Daily Forex Analysis – November 5, 2008

AUDUSD Analysis.
AUDUSD breaks above 0.6891 resistance. Further rally to test 0.7237 (Oct 14 high) could be seen later today. As long as this level holds, we’d expect down trend to resume and pullback to retest 0.6008 is possible. However, a break above 0.7237 level will indicate that the fall from 0.9849 has completed.


USDCHF Analysis.
USDCHF pulls back from 1.1800 and the fall is treated as consolidation to up trend. As long as 1.1474 support holds, we’d expect up trend to resume and further rise is still possible to 1.2000 zone. Only break down below 1.1474 level will signal deeper decline to retest 1.1208 previous low support.


EURUSD Analysis.
EURUSD remains in range trading between 1.2329 and 1.3290. Rise to test 1.3290 is expected later today. A break of this level will confirm that the down trend from 1.4867 (Sep 22 high) has completed, and then further rally could be seen to 1.3500 zone. Initial support is now located at 1.2526, fall below this level will signal deeper decline towards 1.2000 zone.


GBPUSD Analysis.
No changed in our short term view, 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 breaks above 99.68 previous high resistance, suggesting further rally towards 1.0200 zone. Initial support is at 98.00, key support is located at 96.07 level, only fall below the key support will signal the resumption of down trend.


USDCAD Analysis.
USDCAD’s down trend from 1.3015 extends further to as low as 1.1473 level. Deeper decline is expected to 1.1400 or even lower. Initial resistance is now at 1.1900, only rise above this level will signal reversal to down trend.


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