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Archive for June, 2009

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Wednesday, June 17th, 2009

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Daily Forex Analysis – June 17, 2009

Wednesday, June 17th, 2009

USDCHF Analysis.
Being contained by 1.0986 previous high resistance, USDCHF pulled back from 1.0955 level. As long as 1.0821 support holds, we’d expect uptrend to resume, and further rise is still possible to re-test 1.0986 resistance. However, below 1.0821 level will indicate that the short term uptrend from 1.0650 has completed at 1.0955 level already, then deeper decline towards 1.0700 could be seen to follow.

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Tuesday, June 16th, 2009

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Daily Forex Analysis – June 16, 2009

Tuesday, June 16th, 2009

USDCHF Analysis.
USDCHF breaks above 1.0857 resistance and is now in short term uptrend. Further rally is expected to test 1.0986 medium term key resistance, a break above this level will indicate that the downtrend from 1.1740 (Apr 20 high) has completed at 1.0590 level already, and then the following uptrend will take price to 1.1150-1.1200 area. Initial support is at 1.0865, as long as this level holds, we’d expect the short term uptrend from 1.0650 to continue.

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Daily Forex Analysis – June 15, 2009

Monday, June 15th, 2009

GBPUSD Analysis.
Being contained by 1.6662 previous high resistance, GBPUSD pulled back from 1.6618 last week. Range trading between 1.6240 and 1.6662 could be seen later today. As long as 1.6240 support holds, we’d expect uptrend to resume, and rise above 1.6662 would more likely be seen. However, below 1.6240 will take price back to sideways consolidation between 1.5801 and 1.6662.

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Daily Forex Analysis – June 12, 2009

Friday, June 12th, 2009

EURUSD Analysis.
EURUSD breaks above 1.4143 resistance, suggesting that the short term uptrend from 1.3804 has resumed. Further rally to 1.4200-1.4250 area is expected later today, and consolidation is expected before breaking above 1.4338 previous high resistance. Near term support is at the rising trend line on 4-hour chart now at 1.3970, a clear break below the trend line support will take price back to re-test 1.3804 support.

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Daily Forex Analysis – June 11, 2009

Thursday, June 11th, 2009

USDCAD Analysis.
USDCAD failed to test 1.0928 support and rebounded from 1.0940 level. However, the rise is treated as correction of the downtrend from 1.1289. One more fall to test 1.0928 support is expected later today. A break of this level will take price to test 1.0784 support. Only rise above 1.1289 level will signal lengthier consolidation of downtrend from 1.3063.

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Daily Forex Analysis – June 10, 2009

Wednesday, June 10th, 2009

GBPUSD Analysis.
As expected, GBPUSD formed a short term cycle bottom at 1.5801 level on 4-hour chart. The rise from 1.5801 is now treated as resumption of uptrend from 1.3654 (Mar 11 low). Further rise to test 1.6662 previous high resistance is now in favor. However, consolidation is expected before breaking above this level. Initial term support is now located at 1.6230, as long as this level holds, we’d expect the short term uptrend from 1.5801 to continue.

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Daily Forex Analysis – June 9, 2009

Tuesday, June 9th, 2009

EURUSD Analysis.
Being contained by 1.3793 key support, EURUSD rebounds from 1.3804 level. However, the rise from 1.3804 is treated as consolidation of downtrend from 1.4338. Pullback to re-test 1.3793 would more likely be seen later today. A break down below this level will signal deeper decline to 1.3600-1.3650 area. Near term resistance is at 1.4080, only rise above this level will indicate that the fall from 1.4338 has completed, and then range trading between 1.3793 and 1.4338 could be seen to follow.

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Daily Forex Analysis – June 8, 2009

Monday, June 8th, 2009

EURUSD Analysis.
EURUSD is testing the support of the lower border of the rising price channel on 4-hour chart. A clear break below the channel support will signal deeper decline to test 1.3793 key support. As long as 1.3793 support holds, we’d expect uptrend to resume and one more rise towards 1.4600 is still possible. However, below this level will suggest that the rise from 1.2884 has completed at 1.4338 already, and then deeper decline could be seen to 1.3550-1.3600 area.

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