Daily Forex Analysis – August 28, 2008

USDCHF Analysis.
USDCHF might be forming a short term cycle top at 1.1084 on 4-hour chart. Pullback to test 1.0842 could be seen in a couple of days. Breaking through 1.0842 level will indicate that the up trend from 1.0010 (July 15 low) has completed, and then deeper decline is expected to 1.0650 level.


GBPUSD Analysis.
GBPUSD’s down trend from 1.8794 extends further to as low as 1.8285 level. Deeper decline is still possible to 1.8200 zone later today. Initial resistance is at 1.8488, rise above this level will take price back to retest 1.8794 key resistance .


EURUSD Analysis.
EURUSD rebounds from 1.4571 and is forming a short term cycle bottom on 4-hour chart. Further rise towards 1.4908 to reach next cycle top could be seen in next few days. As long as 1.4908 resistance holds, we’d expect down trend to resume and deeper decline is still possible.


AUDUSD Analysis.
AUDUSD might be forming a short term cycle bottom at 0.8493 on 4-hour chart. Rise towards 0.8812 is expected in next few days. Initial support is at 0.8493, below this level will signal deeper fall towards 0.8400 zone.


USDCAD Analysis.
USDCAD formed a short term cycle top at 1.0560 on 4-hour chart. Consolidation in a range between 1.0410 and 1.0560 could be seen in a couple of days and deeper fall is still possible after consolidation.


USDJPY Analysis.
USDJPY is forming a sideways consolidation in a range between 108.13 and 110.66. Breaching through 108.70 level will signal deeper decline towards 107.00 zone. Key resistance is at 110.66, rise above this level will indicate that a bullish movement is underway and target would be at 112.00 or even higher.


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