Daily Forex Analysis – September 12, 2008

USDCAD Analysis.
USDCAD breaks above 1.0776 previous high resistance and reaches as high as 1.0819 level. Further rise is still possible to 108.50-00 area. One more fall is still possible to 1.0500 zone, however, a break below 1.0656 level is needed to confirm the resumption of down trend.


EURUSD Analysis.
EURUSD’s down trend remains, and the rebound from 1.3881 is treated as consolidation of down trend. Deeper decline could be seen to 1.3800 after consolidation. Initial resistance is still from the down trend line, only rise above the trend line resistance will indicate lengthier consolidation.


AUDUSD Analysis.
AUDUSD stays below the trend line resistance and down trend remains. Further decline is still in favor after consolidation, and target would be at 0.7500 zone. Only rise above the trend line resistance will take price back to retest 0.8353 level.


GBPUSD Analysis.
GBPUSD is in sideways consolidation in a narrow range between 1.7445 and 1.7707 on 4-hour chart. Further rebound towards the down trend line is still possible later today. As long as the trend line resistance holds, we’d expect down trend to resume, and deeper decline could be seen to 1.7000 zone. Only rise above the trend line resistance will take price back towards 1.7974 level.


USDJPY Analysis.
USDJPY traded in range between 105.52 and 109.18 for several days. 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 106.00, and followed by 105.52 level.


USDCHF Analysis.
USDCHF’s up trend extends to 1.1416 level. 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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