Daily Forex Analysis – August 5, 2008

AUDUSD Analysis.
AUDUSD’s down trend remains and the fall from 0.9849 (Jul 15 high) extends to 0.9262 level. Deeper decline to 0.9200 is still possible in a couple of days. Initial resistance is located at 0.9346, only rise above this level will signal consolidation to down trend.


EURUSD Analysis.
EURUSD traded in range between 1.5515 and 1.5700. A break below 1.5515 level will signal deeper decline towards 1.5400-50 area. Initial resistance is at 1.5700, rise above this level will indicate that the down trend from 1.6038 (Jul 15 high) has completed.


USDJPY Analysis.
USDJPY formed a short term cycle bottom at 107.28 level on 4-hour chart. The rise from 107.28 could possibly be resumption of up trend. Further rise above 108.58 (June 16 high) is now in favor, and a break above 108.37 level will confirm such case.


USDCHF Analysis.
USDCHF is forming a sideways consolidation in a range between 1.0402 and 1.0520. Further rise towards 1.0623 (May 8 high) could be seen after consolidation, however, rise above 1.0520 is needed to confirm such case. Initial support is at 1.0402 and key support is at 1.0314, fall below the key support will indicate that the up trend from 1.0010 (Jul 15 low) has completed.


GBPUSD Analysis.
GBPUSD broke below 1.9647 (July 7 low) support and dropped sharply to 1.9599 level. As long as the trend line resistance holds, we’d expect down trend to continue, and deeper decline towards 1.9408 (June 13 low) is now in favor.


USDCAD Analysis.
USDCAD breaks above the long term resistance at 1.0378 (Jan 22 high). Further rise towards 1.0500 is now in favor. Initial support is at the up trend line and key support is located at 1.0213, only break of 1.0213 level will signal reversal to up trend.


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