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Archive for July, 2008

Daily Forex Analysis – July 17, 2008

Thursday, July 17th, 2008

20080717_eurusd_1.gifEURUSD Analysis.
EURUSD formed a short term cycle top at 1.6038 on 4-hour chart. Consolidation in a range between 1.5775 and 1.6038 could be seen in next few days. Initial support is at the up trend line from 1.5302 (Jun 13 low) to 1.5611, as long as the trend line support holds, we’d expect uptrend to resume, and further rise above 1.6038 is still possible after consolidation.

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Daily Forex Analysis – July 16, 2008

Wednesday, July 16th, 2008

20080716_eurusd_1.gifEURUSD Analysis.
EURUSD broke above 1.6019 (Apr 22 high) long term key resistance and pulled back from 1.6038 level. The pair might be forming a short term cycle top on 4-hour chart. Consolidation would more likely be seen in a couple of days. Key resistance is located at 1.6038, a break above this level will signal resumption of up trend.

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Daily Forex Analysis – July 15, 2008

Tuesday, July 15th, 2008

20080715_usdchf_1.gifUSDCHF Analysis.
USDCHF traded in range between 1.0136 and 1.0250. Deeper decline to test 1.0111 support is still possible later today. As long as 1.0111 support holds, we’d expect up trend to resume, and then rebound to test 1.0351 could be seen. Key resistance is now located at 1.0250, a break of this level will signal resumption of up trend.

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Daily Forex Analysis – July 14, 2008

Monday, July 14th, 2008

20080714_eurusd_1.gifEURUSD Analysis.
EURUSD broke above 1.5908 resistance. Further rise to test 1.6019 (Apr 22 high) long term key resistance is still possible later today. A break of this level will indicate that the sideways consolidation in range between 1.5284 and 1.6019 has completed, and the pair has been back to long term uptrend. As long as 1.6019 resistance holds, we’d expect down trend to resume, and pullback to retest 1.5611 level is still possible.

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Daily Forex Analysis – July 11, 2008

Friday, July 11th, 2008

20080711_usdjpy_1.gifUSDJPY Analysis.
USDJPY is forming a sideways consolidation in a range between 106.25 and 107.75. Pullback to 106.00 area to reach next short term cycle bottom on 4-hour chart would more likely be seen next week. Key resistance is at 107.75, a break above this level will signal resumption of up trend.

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Daily Forex Analysis – July 10, 2008

Thursday, July 10th, 2008

20080710_audusd_1.gifAUDUSD Analysis.
AUDUSD broke below 0.9493 support and reached 0.9475 only. The subsequent rebound could possibly be resumption of up trend. Further rally is expected in a couple of days. Key support is now located at 0.9475, only fall below this level will signal reversal to up trend.

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Daily Forex Analysis – July 9, 2008

Wednesday, July 9th, 2008

20080709_audusd_1.gifAUDUSD Analysis.
AUDUSD is testing the key support at 0.9493, a break below this level will indicate that the up trend from 0.9327 (June 12 low) has completed, and signal a further decline to 0.9200 area. However, as long as the pair stays above 0.9493, we’d expect up trend to resume, and one more rise above 0.9667 is still possible.

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Daily Forex Analysis – July 8, 2008

Tuesday, July 8th, 2008

20080708_usdchf_1.gifUSDCHF Analysis.
USDCHF dropped sharply from 1.0341 and formed a short term cycle top on 4-hour chart. However, the fall is treated as consolidation to uptrend. Further rise to 1.0500 is expected in next several days. Key support is now located at 1.0111, only fall below this level will signal resumption of down trend.

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Daily Forex Analysis – July 7, 2008

Monday, July 7th, 2008

20080707_gbpusd_1.gifGBPUSD Analysis.
GBPUSD formed a short term cycle top at 2.0006 on 4-hour chart. Further pullback to 1.9700 to reach next cycle bottom could be seen in a couple of days. However, the fall from 2.0006 is treated as consolidation to up trend, as long as 1.9700 support holds, we’d expect up trend to resume, and rise towards 2.0200 is expected to follow.

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Daily Forex Analysis – July 3, 2008

Wednesday, July 2nd, 2008

20080703_gbpusd_1.gifGBPUSD Analysis.
GBPUSD is in up trend. The pullback from 2.0006 is treated as consolidation to the up trend. As long as the price channel support holds, we’d expect up trend to resume, and then further rally to 2.0100 could be seen after consolidation.

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