Daily Forex Analysis – November 7, 2008

AUDUSD Analysis.
After breaking above 0.6891 resistance, AUDUSD pulls back from 0.7014 level. Deeper decline to test 0.6549 support could be seen later today. As long as this level holds, we’d expect uptrend to resume and one more rise above 0.7014 level to reach the next cycle top is in favor. However, below 0.6549 level will indicate that the down trend from 0.9849 (July 15 high) has resumed.


USDCHF Analysis.
USDCHF is testing 1.1800 previous high resistance. A break above this level will signal further rally towards 1.2000 zone. Key support is now located at 1.1549, only fall below this level will turn price back to 1.4000 level.


EURUSD Analysis.
EURUSD remains in range trading between 1.2329 and 1.3290. Pullback to retest 1.2526 support is possible later today. The price action from 1.2329 is treated as consolidation to down trend, and a break of 1.2526 key support will signal resumption of down trend.


GBPUSD Analysis.
GBPUSD breaks below 1.5603 support. Deeper decline could be seen to 1.5000 zone in next several days. Initial resistance is at the downtrend line from 1.6671 to 1.6198, as long as the trend line resistance holds, down trend will continue.


USDJPY Analysis.
USDJPY pulls back from 100.54 level. Deeper decline to retest 96.07 level is possible later today. As long as this level holds, we’d expect one more rise above 100.54 level. However, below 96.07 level will indicate that the down trend from 110.66 (Aug 15 high) has resumed, and target would be at 88.00 zone.


USDCAD Analysis.
USDCAD breaks above 1.1900 resistance, suggesting that a short term cycle bottom has been formed at 1.1464 level on 4-hour chart. Further rally is expected to test 1.2375 resistance. Initial support is now at 1.1464, only fall below this level will signal deeper decline towards 1.1000 zone.


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