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Daily Forex Analysis – August 25, 2008

AUDUSD Analysis.
AUDUSD formed a short term cycle top on 4-hour chart, and the fall from 0.8812 could possibly be resumption of down trend. Further decline to test 0.8512 (Jan 22 low) support is expect later today. Initial resistance is now at 0.8812, only rise above this level will signal lengthier consolidation.

20080825_audusd_1

GBPUSD Analysis.
GBPUSD breaks below 1.8512 previous low support and formed a short term cycle top at 1.8794 on 4-hour chart. Further fall is expect to 1.8200 in a couple of days. Initial resistance is 1.8794, a break of this level could signal reversal to down trend.

20080825_gbpusd_1

USDCAD Analysis.
USDCAD is in down trend. Rebound from 1.0418 is treated as consolidation to down trend. Deeper decline is still in favor after consolidation. Initial resistance is located at 1.0543 followed by 1.0668, only rise above 1.0668 will signal reversal to down trend.

20080825_usdcad_1

USDCHF Analysis.
Being supported by 1.0824, USDCHF rebounded from 1.0842 and formed a short term cycle bottom on 4-hour chart. Further rise towards 1.1200 could be seen in a couple of days. Key support is at 1.0824, below this level will indicate that the up trend from 1.0010 (July 15 low) has completed, and then deeper decline is expected to 1.0650 level.

20080825_usdchf_1

USDJPY Analysis.
USDJPY broke below 108.36 and rebounded sharply from 108.13. A short term cycle bottom has been formed on 4-hour chart. Further rally is still possible to 112.00 in a couple of days. Key support is at 108.13, a break below this level will indicate that the up trend from 103.76 (July 16 low) has completed and down trend has resumed.

20080825_usdjpy_1

EURUSD Analysis.
EURUSD pulled back from 1.4908 and might be forming a short term cycle top on 4-hour chart. Deeper decline is expected to 1.4500 in a couple of days, and a break below 1.4629 will confirm the resumption of down trend. Initial resistance is at 1.4908, only rise above this level will signal lengthier correction to down trend.

20080825_eurusd_1

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