Daily Forex Analysis – September 30, 2008

USDCAD Analysis.
USDCAD is moving to the next short term cycle top on 4-hour chart. Further rise towards 1.0560 is still possible later today. However, the rise from 1.0297 is treated as correction to the down trend. Pullback to retest 1.0297 level could be seen in a couple of days, and a break below this level will signal deeper decline to 1.0200 zone.


EURUSD Analysis.
EURUSD drops below the up trend line from 1.3881 to 1.4150. The next target would be at 1.4150 level. As long as this level holds, we’d expect up trend to resume and one more rise above 1.4867 previous high is still possible. Initial resistance is located at 1.4575, above this level will indicate that the fall from 1.4867 has completed.


GBPUSD Analysis.
GBPUSD is testing 1.7916 support. Deeper decline could be seen to 1.7750 zone if this support gives way. However, the next cycle bottom on 4-hour chart is nearing, rebound towards 1.8400 zone would more likely be seen before breaking bellow 1.9716 level.


USDJPY Analysis.
USDJPY failed to test 107.01 key resistance and pulled back sharply from 106.96 level. The pair is testing 103.54 previous low support, a break down below this level will signal deeper decline towards 102.00 zone.


USDCHF Analysis.
USDCHF pulls back from 1.1086 and is forming a short term cycle top on 4-hour chart. Key support is located at 1.0800, a break of this level will confirm the cycle top, and deeper decline could be seen to follow, the first target would be at 1.0500 zone.


AUDUSD Analysis.
AUDUSD drops sharply to as low as 0.7929 level. Deeper decline is still possible to retest 0.7802 previous low support. However, this level would more likely be held and rebound is expected before breaking below this level.


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