Daily Forex Analysis – November 28, 2008

GBPUSD Analysis.
GBPUSD traded in a narrow range between 1.5177 and 1.5534 for 2 days. Further rise is still in favor, and target would be at 1.1600 zone. Initial support is located at 1.5177, only fall below this level will signal lengthier consolidation to the short term up trend.


EURUSD Analysis.
EURUSD might be forming a short term cycle top at 1.3080 level on 4-hour chart. Key support is at 1.2803, a break down below this level will confirm the cycle top, and the following down trend will bring price back to retest 1.2329 (Oct 28 low) support. Only rise above 1.3080 previous high will signal further rally towards 1.3290 (Oct 30 high) resistance.


AUDUSD Analysis.
AUDUSD remains in short term up trend. Further rally is still possible to 0.6800 zone in a couple of days. Key support is located at 0.6332, a break below this level will indicate that the rise from 0.6075 has completed, and pullback to retest 0.6075 support could be seen to follow.


USDCAD Analysis.
USDCAD is in down trend, and the trading range between 1.2125 and 1.2478 is treated as consolidation to down trend. Initial resistance is at 1.2478 followed by 1.2600. As long as 1.2600 resistance holds, we’d expected downtrend to resume, and deeper decline is still possible to 1.1800 level.


USDCHF Analysis.
USDCHF formed a short term cycle bottom at 1.1828 on 4-hour chart. Further rise is still possible to 1.2200 zone. Initial support is now located at 1.1828, only fall below this level will signal deeper decline to 1.1600 zone.


USDJPY Analysis.
No changed in our view, USDJPY consolidates in a range between 93.55 and 97.43. A break above 97.43 resistance will indicate that the down trend from 100.54 (Nov 4 high) has completed, and the following up trend will bring price to 100.00 zone. Only fall below 93.55 will signal deeper decline towards 90.92 (Oct 24 low) level.


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