Daily Forex Analysis – October 2, 2008

AUDUSD Analysis.
AUDUSD’s fall from 0.8519 extends to as low as 0.7856 level. Deeper decline could be seen to retest 0.7802 previous low support. As long as this level holds, we’d expect up trend to resume, and one more rise above 0.8519 is possible. However, a break down below 0.7802 level will signal resumption of down trend, and the first target would be at 0.7400 zone.

20081002_audusd_1

USDJPY Analysis.
USDJPY traded in range between 105.33 and 106.53. Further rise towards 108.00 is still possible in a couple of days, and a break of 106.53 is needed to confirm such case. However, the rise is now treated as correction to down trend, pullback could be seen before breaking above 108.02 previous high resistance.

20081002_usdjpy_1

USDCAD Analysis.
USDCAD rebounded sharply from 1.0297, suggesting that the consolidation from 1.0727 (Aug 12 high) has completed. Further rise is possible to test 1.0819 previous high resistance in a couple of days. Initial support is located at 1.0546 followed by 1.0480.

20081002_usdcad_1

EURUSD Analysis.
EURUSD’s fall from 1.4867 extends to as low as 1.3936 level. Deeper decline could be seen to retest 1.3881 previous low support. As long as 1.3881 level holds, we’d expect up trend to resume, and one more rise above 1.4867 is still possible. However, a break of 1.3881 level will signal resumption of down trend, and first target would be at 1.3600 zone.

20081002_eurusd_1

GBPUSD Analysis.
GBPUSD pulled back from 1.8668 and reaches as low as 1.7633 level. Deeper fall could be seen to retest 1.7445 previous low support in a couple of days. As long as 1.7445 support holds, the fall is treated as correction to up trend, and one more rise above 1.8668 is still possible after correction. However, below 1.7445 will signal resumption of down trend, and first target would be at 1.7000 zone.

20081002_gbpusd_1

USDCHF Analysis.
USDCHF is forming a sideways consolidation in a range between 1.0693 and 1.1416. Further rise is still possible to test 1.1416 (Sep 11 high) resistance. As long as this level holds, we’d expect down trend to resume and pullback towards 1.0693 could be seen to follow. Initial support is located at 1.1144, fall below this level will signal resumption of down trend. However, above 1.1416 will signal further rally towards 1.1800 zone.

20081002_usdchf_1

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