Archive for September, 2008
Daily Forex Analysis - September 30, 2008
USDCAD Analysis.
USDCAD is moving to the next short term cycle top on 4-hour chart. Further rise towards 1.0560 is still possible later today. However, the rise from 1.0297 is treated as correction to the down trend. Pullback to retest 1.0297 level could be seen in a couple of days, and a break below this level will signal deeper decline to 1.0200 zone.
Daily Forex Analysis - September 29, 2008
EURUSD Analysis.
EURUSD is in consolidation to the up trend. Pullback is still possible to test the support of the up trend line from 1.3881 to 1.4150. A break of the trend line support will signal deeper decline to 1.4370-00 area. Key support is now located at 1.4150, as long as this level holds, we’d expect up trend to resume, further rise to 1.5100 could be seen after consolidation, and a break above 1.4767 will signal resumption of up trend. However, fall below 1.4150 will indicate that the up trend from 1.3881 (Sep 11 low) has completed.
Daily Forex Analysis - September 26, 2008
EURUSD Analysis.
EURUSD pulled back from 1.4867 and is in consolidation to up trend. Deeper pullback is still possible to test the support of the up trend line from 1.3881 to 1.4150. As long as the trend line support holds, we’d expected up trend to resume, and further rise towards 1.5200 zone could be seen after consolidation.
Daily Forex Analysis - September 25, 2008
USDCAD Analysis.
USDCAD consolidated in a range between 1.0304 and 1.0397. Deeper decline is still possible to 1.0200 zone after consolidation, and a break of 1.0304 level will confirm the resumption of down trend. Initial resistance is at 1.0425 and followed by 1.0515, only rise above 1.0515 level will signal further rally towards 1.0700 zone.
Daily Forex Analysis - September 24, 2008
GBPUSD Analysis.
GBPUSD traded in a narrow range between 1.8472 and 1.8641. Further rise is still possible to 1.8900 zone after consolidation. Initial support is at the up trend line from 1.7445 to 1.7916, as long as the trend line support holds, we’d expect up trend to continue. Only fall below the trend line support will take price back to 1.7800 level.
Daily Forex Analysis - September 23, 2008
USDJPY Analysis.
USDJPY is forming a sideways consolidation in a range between 103.54 and 110.66 (Aug 15 high). The pair will move without trend in this range. Rebound towards 109.00 zone is still possible in next few days. Initial support is at 103.54, only fall below this level will signal deeper decline towards 102.00 zone.
Daily Forex Analysis - September 22, 2008
GBPUSD Analysis.
GBPUSD broke above 1.8277 previous high resistance and reached as high as 1.0388 level. Further rise towards 1.8480 is still possible later today. Key support is now located at 1.7916, fall below this level will indicate that a short term cycle top has been formed, and pullback will bring price back towards 1.7650 level.
Daily Forex Analysis - September 19, 2008
USDCHF Analysis.
USDCHF might be forming a short term cycle bottom on 4-hour chart and the rise could possibly be resumption of up trend. Further rally to test 1.1249 is expected in a couple of days, a break of this level will signal further rise towards 1.1416 previous high. Initial support is at 1.0899, only break down below this level will signal deeper decline to test the support of 1.0842 (Aug 21 low).
Daily Forex Analysis - September 18, 2008
USDJPY Analysis.
USDJPY pulled back from 106.71 and formed a short term cycle top on 4-hour chart. Further fall to test 103.54 level could be seen later today, a break of this level will signal deeper decline towards 102.00-50 area. Key resistance is now located at 106.71, rise above this level will indicate that the fall from 110.66 (Aug 15 high) has completed, and rise towards 109.18 is expected to follow.
Daily Forex Analysis - September 17, 2008
USDJPY Analysis.
USDJPY rebounds sharply from 103.54 and is forming a short term cycle bottom on 4H chart. Further rise is still possible to 108.00 zone in a couple of days. Initial support is at 103.54, only fall below this level will signal deeper decline towards 102.00-50 area.
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