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Daily Forex Analysis – August 19, 2008

GBPUSD Analysis.
GBPUSD might be forming  a short term cycle bottom at 1.8512 on 4-hour chart. Key resistance is now located at 1.8722, a break of this level will confirm the cycle bottom, and then further rise could be seen to test 1.8900 resistance. However, the rebound from 1.8512 is treated as correction to down trend. As long as 1.8900 level holds, we’d expect down trend to resume, and deeper decline is still possible after correction.

20080819_gbpusd_1

USDCAD Analysis.
USDCAD is forming a short term cycle bottom at 1.0543 on 4-hour chart, and the rise from 1.0543 could possibly be resumption of up trend. Key resistance is located at 1.0693, a break above this level will confirm the cycle bottom, and then further rally to 1.1000 level could be seen.

20080819_usdcad_1

USDCHF Analysis.
USDCHF traded in a narrow range between 1.0913 and 1.1007. As long as 1.0824 support holds, we’d expect up trend to resume and further rise towards 1.1200 is still in favor. Initial resistance is at 1.1007, a break of this level will signal resumption of up trend.

20080819_usdchf_1

USDJPY Analysis.
No changed in our view, USDJPY is forming a sideways consolidation in a range between 108.36 and 110.66. Pullback to retest 108.36 would more likely be seen a couple of days. As long as 108.36 level holds, we’d expect up trend to resume, and further rise towards 112.00 is still in favor.

20080819_usdjpy_1

AUDUSD Analysis.
AUDUSD is forming a sideways consolidation in a range between 0.8591 and 0.8795. A triangle pattern is being formed right now. As long as 0.8795 resistance holds, we’d expect down trend to resume, and further fall towards 0.8400 level could be seen after consolidation. However, a break above 0.8795 level will bring price back to retest 0.8952 resistance.

20080819_audusd_1

EURUSD Analysis.
EURUSD traded in a narrow range between 1.4660 and 1.4767. Deeper fall is still in favor after consolidation. Initial resistance is at 1.4767, only rise above this level will take price back to test 1.4977 key resistance.

20080819_eurusd_1

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