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Daily Forex Analysis – October 31, 2008

GBPUSD Analysis.
GBPUSD is moving to the next short term cycle top on 4-hour chart. As long as 1.6212 support holds, further rally towards 1.6800 is still possible later today. However, below 1.6212 will indicate that a short term cycle top has been formed and then pullback to retest 1.5269 could be seen.

20081031_gbpusd_1

USDCHF Analysis.
USDCHF remains in down trend. The rebound from 1.1208 is treated as correction to down trend. Deeper decline is still possible to 1.1000 zone, and a break below 1.1208 will signal resumption of down trend.

20081031_usdchf_1

EURUSD Analysis.
After touching 1.3290, EURUSD pulls back to as low as 1.2745 level. However, the fall from 1.3290 is treated as correction to up trend. Further rise to test 1.3785 (Oct 9 high) resistance is still possible after correction. Key support is located at 1.2329, only break down below this level will turn price back to down trend.

20081031_eurusd_1

USDJPY Analysis.
No changed in the short term outlook, USDJPY might be forming a short term cycle top at 99.68 level on 4-hour chart. Pullback to retest 90.92 is still in favor. Key support is located at 96.07, a break down below this level will confirm the cycle top.

20081031_usdjpy_1

USDCAD Analysis.
USDCAD might be forming a short term cycle bottom at 1.1900 on 4-hour chart. Rebound to test 1.2430 resistance is expected later today. Initial support is at 1.1900, below this level will signal deeper decline to test 1.1740 level.

20081031_usdcad_1

AUDUSD Analysis.
AUDUSD might be forming a short term cycle top at 0.6891 on 4-hour chart. Pullback to retest 0.6008 could be seen in next several days. Initial resistance is at 0.6891, only rise above this level will signal further rally to test 0.7064 resistance.

20081031_audusd_1

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