Daily Forex Analysis – September 18, 2008

USDJPY Analysis.
USDJPY pulled back from 106.71 and formed a short term cycle top on 4-hour chart. Further fall to test 103.54 level could be seen later today, a break of this level will signal deeper decline towards 102.00-50 area. Key resistance is now located at 106.71, rise above this level will indicate that the fall from 110.66 (Aug 15 high) has completed, and rise towards 109.18 is expected to follow.


AUDUSD Analysis.
AUDUSD remains in down trend. Deeper decline is expected to 0.7700 zone in a couple of days. Initial resistance is at 0.8074, rise above this level will take price back to test 0.8262 level. Key resistance is located at 0.8353, only break thought this level will signal reversal to down trend.


USDCHF Analysis.
USDCHF pulled back from 1.1416 and the fall extends to as low as 1.0966 level. Deeper decline could be seen to 1.0900 zone. Initial resistance is at 1.1249, as long as this level holds, we’d expect down trend to continue.


USDCAD Analysis.
USDCAD traded in a range between 1.0541 and 1.0819 for several days. One more fall towards 1.0500 to reach the next cycle bottom on 4-hour chart is still in favor. Initial resistance is at 1.0819, above this level will signal further rally to 1.0900 zone.


EURUSD Analysis.
EURUSD broke above 1.4428 key resistance and is now in up trend. Further rally is still possible to 1.4700 zone and a break of 1.4481 will confirm the resumption of up trend. Initial support is at 1.4071 and followed by 1.3881.


GBPUSD Analysis.
GBPUSD breaks above 1.8130 previous high resistance. Further rise towards 1.8480 is still possible in a couple of days. Initial support is at 1.7731, a break of this level will signal deeper decline to test 1.7445 level.


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