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Daily Forex Analysis – May 26, 2009

USDCHF Analysis.
USDCHF remains in downtrend from 1.1263 and the rebound from 1.0812 is more likely consolidation of the downtrend. As long as the pair stays below the falling trend line from 1.1263 to 1.1056, we’d expect the downtrend to continue. However, above the trend line resistance will indicate that a short term cycle bottom is being formed at 1.0812 level on 4-hour chart, then the following rebound could take price to 1.1000 zone.

20090526_usdchf_1

USDJPY Analysis.
USDJPY failed to test 95.25 resistance and pulled back from 95.20. Range trading between 93.85 and 95.25 is still in favor. The price action in the trading range is treated as consolidation of downtrend from 96.69. As long as 95.25 resistance holds, we’d expect downtrend to resume and deeper decline towards 92.00 could be seen after consolidation. However, a break above 95.25 resistance will take price back to 96.00 level.

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EURUSD Analysis.
After touching the upper border of the price channel on 4-hour chart, EURUSD pulled back from 1.4050 level. The pair might be forming a short term cycle top on 4-hour chart. Sideways consolidation below 1.4050 would more likely be seen in a couple of days. Only rise above 1.4050 will indicate that the uptrend from 1.3423 has resumed and then further rally could be seen to 1.4200-1.4300 area.

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AUDUSD Analysis.
AUDUSD breaks below the rising trend line from 0.7450 to 0.7668, suggesting that a short term cycle top is being formed on 4-hour chart. Further pullback could be seen to test 0.7668 key support, a break below this level will take price to 0.7500-.07550 area. Initial resistance is now at 0.7867, only rise above this level will indicate that the uptrend from 0.7450 has resumed.

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GBPUSD Analysis.
GBPUSD is testing the support of the lower border of the price channel on 4-hour chart. A clear break below the channel support will indicate that a short term cycle top is being formed at 1.5943 level and then deeper decline could be seen to 1.5600-1.5650 area. Near term resistance is at 1.5943, above this level will suggest that the sideways consolidation has completed and then further rally could be seen to 1.6200 level.

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USDCAD Analysis.
USDCAD is testing the resistance of the falling trend line from 1.1814 to 1.1482, a clear break above the trend line resistance will indicate that a short term cycle bottom is being formed on 4-hour chart, and then further rise could be seen to 1.1400 level. Near term support is at 1.1187, fall below this level will signal deeper decline to 1.1000 zone.

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