Daily Forex Analysis – November 17, 2008

USDJPY Analysis.
No changed in our view, USDJPY formed a short term cycle bottom at 94.47 level, and the rebound is treated as resumption of up trend. As long as 94.47 support holds, further rally is still possible to test 100.54 previous high resistance, a break above this level will confirm that the fall from 110.66 (Aug 15 high) has completed. Key support is now located at 94.47, only fall below this level will signal deeper decline to retest 90.92 support.


GBPUSD Analysis.
Being contained by the falling price channel resistance, GBPUSD pulls back from 1.4961 level. Further decline is possible to 1.4000 zone in a couple of days. Initial resistance is at 1.4961 and followed by 1.5200 level, as long as 1.5200 holds, downtrend will continue.


AUDUSD Analysis.
AUDUSD is testing 0.6340 support, a break down below this level will signal deeper decline towards 0.6008 previous low. Initial resistance is now at 0.6694, above this level will indicate that the fall from 0.7014 is consolidation to up trend, and then rise to retest 0.7014 resistance could be seen to follow.


USDCHF Analysis.
USDCHF stays in a rising price channel on 4-hour chart. Further rally is still possible to 1.2200 zone in a couple of days. However, below the channel support will indicate that consolidation to up trend is underway, and then pullback could be seen to 1.1500 zone.


EURUSD Analysis.
EURUSD might be forming a short term cycle top at 1.2854 level on 4-hour cart. Key support is now at 1.2389, a break down below this level will confirm the cycle top, and next short term target would be at 1.2000 zone. Only rise above 1.2854 level will signal further rally towards 1.3100 zone.


USDCAD Analysis.
USDCAD is testing the 1.2445 resistance. A break above this level will signal further rally towards 1.2800 zone. Initial support is now at the lower border of the price channel, now at 1.2115 level, a break below this channel support will turn price back to test 1.1464 previous low support.


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