Daily Forex Analysis – August 8, 2008

AUDUSD Analysis.
AUDUSD’s down trend remains and the fall from 0.9849 (Jul 15 high) extends further to 0.8982 level. The pair is testing 0.8953 (Mar 20 low) support. Further fall below 0.8953 is still possible next week. Initial resistance is now located at 0.9129, only rise above this level will signal consolidation to down trend.


GBPUSD Analysis.
GBPUSD drops sharply to as low as 1.9352 level and is testing the long term support at 1.9337 (Jan 22 low). Deeper decline to 1.9200 could be seen if 1.9337 support gives way. Initial resistance is at 1.9538, only break above this level will signal consolidation to down trend.


EURUSD Analysis.
EURUSD breaks below 1.5284 (May 8 low) long term support and reaches 1.5192 level. Deeper decline to 1.5000 area is expected next week. Initial resistance is at 1.5502, as long as this level holds, we’d expect down trend to continue.


USDJPY Analysis.
USDJPY traded in a narrow range between 109.13 and 109.88.  Further rise towards 112.00 is still in favor after consolidation. Initial support is at 108.37, as long as this level holds, up trend will continue.


USDCHF Analysis.
USDCHF breaks above 1.0623 (May 8 high) long term resistance and reaches as high as 1.0697 level. Further rise to 1.0800 is still possible in a couple of days. Initial support is located at 1.0521, only break below this level will signal consolidation to up trend.


USDCAD Analysis.
No changed in our view, USDCAD break above the long term resistance at 1.0378 (Jan 22 high). Further rise towards 1.0600 is still possible. Initial support is at 1.0399 and followed by the up trend line, as long as the trend line support holds, we’d expect up trend to continue.


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