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Daily Forex Analysis – October 28, 2008

EURUSD Analysis.
EURUSD remains in down trend and the fall from 1.3785 extends further to 1.2334 level. Further fall is still possible to 1.2000 zone in a couple of days. Initial resistance is at the upper border of the price channel now at 1.2630, a break above this level will signal consolidation to down trend.

20081028_eurusd_1

USDJPY Analysis.
USDJPY is forming a sideways consolidation in a range between 90.92 and 94.87. Rebound to 96.00 zone to reach the next short term cycle top on 4-hour chart is expected in a couple of days. However, the rise from 90.92 is treated as consolidation to down trend, deeper decline is still possible to 88.00 after consolidation, and a break down below 90.92 level will signal resumption of down trend.

20081028_usdjpy_1

USDCAD Analysis.
USDCAD remains in up trend, and the rise from 1.1304 extends to 1.3007 level. Further rally towards 1.3350 is still possible in a couple of days. Initial support is at the up trend line from 1.1304 to 1.1740, and key support is at 1.2430. As long as the trend line support holds, we’d expect up trend to continue.

20081028_usdcad_1

USDCHF Analysis.
No changed in our view, USDCHF is forming a sideways consolidation in a range between 1.1481 and 1.1746. As long as 1.1481 support holds, we’d expect uptrend to resume, and further rally towards 1.2000 could be seen after consolidation, a break of 1.1746 will confirm the resumption of up trend.

20081028_usdchf_1

AUDUSD Analysis.
AUDUSD remains in down trend and the fall from 0.7064 extends to as low as 0.6008 level. Deeper decline is still possible to 0.5700 zone. Near term resistance is at 0.6267, only rise above this level will signal consolidation to down trend.

20081028_audusd_1

GBPUSD Analysis.
GBPUSD is forming a sideways consolidation in a range between 1.5269 and 1.5946. As long as 1.5946 resistance holds, we’d expect downtrend to resume, and deeper decline is still possible to 1.4500 after consolidation.

20081028_gbpusd_1

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