Daily Forex Analysis – December 10, 2008

AUDUSD Analysis.
AUDUSD might be forming a short term cycle top at 0.6690 on 4-hour chart, and the fall from 0.6690 could possibly be resumption of down trend. Key support is now located at 0.6494, a break below this level will confirm the cycle top. Initial resistance is at 0.6690, only rise above this level will signal further rally towards 1.6800 level.


USDJPY Analysis.
No changed in our view, USDJPY is formed a short term cycle bottom at 91.59 level. Further rebound is expected to 96.00 zone in a couple of days. Initial support is now located at 91.59, only fall below this level will signal deeper decline to retest 90.92 (Oct 24 low) support.


GBPUSD Analysis.
GBPUSD is forming a short term cycle top at 1.5048 on 4-hour chart. Deeper decline is still possible to 1.4000 zone, and a break below 1.4466 will signal resumption of down trend. Initial resistance is now located at 1.5048, above this level will indicate lengthier consolidation of long term down trend is underway, and further rally to retest 1.5534 resistance could be seen to follow.


EURUSD Analysis.
EURUSD is moving to the next short term cycle top on 4-hour chart. Key support is now located at 1.2799, a break below this level will confirm the cycle top. Near term resistance is at 1.3080, this level will more likely be held, and pullback is expected before breaking above this level. However, above 1.3080 level will indicate that the sideways consolidation from 1.2329 (Oct 28 low) has completed, and further rise could be seen to 1.3500 zone.


USDCHF Analysis.
USDCHF is forming a sideways consolidation in a range between 1.1828 and 1.2296. The price action from 1.2296 is treated as consolidation of long term up trend, as long as 1.1828 support holds, we’d expect up trend to resume, and further rally could be seen to 1.2500 zone after consolidation.


USDCAD Analysis.
USDCAD is in down trend, and the rebound from 1.2446 is treated as consolidation to down trend. Deeper decline is still possible to test 1.2125 previous low support in a couple of days. A break below 1.2446 level will confirm the resumption of down trend.


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