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Daily Forex Analysis – January 21, 2009

USDJPY Analysis.
USDJPY breaks below 90.07 support, suggesting that the rebound from 88.47 has completed. Pullback to retest 88.47 previous low support is expected in a couple of days. A break down below this level will indicate that a short term cycle top has been formed at 91.29 level, and the following downtrend will bring price to 84.00 zone. Initial resistance is now at 91.29, only rise above this level will signal further rally towards 92.50 zone.

20090121_usdjpy_1

USDCAD Analysis.
USDCAD breaks above 1.2673 resistance, suggesting that the short term uptrend from 1.1761 has resumed. Further rally could be seen to 1.2850 zone in a couple of days. Initial support is located at 1.2550, as long as this level holds, we’d expect uptrend to continue.

20090121_usdcad_1

EURUSD Analysis.
EURUSD’s short term downtrend from 1.3385 extends to 1.2845 level. Deeper decline is still possible in a couple of days. Next target would be at 1.2700 zone. Initial resistance is at 1.2950 followed by 1.3020, as long as 1.3020 level holds, downtrend will continue.

20090121_eurusd_1

GBPUSD Analysis.
GBPUSD’s downtrend from 1.4980 extends further to as low as 1.3811 level. Deeper decline is still in favor and next target would be at 1.3500 zone. Near term resistance is now at 1.4050 followed by 1.4180, as long as 1.4180 level holds, downtrend will continue.

20090121_gbpusd_1

USDCHF Analysis.
USDCHF’s short term uptrend from 1.1108 extends to 1.1517 level. Further rise to 1.1600 zone is still possible later today. Initial support is located at 1.1335, as long as this level holds, uptrend will continue.

20090121_usdchf_1

AUDUSD Analysis.
AUDUSD breaks below 0.6537 previous low support, suggesting the downtrend from 0.7267 has resumed. Deeper decline is expected to 0.6300 zone in next several days. Initial resistance is now located at 0.6635, as long as this level holds, downtrend will continue.

20090121_audusd_1

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