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Forex Analysis – May 29, 2008

20080529_gbpusd_1.gifGBPUSD Analysis.
GBPUSD formed a short term cycle top at 1.9852 and is in consolidation to the up trend. Pullback to test the up trend line from 1.9363 to 1.9453 is still possible later today. Key resistance is located a 1.9852, a break of this level will indicate that consolidation from 1.9852 has completed and up trend resume, further rally to test 2.0029 resistance is expected to follow.

20080529_usdchf_1.gifUSDCHF Analysis.
USDCHF broke above 1.0354 resistance and formed a short term cycle bottom at 1.0214 on 4-hour chart. Further rally to 1.0500 area to reach the next cycle top is expected. Key support is at 1.0214, only break of this level will signal resumption of down trend.

20080529_audusd_1.gifAUDUSD Analysis.
AUDUSD formed a sideways consolidation in a narrow range between 0.9543 and 0.9653. Break above 0.9653 resistance could be seen after consolidation and a great move to 0.9900 area is expected to follow.

20080529_usdjpy_1.gifUSDJPY Analysis.
USDJPY is testing 105.44 resistance. Break above this level will indicate that the sideways consolidation from 105.70 (May 2 high) has completed and up trend resumes, further rally to 106.60 area is expected to follow.

20080529_eurusd_1.gifEURUSD Analysis.
EURUSD dropped sharply from 1.5818 and formed a short term cycle top on 4-hour chart. Further pullback to 1.5500 area to reach the next cycle bottom is expected after consolidation. Key resistance is located at 1.5818, only rise above this level will signal resumption of the up trend.

20080529_usdcad_1.gifUSDCAD Analysis.
USDCAD formed a short term cycle bottom at 0.9818 on 4-hour chart. However, the rise from 0.9818 is treated as correction to the down trend, a break of 0.9818 level will signal resumption of the down trend.

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