GBPUSD traded in a narrow range between 1.5177 and 1.5534 for 2 days. Further rise is still in favor, and target would be at 1.1600 zone. Initial support is located at 1.5177, only fall below this level will signal lengthier consolidation to the short term up trend.
Archive for November, 2008
EURUSD breaks below the support of the up trend line on 4-hour chart, suggesting that the pair is forming a short term cycle top at 1.3080 on 4-hour chart. Key support is at 1.2803, a break down below this level will confirm the cycle top, and the following down trend will take price back to retest 1.2329 (Oct 28 low) support. Only rise above 1.3080 level will signal further rally towards 1.3290 (Oct 30 high) resistance.
AUDUSD is moving towards 1.6850 zone to reach the next short term cycle top on 4-hour chart. The resistance at 0.7014 would more likely be held and pullback could be seen before breaking above this level. Sideways consolidation between 0.6008 (Oct 27 low) and 0.7014 (Nov 4 high) is expected in a couple of weeks.
USDCAD breaks below the support of the up trend line from 1.1658 to 1.2098, suggesting that the up trend from 1.1464 has completed. Deeper decline could be seen to 1.2000 zone in next several days, and sideways consolidation in a range between 1.1464 and 1.3015 is expected in a couple of weeks.
GBPUSD formed a short term cycle top at 1.5249 level, and the fall from 1.5249 is treated as resumption of down trend. Deeper decline is expected to 1.4000 zone. A break down below 1.4557 will confirm the resumption of down trend. Initial resistance is located at 1.5249, only rise above this level will signal further rally towards 1.5600 zone.
GBPUSD breaks below 1.4900 key support, suggesting that a short term cycle top has been formed at 1.5249 level on 4-hour chart. Deeper decline is now in favor. The first target would be at 1.4000 zone. Initial resistance is at 1.4900, only rise above this level will signal lengthier consolidation to down trend.
USDCHF remains in uptrend and the rise from 1.1208 (Oct 30 low) extends to as high as 1.2145. As long as the price channel support holds, we’d expect up trend to continue and further rally could be seen to 1.2400 zone. Key support is now located at 1.1941, only fall below this level will indicate that a short term cycle top has been formed, and then the following pullback is possible to 1.1700 zone.
USDCHF stays in a rising price channel on 4-hour chart and the up trend remains. Further rally is still possible to 1.2100 zone in a couple of days. Initial support is at the lower border of the price channel, now at 1.1940. Key support is located at 1.1825, below this level will indicate that a short term cycle top has been formed, pullback could be seen to follow, and next short term target would be at 1.1500 zone.
USDJPY consolidates in a narrow range between 95.94 and 98.18. Further rally is still in favor, and a break above 98.18 level will signal resumption of up trend, and then the next target is to test 100.54 previous high resistance. However, below 94.47 will indicate that a short term cycle top has been formed at 98.18 level on 4-hour chart, deeper decline could then be seen to 93.00 zone.
No changed in our view, USDJPY formed a short term cycle bottom at 94.47 level, and the rebound is treated as resumption of up trend. As long as 94.47 support holds, further rally is still possible to test 100.54 previous high resistance, a break above this level will confirm that the fall from 110.66 (Aug 15 high) has completed. Key support is now located at 94.47, only fall below this level will signal deeper decline to retest 90.92 support.
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