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Daily Forex Analysis – September 23, 2008

USDJPY Analysis.
USDJPY is forming a sideways consolidation in a range between  103.54 and 110.66 (Aug 15 high). The pair will move without trend in this range. Rebound towards 109.00 zone is still possible in next few days. Initial support is at 103.54, only fall below this level will signal deeper decline towards 102.00 zone.


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GBPUSD Analysis.
GBPUSD’s up trend extends to as high as 1.8641 level. Further rise towards 1.9000 zone is still possible in a couple of days. Initial support is at the up trend line from 1.7445 to 1.7916, as long as the trend line support holds, we’d expect up trend to continue.

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USDCHF Analysis.
USDCHF breaks below 1.0899 previous low support and drops sharply to as low as 1.0693 level. Deeper decline is still possible to 1.0600 in a couple of days. Initial resistance is now located at 1.0900, as long as this resistance holds, down trend will continue.

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AUDUSD Analysis.
AUDUSD remains in up trend. Further rise towards 0.8700 zone is still possible in a couple of days. Initial support is at 0.8250, only fall below this level will indicate that a short term cycle top has been form and consolidation to up trend is expected to follow.

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USDCAD Analysis.
USDCAD breaks below 1.0410 (Aug 26 low) level. Further fall is expected to 1.0200 zone in a couple of days. Initial resistance is now located at 1.0410, only break of this level will signal reversal to the down trend.

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EURUSD Analysis.
EURUSD rebounds sharply to as high as 1.4867 and is testing 1.4908 (Aug 21 high) resistance. Consolidation would more likely be seen before breaking above this level. Initial support is at 1.4600 and followed by the up trend line from 1.3881 to 1.4150, fall below 1.4600 level will signal consolidation to the up trend.

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