USDCHF trades in a range between 1.1313 and 1.1714. The rebound from 1.1313 is more likely correction of the short term downtrend from 1.1714. As long as 1.1714 previous high resistance holds, we’d expect the downtrend to resume, and pullback towards 1.1200 would more likely be seen before breaking above 1.1714 level.
Archive for January, 2009
Being supported by the lower border of the price channel on 4-hour chart, USDCHF rebound from 1.1313. further rise to test 1.1714 is possible. As long as this level holds, we’d expect sideways consolidation to continue, and one more fall below 1.1313 would more likely be seen before breaking above 1.1714 level.
AUDUSD breaks above 0.6656 resistance, suggesting that a short term cycle bottom has been formed at 0.6418 level on 4-hour chart. Further rally could be seen to retest 0.6840 medium term resistance. A break above this level will signify the the downtrend from 0.7267 has completed.
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EURUSD breaks above this resistance of the falling price channel, suggesting that a short term cycle bottom has been form at 1.2764 on 4-hour chart. Consolidation in a range between 1.2764 and 1.3385 is expected in the next several days. Key resistance is located at 1.3385, a break above this level will indicate that the medium term downtrend from 1.4719 has completed.
USDCAD broke below 1.2316 support and formed a short term cycle top at 1.2765 on 4-hour chart. Deeper decline could be seen to 1.2000 zone after consolidation. Initial resistance is now located at 1.2460, as long as this level holds, we’d expect downtrend to continue.
USDCAD is forming a short term cycle top at 1.2765 on 4-hour chart. Pullback to test 1.2316 support is now in favor. A break below this level will indicate that the uptrend from 1.1761 has completed, and then deeper decline could be seen to 1.2000 zone. Near term resistance is at 1.2765, above this level will signal further rally to 1.2900 level.
EURUSD remains in downtrend. The rebound from 1.2824 is treated as consolidation of the downtrend. Moving sideways in a range between 1.2824 and 1.3150 would more likely be seen in a couple of days. Key resistance is now located at 1.3385, a break above this level will indicate that the medium term downtrend from 1.4719 has completed, and the following rebound will take price to 1.4000 zone.
USDJPY breaks below 90.07 support, suggesting that the rebound from 88.47 has completed. Pullback to retest 88.47 previous low support is expected in a couple of days. A break down below this level will indicate that a short term cycle top has been formed at 91.29 level, and the following downtrend will bring price to 84.00 zone. Initial resistance is now at 91.29, only rise above this level will signal further rally towards 92.50 zone.
USDCAD formed a sideways consolidation in a range between 1.2316 and 1.2673. As long as 1.2316 support holds, we’d expect uptrend to resume, and further rally towards 1.2850 zone is still in favor. However, below 1.2316 will indicate that a short term cycle top has been formed at 1.2673 already, and then pullback could be seen to 1.1950 zone.
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