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Archive for December, 2008

Daily Forex Analysis – December 12, 2008

Friday, December 12th, 2008

GBPUSD Analysis.
GBPUSD breaks above 1.5048 resistance. Further rise could be seen to 1.5300 zone later today. The price action from 1.4557 (Nov 13 low) is treated as consolidation to long term down trend. As long as 1.5534 resistance holds, we’d expect downtrend to resume, and one more fall below 1.4466 is still possible after consolidation.

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Daily Forex Analysis – December 11, 2008

Thursday, December 11th, 2008

USDJPY Analysis.
USDJPY trades in a narrow range between 91.59 and 93.90. The price action from 91.59 is more likely forming consolidation of down trend. Deeper decline is still possible to retest 90.92 (Oct 24 low) support and a break below 91.59 will confirm such case. However, above 93.90 will indicate that the down trend from 100.54 (Nov 4 high) has completed, and the following up trend will bring price back towards 98.00 zone.

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Daily Forex Analysis – December 10, 2008

Wednesday, December 10th, 2008

AUDUSD Analysis.
AUDUSD might be forming a short term cycle top at 0.6690 on 4-hour chart, and the fall from 0.6690 could possibly be resumption of down trend. Key support is now located at 0.6494, a break below this level will confirm the cycle top. Initial resistance is at 0.6690, only rise above this level will signal further rally towards 1.6800 level.

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Daily Forex Analysis – December 9, 2008

Tuesday, December 9th, 2008

USDJPY Analysis.
USDJPY breaks above 93.68 key resistance, suggesting that a short term cycle bottom has be formed at 91.59 level on 4-hour chart. Further rally could be seen to 96.00 zone in a couple of days. Initial support is now located at 91.59, only fall below this level will signal deeper decline to retest 90.92 (Oct 24 low) support.

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Daily Forex Analysis – December 8, 2008

Monday, December 8th, 2008

GBPUSD Analysis.
GBPUSD is in down trend. The rebound from 1.4466 is treated as consolidation to down trend. Initial resistance is at 1.4900 and followed by 1.5069. As long as 1.5069 resistance holds, we’d expect down trend to resume and deeper decline could be seen to 1.4000 zone. However, above 1.5069 will indicate lengthier consolidation of long term down trend is underway, and further rally to retest 1.5534 resistance could be seen to follow.

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Daily Forex Analysis – December 5, 2008

Friday, December 5th, 2008

EURUSD Analysis.
EURUSD breaks below 1.2562 support, suggesting that the fall from 1.3080 could possibly be resumption of down trend, and the rebound from 1.2549 is now treated as correction to down trend. Deeper decline could be seen to retest 1.2329 (Oct 28 low) support after correction. If this level gives way, the next target would be at 1.2000 zone.

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Daily Forex Analysis – December 4, 2008

Thursday, December 4th, 2008

EURUSD Analysis.
EURUSD is forming a short term cycle bottom at 1.2562 level on 4-hour chart. Key resistance is now located at 1.2765, a break above this level will confirm the cycle bottom, and the following rebound could bring price towards 1.2950 zone. Initial support is located at 1.2562, only fall below this level will signal deeper decline to test 1.2329 previous low support. The price action from 1.2329 (Oct 28 low) is treated as sideways consolidation of long term down trend. Moving without trend in a range between 1.2329 and 1.3290 (Oct 30 high) is expected to continue in next several days.

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Daily Forex Analysis – December 3, 2008

Wednesday, December 3rd, 2008

EURUSD Analysis.
EURUSD is forming a short term cycle bottom at 1.2562 on 4-hour chart. Rebound towards 1.2950 zone could be seen in a couple of days. The pair is in sideways consolidation between 1.2329 (Oct 28 low) and 1.3290 (Oct 30 high), moving without trend in this range is expected in the next several days. Initial support is located at 1.2562, below this level will signal deeper decline to test 1.2329 previous low support.

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Daily Forex Analysis – December 2, 2008

Tuesday, December 2nd, 2008

USDCHF Analysis.
USDCHF formed a short term cycle bottom at 1.1828. The rise from 1.1828 could possibly be resumption of up trend. Further rally could be seen to test 1.2296 previous high resistance. A break above this level will signal resumption of long term up trend, and the next target would be at 1.2500 zone. Initial support is now at 1.1953, only fall below this level will indicate that lengthier consolidation of long term up trend is underway, and the following pullback would take price back to test 1.1828 support.

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Daily Forex Analysis – December 1, 2008

Monday, December 1st, 2008

EURUSD Analysis.
EURUSD breaks below 1.2803 key support, suggesting that a short term cycle top has been formed at 1.3080 level on 4-hour chart. Deeper decline could be seen to retest 1.2389 previous low support. Initial resistance is at 1.2850, and key resistance is located at 1.3080, above 1.3080 will signal further rally to 1.3500 zone.

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