Daily Forex Analysis – October 15, 2008

USDJPY Analysis.
USDJPY formed a short term cycle bottom at 97.91 on 4-hour chart. Further rise towards 104.00 to reach next cycle top is still possible in a couple of days. Initial support is located at 100.50, only break down below this level will signal deeper decline to retest 97.91 previous low support.


EURUSD Analysis.
EURUSD failed to test 1.3785 resistance and pulled back from 1.3768 level. Further fall to test 1.3258 previous low support is possible in a couple of days, a break of this level will signal deeper decline to 1.3000 zone. Initial resistance is at 1.3785 and followed by 1.3906, only rise above 1.3785 level will indicate lengthier correction to down trend is underway, and further rally could be seen to 1.4000 zone.


GBPUSD Analysis.
Being contained by 1.7659 resistance, GBPUSD pulls back from 1.7630 level. Deeper decline is expected to retest 1.6786 in next several days. Initial resistance is at 1.7659, only rise above this level will signal further rally towards 1.7900 zone.


USDCHF Analysis.
USDCHF traded in a range between 1.1128 and 1.1486 on 4-hour chart. Further rally could be seen after consolidation and a break of 1.1486 will signal resumption of up trend. Initial support is at 1.1245 and key support is now at 1.1128 level.


AUDUSD Analysis.
AUDUSD formed a short term cycle bottom at 0.6330 on 4-hour chart and the resistance at 0.7133 is broken above. Lengthier correction could be seen to 0.7400 zone in next few days. Key support is at 0.6330, only fall below this level will signal resumption of down trend.


USDCAD Analysis.
Being supported by the up trend line on 4-hour chart, USDCAD rebounds from 1.1304 level. A short term cycle bottom on has been formed. Consolidation in a range between 1.1304 and 1.2123 could be seen in next several days.


For long term forex analysis.

Get Your Free Elliott Wave Tutorial Now!

See also:
Forex Articles
Forex Reviews
Powerful Profit System
Automate Your Trading Profits
Boost your Profit to Extreme