Daily Forex Analysis – September 9, 2008

AUDUSD Analysis.
AUDUSD stays below 0.8403 resistance and pulled back from 0.8353 level. Consolidation in a range between 0.8029 and 0.8403 would more likely be seen in a couple of days. Key resistance is now located at 0.8353, a break of this level will signal reversal to down trend, and then subsequent rebound could be seen to test 0.8693 resistance. However, below 0.8029 will take price back to down trend, and target would be at 0.7500 zone.


GBPUSD Analysis.
GBPUSD’s rebound from 1.7537 reached 1.7974 only. A short term cycle top has been formed and deeper decline is now in favor, the next target would be at 1.7000 zone. Initial resistance is located at 1.7974, only break of this level will indicate lengthier consolidation.


USDJPY Analysis.
USDJPY formed a short term cycle bottom at 105.52 level. Further rise could be seen to test 110.66 (Aug 15 high) after consolidation. Near term support is at 107.30, and followed by 105.52 level.


USDCHF Analysis.
USDCHF formed a short term cycle bottom at 1.1007 level and up trend has resumed. Further rise is expected to 1.1600 in a couple of days. Initial support is at the up trend line on 4H chart, and as long as the price stays above the trend line support, up trend will continue.


USDCAD Analysis.
USDCAD failed to test 1.0541 support and rebounded from 1.0550 level. Sideways consolidation is expected in a couple of days, and one more fall below 1.0541 is still in favor after consolidation. However, above 1.0776 previous high will signal further rise towards 1.1000 zone.


EURUSD Analysis.
EURUSD formed a short term cycle top at 1.4428 on 4H chart. Deeper decline is still possible to 1.3800 zone. Initial resistance is at the down trend line and key resistance is at 1.4428, as long as the trend line resistance holds, down trend will continue.


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