Daily Forex Analysis – December 18, 2008

USDCAD Analysis.
USDCAD is forming a sideways consolidation in a range between 1.1464 (Nov 5 low) and 1.3015 (Oct 28 low). Deeper decline is still possible to retest 1.3015 support in next several days. As long as the resistance on down trend line holds, we’d expected the short term down trend from 1.3005 to continue.


EURUSD Analysis.
No changed in our short term outlook, EURUSD remains in up trend and the rise from 1.2549 extends to 1.4456 level. Further rise is still possible to 1.4700 zone after consolidation. Near term support is now at 1.4008, as long as this level holds, up trend will continue.


GBPUSD Analysis.
GBPUSD is in up trend, and the pullback from 1.5722 is treated as consolidation of up trend. Moving in a range between 1.5204 and 1.5722 is expected in a couple of days. As long as 1.5204 support holds, we’d expect up trend to resume and further rise could be seen to 1.6000 zone  in next several days.


USDJPY Analysis.
USDJPY break below 88.53 support and reaches as low as 87.13 level. Further fall is still possible to 86.00 zone in a couple of days. Initial resistance is now located at 89.00, only rise above this level will signal consolidation to down trend.


AUDUSD Analysis.
AUDUSD break above 0.7014 key resistance, suggesting that the long term downtrend from 0.9849 (July 15 high) has completed. Further rise is expected to 0.7500 zone in next several days. Near term support is now at 0.6700 and followed by 0.6486.


USDCHF Analysis.
USDCHF drops sharply to as low as 1.0689 level. Further fall is still possible to 1.0500-1.0600 area in next several days. Initial resistance is now at 1.1200, only rise above this level will indicate that the fall from 1.2249 has completed.


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