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Daily Forex Analysis – October 30, 2008

GBPUSD Analysis.
GBPUSD is in correction to down trend. Further rise to 1.6800 zone to reach the next cycle top is possible later today, and the next cycle top is nearing. As long as 1.6800 level hods, we’d expect down trend to resume, and one more fall below 1.5269 previous low could be seen.

20081030_gbpusd_1

USDCHF Analysis.
USDCHF breaks below 1.1400 key support and the fall from 1.1746 is treated as resumption of down trend. Deeper decline is expected to 1.1000 zone. Initial resistance is at 1.1481, as long as this level holds, down trend will continue.

20081030_usdchf_1

EURUSD Analysis.
EURUSD breaks above 1.3004 previous high resistance, suggesting further rally towards 1.3260 zone. A break of this level will indicate that the long term down trend from 1.4867 (Sep 22 high) has completed. Initial support is at 1.2670 and key support is at 1.2329 level.

20081030_eurusd_1

USDJPY Analysis.
USDJPY might be forming a short term cycle top at 99.68 level on 4-hour chart. Pullback to retest 90.92 is now in favor. Key support is located at 96.07, a break down below this level will confirm the cycle top.

20081030_usdjpy_1

USDCAD Analysis.
USDCAD breaks below the support of the up trend line from 1.1304 to 1.1740, suggesting that a short term cycle top has been formed at 1.3015 and the up trend from 1.1304 has completed. Deeper decline could be seen to 1.2000 zone later today. Key resistance is now located at 1.3015, only rise above this level will signal resumption of up trend.

20081030_usdcad_1

AUDUSD Analysis.
AUDUSD formed a short term cycle bottom at 0.6008 level. Further rally to test 0.7064 is still possible later today. However, the next cycle top is nearing, pullback to retest 0.6008 would more likely be seen before breaking above 0.7064 level.

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