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Daily Forex Analysis – December 29, 2008

EURUSD Analysis.
EURUSD breaks above 1.4124 key resistance, suggesting that a short term cycle bottom has been formed at 1.3825 level. Further rally could be seen to 1.4500 zone in next several days. However, the fall from 1.4719 is treated as consolidation to long term up trend, pullback would more likely be seen before breaking above this level.

20081229_eurusd_1

AUDUSD Analysis.
AUDUSD is in down trend. The price action from 0.6763 is treated as consolidation to down trend. Rise towards 0.7050 is possible in a couple of days. As long as 0.7140 resistance holds, we’d expect down trend to resume, and deeper decline could be seen to 0.6500 zone after consolidation.

20081229_audusd_1

USDCHF Analysis.
USDCHF formed a short term cycle top at 1.1130 on 4-hour chart. Deeper decline to retest 1.0410 could be seen in a couple of days. A break below this level will signal further fall towards 1.0300 zone. However, the price action from 1.0410 is treated as consolidation to down trend, one more rise is still possible to retest 1.1130 resistance.

20081229_usdchf_1

USDCAD Analysis.
USDCAD is in range trading between 1.1984 and 1.2251. Rise towards 1.2700 would more likely be seen in next several days, and a break above 1.2251 level will confirm such case. Initial support is now located at 1.1984, below this level will signal deeper decline to retest 1.1464 (Nov 5 low) support.

20081229_usdcad_1

GBPUSD Analysis.
GBPUSD’s fall from 1.5722 extends to as low as 1.4575 level last week. Further decline is still possible to retest 1.4466 (Dec 4 low) support. A break down below this level will signal resumption of long term down trend. Initial resistance is located at 1.4898, above this level will indicate that a short term cycle bottom has been formed, and rebound towards 1.5300 could be seen to follow.

20081229_gbpusd_1

USDJPY Analysis.
USDJPY might be forming a short term cycle top at 90.98 on 4-hour chart. Key support is now located at 89.89, a break down below this level will confirm the cycle top, and the following pullback could bring price back to 88.00 zone. However, above 90.98 will signal resumption of up trend, and the next target would be at 93.00-50 area.

20081229_usdjpy_1

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