Archive for the ‘Short Term Analysis’ Category
Daily Forex Analysis - October 22, 2008
USDCAD Analysis.
USDCAD breaks above 1.2123 previous high resistance and reaches as high as 1.2207 level. Further rally towards 1.2400 is still possible in a couple of days. Initial support is at the up trend line from 1.1304 to 1.1740, a break down below the trend line support will indicate that the rise from 1.1304 has completed and then pullback towards 1.1500 zone could be seen.
Daily Forex Analysis - October 21, 2008
USDCAD Analysis.
USDCAD trades in a narrow range between 1.1740 and 1.1995. Pullback towards 1.1304 level is expected in a couple of days, and a break of 1.1740 level will signal resumption of down trend. Initial resistance is at 1.1995 and key resistance is located at 1.2123 level.
Daily Forex Analysis - October 20, 2008
USDCHF Analysis.
USDCHF formed a sideways consolidation in a range between 1.1128 and 1.1488 for several days. Pullback to retest 1.1128 previous low support could be seen in a couple of days. As long as 1.1128 level holds, we’d expect up trend to resume, and one more rise above 1.1488 level to reach next cycle top on daily chart is still possible.
Daily Forex Analysis - October 17, 2008
AUDUSD Analysis.
After breaking above 0.7133 resistance, AUDUSD pulled back from 0.7237 and reached 0.6495 level. One more rise above 0.7237 previous high to reach next short term cycle top is still in favor. Initial support is now located at 0.6495, only fall below this level will signal resumption of down trend, and then deeper decline could be seen to 0.6000 zone.
Daily Forex Analysis - October 16, 2008
GBPUSD Analysis.
GBPUSD pulls back from 1.7630 and formed a short term cycle top on 4-hour chart. Further fall could be seen to test 1.6786 previous low support, a break of this level will signal resumption of down trend, and deeper decline is expected to 1.6000 zone. Initial resistance is located at 1.7630 only rise above this level will signal further rally towards 1.7950-1.8000 area.
Daily Forex Analysis - October 15, 2008
USDJPY Analysis.
USDJPY formed a short term cycle bottom at 97.91 on 4-hour chart. Further rise towards 104.00 to reach next cycle top is still possible in a couple of days. Initial support is located at 100.50, only break down below this level will signal deeper decline to retest 97.91 previous low support.
Daily Forex Analysis - October 13, 2008
USDJPY Analysis.
USDJPY might be forming a short term cycle bottom at 97.91 level on 4-hour chart. Key resistance is at 101.48, a break above this level will confirm the cycle bottom and signal further rally to test 103.29 resistance. However, break down below 97.91 level will take price back to down trend, and short term target would be at 97.00 zone.
Daily Forex Analysis - October 10, 2008
EURUSD Analysis.
EURUSD might be forming a short term cycle top at 1.3785 on 4-hour chart. Fall towards 1.3000 could be seen in next several days, and a break down below 1.3443 previous low support will confirm the resumption of down trend.
Daily Forex Analysis - October 9, 2008
EURUSD Analysis.
EURUSD formed a short term cycle bottom at 1.3443 level. Further rise to test 1.3906 is still possible later today. However, the next cycle top is nearing, pullback below 1.3443 could be seen in a couple of days.
Daily Forex Analysis - October 8, 2008
GBPUSD Analysis.
After breaking below 1.7445 (Sep 11 low), GBPUSD rebounds from 1.7318 level, and might be forming a short term cycle bottom on 4-hour chart. Sideways consolidation in a range between 1.7318 and 1.7836 would be seen in a couple of days. As long as 1.7836 resistance holds, we’d expect down trend to resume, and deeper decline is still possible after consolidation.
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