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Daily Forex Analysis – Jun 24, 2008

20080624_audusd_1.gifAUDUSD Analysis.
AUDUSD pulled back from 0.9566 and is now in consolidation to the up trend. As long as the price channel support holds, we’d expect up trend to resume and further rise to test 0.9653 (May 21 high) is still possible after consolidation.

20080624_gbpusd_1.gifGBPUSD Analysis.
GBPUSD broke below the key support at 1.9697 and formed a short term cycle top at 1.9791 on 4-hour chart. Deeper decline is expected to 1.9500 area. Key resistance is now at 1.9791, only rise above this level will signal resumption of up trend.

20080624_eurusd_1.gifEURUSD Analysis.
EURUSD broke below the up trend line and formed a short term cycle top at 1.5651. Further fall to retest 1.5302 previous low support is still possible in next several days. Key resistance is located at 1.5651, only break of this level will signal resumption of up trend.

20080624_usdjpy_1.gifUSDJPY Analysis.
USDJPY is testing the key resistance at 108.06, a break above this level will indicate that a short term cycle bottom has been formed at 107.12 level on 4-hour chart, and further rise above 108.58 previous is expected to follow. Initial support is at 107.12, only fall below this level will turn price back to test 106.56 support.

20080624_usdchf_1.gifUSDCHF Analysis.
USDCHF formed a short term cycle bottom at 1.0302 level on 4-hour chart. Further rise to test 1.0623 (May 8 high) is expected. Initial support is located at 1.0301, a break below this level will pull price back to 1.0250 area.

20080624_usdcad_1.gifUSDCAD Analysis.
No changed in our view, USDCAD might be forming a short term cycle bottom at 1.0100 level on 4-hour chart. Key resistance is located at 1.0210, we are waiting for a break of this level to confirm the cycle bottom. However, below 1.0100 will indicate that the pair is back to down trend, deeper decline to 1.0050 could be seen.

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