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Archive for May, 2008

Forex Analysis – May 30, 2008

Friday, May 30th, 2008

20080530_usdjpy_1.gifUSDJPY Analysis.
As expected, USDJPY breaks above 105.70 (May 2 high) resistance. Further rally to 106.60 area to reach the next cycle top on 4-hour chart is still possible, and the next cycle top is nearing. Key support is now located at 104.45, a break of this level will indicate that the up trend from 102.73 has completed, and then pullback to retest 102.73 is expected to follow.

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Forex Analysis – May 29, 2008

Thursday, May 29th, 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.

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Forex Analysis – May 28, 2008

Wednesday, May 28th, 2008

20080528_gbpusd_1.gifGBPUSD Analysis.
GBPUSD broke below 1.9755 support and formed a short term cycle top at 1.9852 on 4-hour chart. The pair is now in correction to the up trend. Pullback to the up trend line from 1.9363 to 1.9463 is possible in a couple of days. As long as the trend line support holds, we’d expect up trend to resume and further rally to 1.9950 area could be seen after correction.

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Forex Analysis – May 27, 2008

Tuesday, May 27th, 2008

20080527_gbpusd_1.gifGBPUSD Analysis.
GBPUSD formed a sideways consolidation in a range between 1.9755 and 1.9852. Further rise to 1.9950 area to reach the next short term cycle top is possible after consolidation. Only break of 1.9755 key support will indicate that a short term cycle top has been formed and pullback could be seen to test the support of the up trend line from 1.9363 to 1.9463.

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Forex Analysis – May 26, 2008

Monday, May 26th, 2008

20080526_usdchf_1.gifUSDCHF Analysis.
USDCHF is in consolidation to the down trend. Rebound to test 1.9354 resistance is possible later today. As long as 1.9354 resistance holds, we’d expect down trend to resume and deeper decline to 1.0000 area could be seen after consolidation.

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Forex Analysis – May 23, 2008

Friday, May 23rd, 2008

20080523_usdchf_1.gifUSDCHF Analysis.
USDCHF rebounds from 1.0232 and is forming a short term cycle bottom on 4-hour chart. Sideways consolidation in a range between 1.0232 and 1.0390 is expected in a couple of days. Initial resistance is at 1.0390. Near term support is at 1.0232, a break of this level will signal resumption of the down trend.

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Forex Analysis – May 22, 2008

Thursday, May 22nd, 2008

20080522_usdchf_1.gifUSDCHF Analysis.
USDCHF drops sharply to 1.0232 level. Deeper decline to 1.0000 area to reach the next short term cycle bottom on 4-hour chart is possible in a couple of days. Near term resistance is at 1.0325 and followed by 1.0390.

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Forex Analysis – May 21, 2008

Wednesday, May 21st, 2008

20080521_gbpusd_1.gifGBPUSD Analysis.
GBPUSD breaks above 1.9633 key resistance, suggesting that the fall from 2.0391 (Mar 14 high) has completed at 1.9363 level. Further rise to 1.9850 area to reach the next short term cycle top is possible in a couple of days. Initial support is at 1.9453 and key support is now located at 1.9363, only break of this level will signal resumption of the down trend.

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Forex Analysis – May 20, 2008

Tuesday, May 20th, 2008

20080520_eurusd_1.gifEURUSD Analysis.
EURUSD pulls back from 1.5632 and might be forming a short term cycle top on 4-hour chart. Deeper decline to retest 1.5365 support is expected in a couple of days. As long as 1.5365 level holds, we’d expect up trend to resume and one more rise to 1.5700 area is still possible.

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Daily Forex Analysis – May 19, 2008

Monday, May 19th, 2008

20080519_audusd_1.gifAUDUSD Analysis.
AUDUSD breaks above the symmetrical triangle pattern and up trend resumes. Further rise to 0.9800 area to reach the next short term cycle top is expected. Initial support is at 0.9400 and followed by 0.9291.

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