Daily Forex Analysis – November 13, 2008

GBPUSD Analysis.
As expected, GBPUSD drops below 1.5269 previous low support and reaches as low as 1.4833 level. Deeper decline could be seen 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.


AUDUSD Analysis.
AUDUSD formed a short term cycle top at 0.7014 level on 4-hour chart. Deeper decline is expected to retest 0.6008 previous low support. A break down below this level will signal further fall towards 0.5500 zone. Key resistance is now at 0.7014, rise above this level will indicate that the down trend from 0.9849 (July 15 high) has completed.


USDCHF Analysis.
USDCHF remains in up trend and the rise from 1.1208 extends to 1.1895 level. Further rally is still possible towards 1.2000 zone. Initial support is at 1.1720 and followed by 1.1549 level, as long as 1.1720 level holds, we’d expect up trend to continue.


EURUSD Analysis.
EURUSD’s down trend has resumed. Deeper decline is expected to 1.2000 zone, and a break below 1.2329 previous low will confirm such case. Initial resistance is now at 1.2630 and followed by 1.2930, as long as 1.2630 level holds, downtrend will continue.


USDJPY Analysis.
USDJPY drops below 96.76 support and is back to downtrend. Deeper decline is expected to retest 90.92 previous low support, and a break below 94.45 level will confirm such case. Initial resistance is now at 96.76, and key resistance is at 100.54.


USDCAD Analysis.
USDCAD’s rebound extends to 1.2418 level. Further rise is still possible to 1.2800 zone. Initial support is at 1.2220, and followed by the up trend line on 4-hour chart, only fall below the trend line support will take price back towards 1.1464 level.


For long term forex analysis.

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