Daily Forex Analysis – January 12, 2009

GBPUSD Analysis.
GBPUSD consolidates in a narrow range between 1.4983 and 1.5372. As long as 1.4983 level holds, we’d expect uptrend to resume, and further rally could be expected to retest 1.5722 previous high resistance. However, a break above 1.5372 level is needed to confirm the resumption of the short term bullish movement. On the other side, below 1.4983 will indicate that lengthier consolidation of the short term uptrend from 1.4350 is underway.


USDCHF Analysis.
USDCHF is testing 1.1277 resistance, a break above this level will suggest that the uptrend from 1.0366 has resumed, and then further rally towards 1.1600 zone could be seen to follow. However, as long as 1.1277 resistance holds, we’d expect downtrend to resume, and pullback would more likely be seen before breaking above 1.1277 level.


EURUSD Analysis.
EURUSD pulls back from 1.3797 last week and is testing the previous low support of 1.3313. A break below this level will signal deeper decline towards 1.3100 zone. However, above 1.3797 will indicate that the downtrend from 1.4719 (Dec 18, 2008 high) has completed already, and the following short term uptrend will bring price to 1.4300 zone.


USDJPY Analysis.
USDJPY is testing the support of 89.72. A break down below this level will signal deeper decline to 88.00 zone. Initial resistance is located at 91.65, as long as this level holds, we’d expect downtrend to continue.


AUDUSD Analysis.
AUDUSD is testing 0.6957 previous low support. A break below this level will signal deeper decline, and next target would be at 0.6800 zone. Key resistance is now located at 0.7131, above this level will indicate that a short term cycle bottom on 4-hour chart has been formed.


USDCAD Analysis.
USDCAD consolidates in a range between 1.1761 and 1.2070. further fall  would more likely be seen after consolidation, and short term target would be at 1.1500-600 area. Long term support is at 1.1464 (Nov 5, 2008 low), below this level will signal deeper decline towards 1.1200 zone.


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