Daily Forex Analysis - May 1, 2008
EURUSD Analysis.
EURUSD’s down trend extended further to as low as 1.5516. Rebound from 1.5516 is treated as consolidation to the down trend. Near term resistance is now at 1.5693, as long as this resistance holds, we’d expect down trend to resume and deeper decline to test 1.5342 (Mar 24 low) support is still possible after consolidation.
USDCHF Analysis.
USDCHF breaks above 1.0430 previous high and pulls back from 1.0442. As long as 1.0298 support holds, we’d expect up trend to resume and rise to 1.0600 area to reach the next short term cycle top is still in favor after consolidation. Only break of 1.0298 will turn price back to 1.0200 area.
AUDUSD Analysis.
AUDUSD formed a short term cycle top at 0.9541. The fall from 0.9541 could possibly be resumption of the down trend and a break of 0.9290 level will confirm such case. Initial resistance is now at 0.9541, only rise above this level will indicate that the up trend from 0.8953 (Mar 20 low) is underway, and then further rally towards 0.9600 is expected to follow.
USDCAD Analysis.
USDCAD is now in down trend. Further fall below 0.9987 previous low is still possible in the next several days. Key resistance is at 1.0214, only rise above this level will signal the resumption of the long term up trend.
GBPUSD Analysis.
Bing contained by 1.9599 previous low support, GBPUSD rebounded sharply from 1.9624 level. Further rise above 2.0029 to reach the next short term cycle top on 4-hour chart is still possible in the next few days.
USDJPY Analysis.
USDJPY breaks above 104.82 and pulls back from 104.88. Further fall to test the price channel support is expected. However, the fall from 104.88 is treated as consolidation to the up trend. As long as 102.67 support holds, we’d expect up trend to resume, and rise to 107.00 area is still in favor.
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