Daily Forex Analysis – October 9, 2008

EURUSD Analysis.
EURUSD formed a short term cycle bottom at 1.3443 level. Further rise to test 1.3906 is still possible later today. However, the next cycle top is nearing, pullback below 1.3443 could be seen in a couple of days.


GBPUSD Analysis.
GBPUSD falls below 1.7318 and is back to down trend. Deeper decline is possible to 1.7000 later today. Near term resistance is at the down trend line from 1.8668 to 1.7659, and followed by 1.7659 level. As long as the trend line resistance holds, we’d expect downtrend to continue.


USDCHF Analysis.
USDCHF pulls back from 1.1486 and reaches as low as 1.1209. Deeper decline is still possible to 1.1100 zone. However, the next short term cycle bottom is nearing, and rebound towards 1.1486 could be seen in a couple of days.


AUDUSD Analysis.
AUDUSD breaks below 0.6988 and drops sharply to as low as 0.6445 level. Further fall is expected to 0.6000 in next several days. Initial resistance is now located at 0.6988, as long as this level holds, downtrend will continue.


USDJPY Analysis.
USDJPY stays in down trend and the fall from 108.02 extends to as low as 98.59 level. Deeper decline is expected to 0.9700 in a couple of days. Initial resistance is now located at 101.50 and followed by 103.29.


USDCAD Analysis.
No changed in our view, USDCAD stays above the up trend line on 4-hour chart and remains in up trend. Further rise is still possible to 1.1400 zone. Initial support is at the up trend line, now at 1.1015, and as long as this level holds, up trend will continue.


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