GBPUSD is moving to the next short term cycle top on 4-hour chart. As long as 1.6212 support holds, further rally towards 1.6800 is still possible later today. However, below 1.6212 will indicate that a short term cycle top has been formed and then pullback to retest 1.5269 could be seen.
Archive for October, 2008
GBPUSD is in correction to down trend. Further rise to 1.6800 zone to reach the next cycle top is possible later today, and the next cycle top is nearing. As long as 1.6800 level hods, we’d expect down trend to resume, and one more fall below 1.5269 previous low could be seen.
USDCHF is testing 1.1481 support, a break down below this level will signal deeper decline towards 1.1400 zone. As long as 1.1400 support holds, we’d expect up trend to resume, and further rally towards 1.2000 is still possible. However, below 1.1400 will indicate that the up trend from 1.0693 (Sep 22 low) has completed, and then down trend would take price back to 1.1000 zone.
EURUSD remains in down trend and the fall from 1.3785 extends further to 1.2334 level. Further fall is still possible to 1.2000 zone in a couple of days. Initial resistance is at the upper border of the price channel now at 1.2630, a break above this level will signal consolidation to down trend.
EURUSD stays in the falling price channel and remains in down trend. Deeper decline to 1.2300 zone to reach the next short term cycle bottom could be seen in a couple of days. Initial resistance is at the upper border of the price channel now at 1.2800 and key resistance is located at 1.3004, a break of 1.3004 will indicate that the fall from 1.3785 has completed.
Being supported by 95.77 (Mar 17 low), USDJPY rebounds from 95.93 level. The pair is now testing 95.77 long term support, a break of this level will signal deeper decline towards 94.00 zone. However, the rise from 95.93 could possibly be resumption of up trend, further rise towards 99.50 level to reach next short term cycle top is possible next week.
USDCAD extends to as high as 1.2597 level. Further rally towards 1.3000 zone to reach the next short term cycle top on 4-hour is still possible. Initial support is at the up trend line from 1.1304 to 1.1740, as long as the trend line support holds, up trend to continue.
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.
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.
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.
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