Daily Forex Analysis – August 14, 2008

USDCHF Analysis.
USDCHF is forming a short term cycle top at 1.0924 on 4-hour chart. Pullback to test 1.0741 support is expected later today. As long as 1.0741 support holds, we’d expect up trend to resume, and further rise towards 1.1000 is still possible after consolidation.

20080814_usdchf_1

USDJPY Analysis.
USDJPY is forming a sideways consolidation in a range between 108.36 and 110.40. As long as 107.28 support holds, we’d expect up trend to resume, and further rise towards 112.00 is still possible after consolidation. Only break below 107.28 support will signal reversal to up trend.

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USDCAD Analysis.
USDCAD formed a short term cycle top at 1.0727 level on 4-hour chart. Sideways consolidation could be seen in a couple of days. However, up trend will resume after consolidation, and further rise  towards 1.1000 is still possible.

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AUDUSD Analysis.
AUDUSD formed a short term cycle bottom at 0.8591 on 4-hour chart. Sideways consolidation could be seen in a couple of days. As long as 0.8952 resistance holds, we’d expect down trend to resume, and deeper decline is still possible after consolidation.

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GBPUSD Analysis.
GBPUSD’s down trend remains, and the fall from 2.0158 (July 15 high) extends further to as low as 1.8619 level. Deeper decline towards 1.8500 is still possible later today. Near term resistance is now located at 1.8980 and followed by 1.9256, only break of 1.8980 level will signal consolidation to down trend.

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EURUSD Analysis.
EURUSD is forming a short term cycle bottom at 1.4815 on 4-hour chart. Consolidation could be seen in a couple of days, and rebound to test 1.5083 is possible later today. As long as 1.5083 resistance holds, we’d expect down trend to resume and deeper decline is still possible after consolidation.

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