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Daily Forex Analysis – October 22, 2008

USDCAD Analysis.
USDCAD breaks above 1.2123 previous high resistance and reaches as high as 1.2207 level. Further rally towards 1.2400 is still possible in a couple of days. Initial support is at the up trend line from 1.1304 to 1.1740, a break down below the trend line support will indicate that the rise from 1.1304 has completed and then pullback towards 1.1500 zone could be seen.

20081022_usdcad_1

USDCHF Analysis.
USDCHF is in up trend. Further rise towards 1.1700 is still possible in a couple of days. Near term support is now at 1.1450 and followed by 1.1280 level. A break below 1.1450 will signal consolidation to up trend, and then pullback could be seen to 1.1400 zone.

20081022_usdchf_1

AUDUSD Analysis.
AUDUSD is forming a sideways consolidation in a range between 0.6330 and 0.7237. As long as 0.6495 support holds, we’d expect up trend to resume and one more  rise above 0.7237 previous high to reach next short term cycle top on 4-hour chart is still possible after consolidation.

20081022_audusd_1

GBPUSD Analysis.
GBPUSD breaks below 1.6786 previous low support and reaches as low as 1.6512 level. Deeper decline could be seen to 1.6000 zone in next several days. Initial resistance is now located as 1.6900, as long as this level holds, down trend will continue.

20081022_gbpusd_1

USDJPY Analysis.
USDJPY failed to test 103.06 previous high resistance and pulled back from 102.41 level. Consolidation in a range between 99.27 and 102.41 is expected in a couple of days, and deeper decline towards 95.77 (Mar 17 low) support could be seen after consolidation, a break of 99.27 level will signal resumption of down trend.

20081022_usdjpy_1

EURUSD Analysis.
EURUSD breaks below 1.3258 previous low support and reaches as low as 1.3001 level. Deeper decline could be seen to 1.2700 in a couple of days. Initial resistance is now located at 1.3258, and followed by the down trend line on 4-hour chart. As long as 1.3258 level holds, we’d expect down trend to continue.

20081022_eurusd_1

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