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Daily Forex Analysis – November 21, 2008

GBPUSD Analysis.
GBPUSD breaks below 1.4900 key support, suggesting that a short term cycle top has been formed at 1.5249 level on 4-hour chart. Deeper decline is now in favor. The first target would be at 1.4000 zone. Initial resistance is at 1.4900, only rise above this level will signal lengthier consolidation to down trend.

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USDCHF Analysis.
Unchanged in our short term out look, USDCHF remains in up trend, and the rise from 1.1208 (Oct 30 low) extends to as high as 1.2279 level. Further rally is still possible to 1.2500 zone. Initial support is at the lower border of the price channel, now at 1.2035. Key support is at 1.1941, only fall below this level will signal reversal to uptrend.

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USDJPY Analysis.
USDJPY breaks below 94.47 previous low support and reaches as low as 93.55 level. Deeper decline could be seen to retest 90.92 (Oct 24 low) level. Initial resistance is located at 96.25, as long as this level holds, down trend will continue.

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AUDUSD Analysis.
AUDUSD breaks below 0.6340 key support and formed a short term cycle top at 0.6694 on 4-hour chart. The pair is now testing 0.6008 previous low support, a break down below this level will signal deeper decline towards 0.5500 zone.

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EURUSD Analysis.
No changed in our view, 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.

20081121_eurusd_1

USDCAD Analysis.
USDCAD is testing 1.3015 (Oct 28 high) resistance, a break of this level will signal resumption of long term up trend. 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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