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Daily Forex Analysis – November 24, 2008

GBPUSD Analysis.
GBPUSD formed a short term cycle top at 1.5249 level, and the fall from 1.5249 is treated as resumption of down trend. Deeper decline is expected to 1.4000 zone. A break down below 1.4557 will confirm the resumption of down trend. Initial resistance is located at 1.5249, only rise above this level will signal further rally towards 1.5600 zone.

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USDCHF Analysis.
USDCHF remains in up trend. As long as the rising trend line (from 1.1549 to 1.1941) support holds, we’d expect up trend to continue, and the next target would be at 1.2500 zone. Key support is located at 1.1941, only break below this level will signal reversal of up trend.

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USDJPY Analysis.
USDJPY’s pullback from 100.54 extends to as low as 93.55 level last week. Deeper decline is still possible to retest the previous low support at 90.92 (Oct 24 low) level. However, the fall from 100.54 is treated as correction of up trend. As long as 90.92 level holds, we’d expect up trend to resume and one more rise above 100.54 is expected.

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AUDUSD Analysis.
Being supported by 0.6008 previous low, AUDUSD rebounds from 0.6075 level. However, deeper decline is still possible to 0.5700 zone. Initial resistance is at 0.6400, and key resistance is located at 0.6694, only rise above 0.6694 will take price back to retest 0.7014 level.

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EURUSD Analysis.
EURUSD traded in a range between 1.2329 (Oct 28 low) and 1.3290 (Oct 30 high) for several weeks. Deeper decline is still in favor. A break down below 1.2389 will signal further fall towards 1.2000 zone.

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USDCAD Analysis.
Being contained by 1.3015 (Oct 28 high) resistance, USDCAD pulls back from 1.2984 level. Further fall to test the support of the up trend line from 1.1658 to 1.2098 is expected. Breaking below this trend line support will indicate that the up trend from 1.1464 (Nov 5 low) has completed, and then deeper decline could be seen to 1.2000 zone.

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