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Archive for July, 2008

Daily Forex Analysis – July 31, 2008

Thursday, July 31st, 2008

USDCHF Analysis.
USDCHF is testing 1.0539 (June 13 high) resistance. A break of the level will signal resumption of long term up trend. Initial support is at the uptrend line from 1.0010 to 1.0134, as long as the trend line support holds, we’d expect up trend to continue.

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Daily Forex Analysis – July 30, 2008

Wednesday, July 30th, 2008

EURUSD Analysis.
EURUSD broke below 1.5611 (July 7 low), suggesting that the up trend from 1.5302 (June 13 low) has completed and down trend has resumed. Deeper decline towards 1.5302 previous low is now in favor. Initial resistance is at 1.5768, as long as this resistance holds, down trend will continue.

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Daily Forex Analysis – July 29, 2008

Tuesday, July 29th, 2008

GBPUSD Analysis.
GBPUSD might be forming a short term cycle bottom at 1.9816 on 4-hour chart. Key resistance is located at 1.9978, a break of this level will confirm the cycle bottom and further rise towards 2.0158 previous high is expected to follow. Initial support is at 1.9814, only fall below this level will signal deeper decline towards 1.9647 (July 7 low).

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Daily Forex Analysis – July 28, 2008

Monday, July 28th, 2008

USDJPY Analysis.
USDJPY broke above 107.98 resistance. However, consolidation would more likely be seen before breaking above 108.58 (June 16 high), and pullback to test 106.57 is still possible in a couple of days. Initial support is at the up trend line from 103.76 to 106.57, a break of the trend line support will signal deeper decline towards 106.57.

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Daily Forex Analysis – July 25, 2008

Friday, July 25th, 2008

USDJPY Analysis.
USDJPY broke below the  up trend line from 103.76 to 106.05. Consolidation would more likely be seen in next few days. Further rally is still possible to test 108.58 (June 16 high) after consolidation, and a break of 107.98 level will signal resumption of up trend.

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Daily Forex Analysis – July 24, 2008

Thursday, July 24th, 2008

USDCHF Analysis.
USDCHF broke above 1.0351 previous high resistance. Further rise is still possible to test 1.0539 (June 13 high) level. A break of this level will indicated that the down trend from 1.0623 (May 8 high) has completed and long term up trend has resumed. Initial support is now at the up trend line from 1.0010 to 1.0134.

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Daily Forex Analysis – July 23, 2008

Wednesday, July 23rd, 2008

USDCAD Analysis.
USDCAD broke above 1.0080 resistance and reached 1.0116 level. Further rebound is expect to test 1.0238 (July 1 high), a break of this level will indicate that the fall from 1.0322 (June 10 high) has completed and long term up trend has resumed. Initial support is now located at 0.9974, only fall below this level will signal deeper decline to 0.9900 level.

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Daily Forex Analysis – July 22, 2008

Tuesday, July 22nd, 2008

AUDUSD Analysis.
AUDUSD formed a short term cycle top at 0.9849 on 4-hour chart. Sideways consolidation in a range between 0.9677 and 0.9849 could be seen in next few days. Near term support is at 0.9677 and followed by 0.9615. Key resistance is at 0.9849, a break above this level will signal further rally towards 1.0000 area.

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Daily Forex Analysis – July 21, 2008

Monday, July 21st, 2008

GBPUSD Analysis.
GBPUSD formed a short term cycle top at 2.0158 on 4-hour chart. Deeper decline to test 1.9814 support is still possible in a couple of days, and sideways consolidation would more likely be seen before breaking above 2.0158 level. Up trend will resume after consolidation, and one more rise above 2.0391 (Mar 14 high) is still possible.

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Daily Forex Analysis – July 18, 2008

Friday, July 18th, 2008

20080718_eurusd_1.gifEURUSD Analysis.
EURUSD is testing the support of the up trend line from 1.5302 (Jun 13 low) to 1.5611, fall below this trend line support will take price to test 1.5611 level. Initial resistance is at 1.5893, above this level will indicate that the pair is forming a short term cycle bottom on 4-hour chart, and then rebound to 1.6000 area is expected to follow.

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