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Daily Forex Analysis – September 26, 2008

EURUSD Analysis.
EURUSD pulled back from 1.4867 and is in consolidation to up trend. Deeper pullback is still possible to test the support of the up trend line from 1.3881 to 1.4150. As long as the trend line support holds, we’d expected up trend to resume, and further rise towards 1.5200 zone could be seen after consolidation.

20080926_eurusd_1

USDCAD Analysis.
USDCAD formed a sideways consolidation in a range between 1.0297 and 1.0397. Rebound to 1.0450 to reach next short term cycle top on 4-hour chart is expected later today. Initial support is at 1.0297, a break of this level will signal deeper decline towards 1.0200 zone.

20080926_usdcad_1

GBPUSD Analysis.
GBPUSD pulls back to 1.8306 level. Further fall to test the support of the up trend line from  1.7445 to 1.7916 is still possible later today, a break of the trend line support will signal further decline to 1.8200 zone. Key resistance is now located at 1.8668, a break of this level will indicate that a short term cycle bottom has be formed, and further rally could be seen to 1.9000 level.

20080926_gbpusd_1

USDJPY Analysis.
No change in our view, USDJPY is forming a sideways consolidation in a range between 103.54 and 110.66 (Aug 15 high). Moving without trend in the range is expected in the next few days. Initial support is now located at 105.45, a break of this level will signal deeper decline to 104.00 zone.

20080926_usdjpy_1

USDCHF Analysis.
USDCHF rebounds to 1.0941 level. However, the rise is treated as correction to down trend. Deeper decline is still possible to 1.0500 zone after correction. Initial support is located at 1.0800, a break of this level will signal resumption of down trend.

20080926_usdchf_1

AUDUSD Analysis.
AUDUSD is in correction to up trend. Pullback to 0.8160 level is possible later today. Key resistance is at 0.8519, a break of this level will signal further rally to 0.8800 zone.

20080926_audusd_1

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