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Daily Forex Analysis – January 26, 2009

USDCAD Analysis.
USDCAD broke below 1.2316 support and formed a short term cycle top at 1.2765 on 4-hour chart. Deeper decline could be seen to 1.2000 zone after consolidation. Initial resistance is now located at 1.2460, as long as this level holds, we’d expect downtrend to continue.

20090126_usdcad_1

EURUSD Analysis.
EURUSD stays in the falling price channel on 4-hour chart. Initial resistance is now located at the down trend line from 1.3797 to 1.3385, as long as the trend line resistance holds, we’d expected downtrend to continue, and the next target would be around 1.2600 area.

20090126_eurusd_1

USDJPY Analysis.
USDJPY traded in a range between 87.98 and 89.62 for two days. Deeper decline is expected, and a break below 87.98 level will confirm the resumption of downtrend. Near term resistance is at 89.62, only rise above this level will signal further rally to test 91.29 previous high resistance.

20090126_usdjpy_1

GBPUSD Analysis.
GBPUSD’s downtrend from 1.4980 extended further to as low as 1.3503. Deeper decline is still in favor, and the next target would be at 1.3200 zone. Key resistance is now located at 1.4025, a break above this level will indicted that the short term downtrend from 1.4980 has completed.

20090126_gbpusd_1

USDCHF Analysis.
USDCHF remains in uptrend. Further rise is still possible to 1.1800 zone in a couple of days. Near term support is at 1.1500 and key support is now at 1.1380, below 1.1380 level will indicate that the uptrend from 1.1108 has completed, and then further decline could be seen to 1.1200 zone.

20090126_usdchf_1

AUDUSD Analysis.
AUDUSD’s downtrend from 0.7267 extended further to as low as 0.6418 level. Deeper decline is still possible to 0.6300 zone. Key resistance is located at 0.6656, only rise above this level will indicate that the fall from 0.7267 has terminated.

20090126_audusd_1

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