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Daily Forex Analysis – February 18, 2009

AUDUSD Analysis.
AUDUSD breaks below 0.6428 previous low support and reaches as low as 0.6331. Further fall is still possible to test 0.6248 in a couple of days, below this level will signal deeper decline towards 0.6100 zone. Initial resistance is now at 0.6430, only rise above this level will indicate that the short term downtrend from 0.6641 has completed.

20090218_audusd_1

GBPUSD Analysis.
GBPUSD is in short term downtrend. The price action from 1.4134 is treated as consolidation of the downtrend. Deeper decline is still in favor, next target would be at 1.3800 zone, and a break below 1.4051 level will confirm the resumption of the downtrend.

20090218_gbpusd_1

EURUSD Analysis.
EURUSD breaks below 1.2706 previous low support and reaches as low as 1.2558 level. Further fall is still possible to test 1.2329 (Oct 28, 2008 low) support. Initial resistance is now at 1.2570, only rise above this level will indicate that the short term downtrend from 1.2942 has completed.

20090218_eurusd_1

USDCAD Analysis.
USDCAD is in range trading between 1.2024 and 1.2765. Further rise is expected to test 1.2765 previous high resistance later today, a break above this level will signal further rally to 1.2900 zone. Initial support is now at 1.2540, only fall below this level will indicate that the rise from 1.2279 has completed.

20090218_usdcad_1

USDJPY Analysis.
USDJPY break above 92.40 previous high resistance and reaches as high as 92.74 level. Further rise could be seen to 93.50 zone in a couple of days. Near term support is located at 91.42, as long as this level holds, we’d expect the short term uptrend from 89.70 to continue.

20090218_usdjpy_1

USDCHF Analysis.
No changed in our view, USDCHF stays in a price channel on 4-hour chart. As long as the channel support holds, we’d expect short term uptrend from 1.1313 to continue. Key support is now located at 1.1559, below this level will indicate that the rise from 1.1313 has completed.

20090218_usdchf_1

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