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Daily Forex Analysis – November 20, 2008

USDCHF Analysis.
USDCHF remains in uptrend and the rise from 1.1208 (Oct 30 low) extends to as high as 1.2145. As long as the price channel support holds, we’d expect up trend to continue and further rally could be seen to 1.2400 zone. Key support is now located at 1.1941, only fall below this level will indicate that a short term cycle top has been formed, and then the following pullback is possible to 1.1700 zone.

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USDJPY Analysis.
USDJPY breaks out of the trading range between 95.94 and 98.18, suggesting that a short term cycle top has been form at 98.18 level on 4-hour chart. Deeper decline is expected to 92.00 zone in next several days, and a break down below 94.47 will confirm such case.

20081120_usdjpy_1

GBPUSD Analysis.
GBPUSD might be forming a short term cycle top at 1.5249 level on 4-hour chart and the fall from 1.5249 could possibly be resumption of down trend. Key support is now located at 1.4900, a break below this level will confirm the cycle top, and the following decline could bring price towards 1.4000 zone or even lower.

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AUDUSD Analysis.
AUDUSD is testing 0.6340 support, a break below this level will signal deeper decline towards 0.6000 zone. Key resistance is located at 0.6694, only rise above this level will bring price back to retest 0.7014 previous high resistance.

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EURUSD Analysis.
EURUSD formed a short term cycle top at 0.2854 level on 4-hour chart. Deeper decline towards 1.2000 is now in favor, and a break below 1.2389 will confirm such case. Near term resistance is at 1.2854, only rise above this level will signal lengthier consolidation to down trend.

20081120_eurusd_1

USDCAD Analysis.
USDCAD breaks out of the trading range between 1.2098 and 1.2445. Further rally is expected to 1.2800 zone. Previous high resistance at 1.3015 (Oct 28 high) would more likely be held, pullback is expected before breaking above this level. Initial support is at the up trend line from 1.1658 to 1.2098, as long as the trend line support holds, we’d expect up trend to continue.

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