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Daily Forex Analysis – Jun 20, 2008

20080620_eurusd_1.gifEURUSD Analysis.
Being contained by 1.5584 resistance, EURUSD pulled back to 1.5466 low. Key support is now located at 1.5461, a break below this level will indicate that a cycle top has been formed at 1.5586 level and deeper decline is expected to retest 1.5302.

20080620_usdjpy_1.gifUSDJPY Analysis.
USDJPY formed a short term cycle top at 108.58 and is now in consolidation to up trend. As long as 106.56 support holds, we’d expect up trend to resume and further rally to 109.00 area could be seen after consolidation

20080620_usdchf_1.gifUSDCHF Analysis.
Being contained by 1.0301 support, USDCHF rebounded from 1.0319. The pair might be forming a short term cycle bottom on 4-hour chart. Further rise above 1.0623 (May 8 high) is possible next week.

20080620_gbpusd_1.gifGBPUSD Analysis.
GBPUSD traded in range between 1.9408 and 1.9800. Further rise above 1.9852 resistance to reach next short term cycle top would more likely be seen next week. Near term support is at 1.9469 and followed by 1.9408.

20080620_usdcad_1.gifUSDCAD Analysis.
As expected, USDCAD broke below 1.0150 support and reached as low as 1.0109. Deeper decline is still possible to 1.0050 area later today. Initial resistance is is at 1.0210, a break above this level will turn price back to range trading, and further rebound to test 1.0322 is expected to follow.

20080620_audusd_1.gifAUDUSD Analysis.
AUDUSD formed a short term cycle bottom at 0.9327 level on 4-hour chart. Further rally is expected to 0.9600 area. Near term support is at the up trend line and as long as the trend line support holds, up trend will continue.

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