Daily Forex Analysis – January 13, 2009

USDCAD Analysis.
USDCAD breaks above 1.2070 resistance, further rally could be seen to retest 1.2394 previous high resistance. If this level gives way, the next target would be at 1.2700 zone. Near term support is at 1.2035, as long as this level holds, we’d expect the short term uptrend to continue.


GBPUSD Analysis.
GBPUSD breaks below 1.4983 support, suggesting that a short term cycle top has been formed at 1.5372 already. Further fall is expected to 1.4550 zone later today. Initial resistance is now at 1.4890 and followed by 1.4930, as long as 1.4930 resistance holds, the short term downtrend will continue.


USDCHF Analysis.
No changed in our view, USDCHF is testing 1.1277 resistance, a break above this level will suggest that the short term 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, the rise from 1.0864 is treated as correction of downtrend (from 1.1277), and pullback would more likely be seen before breaking above 1.1277 level.


EURUSD Analysis.
EURUSD breaks below 1.3313 previous low support and reaches as low as 1.3289. Further fall could be seen to 1.3100 zone in a couple of days. Initial resistance is at 1.3575 followed by 1.3797, only rise above 1.3797 level will indicate that the downtrend from 1.4719 has completed.


USDJPY Analysis.
USDJPY breaks below 89.72 support and reaches 88.88 level. Near term resistance is now at the falling trend line from 94.61 to 91.65, as long as the trend line resistance holds, we’d expected down trend to continue.


AUDUSD Analysis.
AUDUSD drops below 0.6755 previous low support. Deeper decline is still possible to 0.6600 zone in a couple of days. Initial resistance is now at 0.6840, as long as this level holds, we’d expect downtrend to continue.


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