Daily Forex Analysis – January 15, 2009

GBPUSD Analysis.
Being supported by the previous low at 1.4350, GBPUSD forms a sideways consolidation in a range between 1.4469 and 1.4706. Further fall is still possible after consolidation. A break down below 1.4469 will indicate that the consolidation has completed already and deeper decline could be seen to 1.4100 level. Key resistance is at 1.4706, above this level will suggest that the fall from 1.5372 has terminated, and a short term cycle bottom has been formed at 1.4469 level, and then the following uptrend will take price back to retest 1.5372 previous high resistance.


USDCAD Analysis.
As expected, USDCAD breaks above 1.2394 previous high resistance and reaches as high as 1.2495 level. Further rise is still possible to1.2700 zone in a couple of days. Initial support is now at the bottom border of the price channel on 4-hour chart. As long as the channel support holds, we’d expect uptrend to continue.


USDCHF Analysis.
Being contained by the previous high resistance at 1.1277, USDCHF consolidated in a narrow range between 1.1096 and 1.1252 for three days. Further rise towards 1.1500 would more likely be seen after consolidation. Initial support is at 1.1096, below this level will signal deeper decline to test 1.0864.


EURUSD Analysis.
EURUSD remains in short term bearish movement. Further fall is expected to 1.3000 zone later today. Initial resistance is now located at 1.3336, as long as this level holds, we’d expect downtrend to continue.


USDJPY Analysis.
USDJPY breaks above the resistance of the falling trend line from 94.61 to 91.65, and is forming a sideways consolidation on 4-hour chart. Rebound towards 91.00 zone would more likely be seen by the end of consolidation.


AUDUSD Analysis.
AUDUSD fall below 0.6675 support and reaches as low as 0.6561 level. Deeper decline is expected to 0.6300 level in next several days. Initial resistance is at 0.6700 and key resistance is at 0.6810, only rise above this level would signal reversal to the downtrend.


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