Daily Forex Analysis – December 12, 2008

GBPUSD Analysis.
GBPUSD breaks above 1.5048 resistance. Further rise could be seen to 1.5300 zone later today. The price action from 1.4557 (Nov 13 low) is treated as consolidation to long term down trend. As long as 1.5534 resistance holds, we’d expect downtrend to resume, and one more fall below 1.4466 is still possible after consolidation.


USDJPY Analysis.
USDJPY breaks below 91.59 support and reaches as low as 91.16 level. Further fall to test the long term support at 90.92 (Oct 24 low) could be seen in a couple of days. A break down below this level will signal deeper decline towards 89.00 zone. Initial resistance is now at 93.02, as long as this level holds, down trend will continue.


EURUSD Analysis.
EURUSD breaks above 1.3290 (Oct 30 high) key resistance, suggesting that the long term down trend from 1.6038 (July 15 high) has completed. Further rise is still possible to 1.3500 zone in a couple of days. Initial support is now at 1.3200 and followed by 1.3080.


AUDUSD Analysis.
AUDUSD breaks above 0.6690 resistance and reaches as high as 0.6797 level. Further rally is still possible to 0.6950 zone in a couple of days. Near term support is located at 0.6494, only fall below this level will indicate that the rise from 0.6075 (Nov 20 low) has completed.


USDCHF Analysis.
USDCHF breaks below 1.1828 support. Deeper decline is still possible to 1.1600 zone after consolidation. Near term resistance is at 1.1950, as long as this resistance holds, down trend will continue. However, above this level will signal consolidation of down trend.


USDCAD Analysis.
USDCAD fails to test 1.2125 support and rebounds from 1.2158 level. Further rise would more likely be seen later today. Initial support is now at 1.2158 level. A break below this level will signal deeper decline towards 1.1800 zone.


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