Daily Forex Analysis – November 4, 2008

USDCHF Analysis.
USDCHF breaks above 1.1746 previous high resistance, suggesting that the up trend from 1.0693 (Sep 22 low) has resumed, and further rally towards 1.2000 zone could be seen in a couple of days. Initial support is at the up trend line from 1.1208 to 1.1474, as long as the trend line support holds, we’d expect up trend to continue.


EURUSD Analysis.
EURUSD is in range trading between 1.2329 and 1.3290. Deeper decline to test 1.2329 previous low support could be seen later today. As long as this level holds, we’d expect up trend to resume, and one more rise above 1.3290 level is still possible. Initial resistance is located at 1.2897, a break of this level will confirm the resumption of up trend. However, below 1.2329 will signal further fall towards 1.2000 zone.


GBPUSD Analysis.
GBPUSD formed a short term cycle top at 1.6671 level, and the fall is now treated as resumption of down trend. Deeper decline to test 1.5269 previous low support could be seen later today. If this level gives way, the next target would be at 1.4500 zone.


USDJPY Analysis.
USDJPY keeps on range trading between 96.07 and 99.68. A break below 96.07 key support will indicate that a short term cycle top has been formed at 99.68 level, and then pullback to retest 90.92 previous low could be seen.


USDCAD Analysis.
USDCAD falls below 1.1900 support and reaches as low as 1.1783 level. Deeper decline is now in favor, and target would be at 1.1400 or even lower. Initial resistance is now at 1.2150 followed by 1.2375 level.


AUDUSD Analysis.
AUDUSD trades in range between 0.6549 and 0.6891 and is forming a short term cycle top at 0.6891 level on 4-hour chart. A break down below 0.6549 key support will confirm the cycle top, and then pullback to retest 0.6008 previous low support could be seen.


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