analysis.
USDCAD broke above 1.0238 (July 1 high) resistance. Further rise towards 1.0322 (June 10 high) is still possible in next few days. Near term support is at 1.0127, as long as this support holds, uptrend will continue.

20080729_usdcad_1

AUDUSD Analysis.
AUDUSD might be forming a short term cycle bottom at 0.9527 on 4-hour chart. Key resistance is located at 0.9636, rise above this level will confirm the cycle bottom. Initial support is at 0.9527, only fall below this level will signal deeper decline to test 0.9475 (July 9 low).

20080729_audusd_1

EURUSD Analysis.
EURUSD’s rebound from 1.5628 extended to as high as 1.5768. 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 1.5628 and followed by 1.5611, a break down below 1.5611 level will indicate that the up trend from 1.5302 (June 13 low) has completed and long term down trend has resumed.

20080729_eurusd_1

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