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Daily Forex Analysis – April 28, 2009

EURUSD Analysis.
EURUSD pulls back sharply from 1.3300 and breaks below the rising trend line on 4-hour chart, suggesting that a short term cycle top has been formed. Range trading between 1.2884 and 1.3300 is expected in a couple of days. Key support is now at 1.2884, below this level will signal resumption of the medium term downtrend from 1.3738 (Mar 19 high), and then deeper decline could be seen to 1.2400-1.2750 area.

20090428_eurusd_1

USDCHF Analysis.
USDCHF rebounds sharply from 1.1349 and breaks above 1.1500 key resistance, suggesting that a short term cycle bottom has been formed on 4-hour chart. Range trading between 1.1349 and 1.1740 is expected in next several days.

20090428_usdchf_1

USDCAD Analysis.
USDCAD remains in short term downtrend from 1.2504, and the rebound from 1.2072 is treated as consolidation of the downtrend. Deeper decline is still possible to 1.1700. Near term resistance is at 1.2270, as long as this level holds, downtrend will continue.

20090428_usdcad_1

AUDUSD Analysis.
AUDUSD failed to test 0.7238 key resistance and pulls back sharply from 0.7237 level, suggesting that a short term cycle top has been formed on 4-hour chart. Deeper decline is expected to test 0.6952 previous low support, a break below this level will indicate that the medium term uptrend from 0.6284 (Mar 4 low) has completed at 0.7322 already, and then further fall towards 0.6800 could be seen to follow.

20090428_audusd_1

USDJPY Analysis.
USDJPY remains in downtrend from 101.43 and the fall extends further to as low as 96.26 level. Deeper decline is still possible to 96.00 later today. Near term resistance is at the upper border of the price channel, only rise above the channel resistance will indicate that the fall from 101.43 has completed.

20090428_usdjpy_1

GBPUSD Analysis.
GBPUSD might be forming a short term cycle top at 1.4772 level on 4-hour chart. Deeper decline is now in favor and the next target is to test 1.4397 previous low support, a break below this level will suggest that the downtrend from 1.5066 has resumed and further fall towards 1.4000 could be seen to follow.

20090428_gbpusd_1

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