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Daily Forex Analysis – December 23, 2008

AUDUSD Analysis.
AUDUSD is forming a short term cycle bottom at 0.6763 level on 4-hour chart. Key resistance is now located at 0.6893, a break above this level will confirm the cycle bottom and then further rebound could be seen to 0.7000 zone. However, the price action from 0.6763 is treated as consolidation to down trend, as long as 0.7140 resistance holds, we’d expect down trend to resume and deeper decline could be seen to 0.6500 level after consolidation. Initial support is at the up trend line from 0.6292 to 0.6486, breaking below the trend line support is needed to confirm the resumption of down trend.

20081223_audusd_1

USDCHF Analysis.
USDCHF is forming a short term cycle top at 1.1130 on 4-hour chart. Pullback towards 1.0650 zone is expected later today and consolidation in a range between 1.0410 and 1.1130 could be seen to follow. Near term resistance is located at 1.1130, only rise above this level will signal further rally towards 1.1300 level.

20081223_usdchf_1

USDCAD Analysis.
Unchanged in the short term outlook, USDCAD breaks above this down trend line on 4-hour chart, and formed a cycle bottom at 1.1820 on 4-hour chart. The pair is now in short term up trend, and further rise is expected to 1.2700 zone.

20081223_usdcad_1

EURUSD Analysis.
EURUSD might be forming a short term cycle bottom at 1.3825 level on 4-hour chart. Key resistance is now located at 1.4124, a break above this level will confirm the cycle bottom, and then further rally could be seen to 1.4350 zone. Initial support is at 1.3825, only fall below this level will signal deeper decline towards 1.3700 level.

20081223_eurusd_1

GBPUSD Analysis.
GBPUSD is in a trading range between 1.4466 and 1.5722. Further pullback to 1.4600 zone to reach the next cycle bottom is possible later today. Key resistance is now located at 1.4991, a break above this level will confirm the cycle bottom. Long term support is at 1.4466, below this level will indicate that the sideways consolidation from 1.4557 has completed, and then deeper decline towards 1.4000 zone could be seen to follow.

20081223_gbpusd_1

USDJPY Analysis.
USDJPY formed a short term cycle bottom at 87.13 level on 4-hour chart. Further rebound is still possible in a couple of days, and the short term target would be at 91.50 level. Initial support is located at 88.42 followed by 87.13, only fall below 87.13 level will signal deeper decline towards 86.00 zone.

20081223_usdjpy_1

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