Daily Forex Analysis – November 12, 2008

GBPUSD Analysis.
GBPUSD’s down trend from 1.6671 extends further to 1.5347 level. Deeper decline is expected to 1.4500 zone. Initial resistance is at the down trend line from 1.6671 to 1.6198, as long as the trend line resistance holds, down trend will continue. However, above the trend line resistance will take price back to lengthier consolidation.


AUDUSD Analysis.
AUDUSD breaks below 0.6543 support and reaches 0.6476 only. The fall from 0.7014 is more likely forming consolidation to up trend. Rebound to retest 0.7014 resistance is expected in a couple of days, and a break above this level will indicate that the down trend from 0.9849 (July 15 high) has completed.


USDCHF Analysis.
As expected, USDCHF breaks above 1.1801 level, suggesting that the up trend from 1.1208 has resumed. Further rally could be seen to 1.2000 zone in a couple of days. Initial support is at 1.1720 and followed by 1.1549 level.


EURUSD Analysis.
EURUSD breaks below the support of the up trend line from 1.2329 to 1.2526. Deeper decline is expected to test 1.2329 previous low support, a break of this level will signal further fall towards 1.2000 zone. Initial resistance is now at 1.2900 and key resistance is located at 1.3290, only rise above 1.3290 will signal reversal to down trend.


USDJPY Analysis.
No changed in our view, USDJPY might be forming a short term cycle bottom at 96.76 on 4-hour chart. Key resistance is now located at 99.48, a break of this level will confirm the cycle bottom, and then further rally could be seen to test 103.06 (Oct 14 high). Only fall below 96.76 will signal deeper decline to 95.00 zone.


USDCAD Analysis.
USDCAD rebounds from 1.1464 and reaches as high as 1.2098 level. Further rally is expected to test 1.2375 level later today. Sideways consolidation could be seen in a range between 1.1464 and 1.3015 zone in next several days.


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