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Daily Forex Analysis – November 27, 2008

EURUSD Analysis.
EURUSD breaks below the support of the up trend line on 4-hour chart, suggesting that the pair is forming a short term cycle top at 1.3080 on 4-hour chart. Key support is at 1.2803, a break down below this level will confirm the cycle top, and the following down trend will take price back to retest 1.2329 (Oct 28 low) support. Only rise above 1.3080 level will signal further rally towards 1.3290 (Oct 30 high) resistance.

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AUDUSD Analysis.
AUDUSD is moving to the next short term cycle top on 4-hour chart. Further rise is still possible to 0.6850 zone in a couple of days. Key support is now located at 0.6332, a break below this level will indicate that the rise from 0.6075 has terminated, and pullback to retest 0.6075 support could be seen to follow.

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USDCAD Analysis.
USDCAD traded in a narrow range between 1.2125 and 1.2478 for 3 days. Initial resistance is at 1.2478 and followed by 1.2600. as long as 1.2600 resistance holds, we’d expect downtrend to resume and deeper decline is possible to 1.1800 zone.

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GBPUSD Analysis.
GBPUSD stays above the up trend line on 4-hour chart, and remains in up trend. Further rise is still possible to 1.6000 zone in a couple of days. Initial support is at the up trend line and key support is at 1.4980, as long as 1.4980 level holds, up trend will continue.

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USDCHF Analysis.
USDCHF rebounds sharply from 1.1828 and breaks above 1.2061 resistance, suggesting that a short term cycle bottom has been formed at 1.1828 on 4-hour chart. Further rise towards 1.2200 is expected in a couple of days. Initial support is now located at 1.1828, only fall below this level may signal deeper decline to 1.1600 zone.

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USDJPY Analysis.
USDJPY consolidates in a range between 93.55 and 97.43. A break above 97.43 resistance will indicate that the down trend from 100.54 (Nov 4 high) has completed, and the following up trend will bring price to 100.00 zone. Only fall below 93.55 will signal deeper decline towards 90.92 (Oct 24 low) level.

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