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Daily Forex Analysis – September 29, 2008

EURUSD Analysis.
EURUSD is in consolidation to the up trend. Pullback is still possible to test the support of the up trend line from 1.3881 to 1.4150. A break of the trend line support will signal deeper decline to 1.4370-00 area. Key support is now located at 1.4150, as long as this level holds, we’d expect up trend to resume, further rise to 1.5100 could be seen after consolidation, and a break above 1.4767 will signal resumption of up trend. However, fall below 1.4150 will indicate that the up trend from 1.3881 (Sep 11 low) has completed.

20080929_eurusd_1

USDCAD Analysis.
No changed in our view, 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 in a couple of days. Initial support is at 1.0297, a break of this level will signal deeper decline towards 1.0200 zone.

20080929_usdcad_1

GBPUSD Analysis.
GBPUSD drops down below the up trend line from 1.7445 to 1.7916. Deeper decline is still possible to 1.8200 or even lower to 1.8055. Key support is now located at 1.7916, as long as this level holds, we’d expect up trend to resume, and further rise towards 1.9100 zone could be seen after consolidation. However, a break below 1.7916 level will indicate that the up trend line 1.7445 (Sep 11 low) has completed.

20080929_gbpusd_1

USDJPY Analysis.
USDJPY rebounds from 105.03 and might be forming a short term cycle bottom on 4-hour chart. Key resistance is now located at 107.01, a break of this level will confirm the cycle bottom, and rise towards 109.00 zone could be seen to follow.

20080929_usdjpy_1

USDCHF Analysis.
USDCHF is in correction to down trend. Further rise towards 1.1100 zone is still possible in a couple of days. As long as 1.1100 level holds, we’d expect down trend to resume and deeper decline could be seen to 1.0500 zone after consolidation.

20080929_usdchf_1

AUDUSD Analysis.
AUDUSD is in consolidation to up trend. Pullback towards 0.8160 to reach next short term cycle bottom is possible in a couple of days. Key resistance is at 0.8519, a break of this level will signal resumption of up trend, and target would be at 0.8800 zone.

20080929_audusd_1

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