Daily Forex Analysis – September 11, 2008

USDCAD Analysis.
USDCAD traded in range between 1.0541 and 1.0776. Further rise above 1.0776 previous high is now in favor later today, and target would be at 1.0850-00 area. However, pullback towards 1.0500 zone is still possible after breaking above 1.0776 level.


EURUSD Analysis.
EURUSD drops to as low as 1.3933 after a sideways consolidation. Deeper decline could be seen to 1.3800 zone later today. Initial resistance is still from the down trend line, only rise above the trend line resistance will signal consolidation to down trend.


AUDUSD Analysis.
AUDUSD broke below 0.8029 previous low and down trend has resumed. More choppy falls could be expected in a couple of days, and target would be at 0.7500 zone. Near term resistance is at the down trend line from 0.8693 to 0.8353.


GBPUSD Analysis.
GBPUSD traded in a narrow range between 1.7471 and 1.7707 on 4H chart. Further fall towards 1.7000 zone could be seen in a couple of days, and a break below 1.7471 level will signal resumption of down trend. Initial resistance is at the down trend line from 1.8794 to 1.7974, only rise above this trend line resistance will indicate lengthier consolidation is underway, and rebound would bring price to test 1.7974 previous high.


USDJPY Analysis.
No changed in our view, USDJPY formed a short term cycle bottom at 105.52 level. Further rise could be seen to test 110.66 (Aug 15 high) in a couple of days, and a break of 109.18 level will confirm the resumption of up trend. Near term support is at 106.60, and followed by 105.52 level.


USDCHF Analysis.
USDCHF breaks above 1.1370 previous high and up trend resumes. Further rise is expected to 1.1600 zone. Near term support is at 1.1213 and followed by the up trend line on 4H chart, as long as the price stays above the trend line support, up trend will continue.


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