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Daily Forex Analysis – December 17, 2008

USDCAD Analysis.
USDCAD breaks below 1.2158 support and reaches as low as 1.1986 level. Deeper decline is still possible to 1.1700 zone in next several days. Initial resistance is now located at the down trend line on 4-hour chart, as long as the trend line resistance holds, we’d expect down trend to continue.

20081217_usdcad_1

EURUSD Analysis.
EURUSD remains in up trend and the rise from 1.2549 extends to 1.4147 level. Further rise is still possible to 1.4500 zone after consolidation. Near term support is at 1.3629, as long as this level holds, up trend will continue.

20081217_eurusd_1

GBPUSD Analysis.
GBPUSD breaks above 1.5534 (Nov 25 high) key resistance, suggesting that the long term down trend from 2.0158 (July 15 high) has completed and the pair is now in up trend. Further rally could be seen to 1.6500 zone in next several days. Initial support is located at 1.5204, only fall below this level will signal consolidation to up trend.

20081217_gbpusd_1

USDJPY Analysis.
USDJPY is testing 88.53 support, deeper decline would more likely be seen, and a break below 88.53 level will indicate that the down trend from 100.54 (Nov 4 high) has resumed, and further fall could be seen to 86.00-87.00 area.

20081217_usdjpy_1

AUDUSD Analysis.
AUDUSD is testing 0.7014 (Nov 4 high) key resistance, a break above this level will indicate that the long term down trend from 0.9849 (July 15 high) has terminated, and further rally could be seen to 0.7500 zone.

20081217_audusd_1

USDCHF Analysis.
USDCHF drops sharply to as low as 1.1142 level and breaks below 1.1208 (Oct 30 low) support. Further fall is still possible to 1.1000 zone in next several days. Initial resistance is located at 1.1500, above this level will indicate that the fall from 1.2249 has completed.

20081217_usdchf_1

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