Daily Forex Analysis – January 28, 2009

AUDUSD Analysis.
AUDUSD breaks above 0.6656 resistance, suggesting that a short term cycle bottom has been formed at 0.6418 level on 4-hour chart. Further rally could be seen to retest 0.6840 medium term resistance. A break above this level will signify the the downtrend from 0.7267 has completed.


EURUSD Analysis.
EURUSD’s rebound from 1.2764 extends to as high as 1.3329 level. Further rise to test 1.3385 resistance is expected later today. A break above this level will indicate that the medium term downtrend from 1.4719 has completed.


USDCAD Analysis.
No changed in our view, USDCAD remains in short term downtrend and the rise from 1.2140 is treated as consolidation of downtrend. Deeper decline is still possible to 1.2000 zone in a couple of days. Initial resistance is now at 1.2330, as long as this level holds, we’d expect downtrend to continue.


USDJPY Analysis.
USDJPY consolidates in a range between 87.98 and 90.06. Further rise to test 91.29 previous high resistance is possible. As long as 91.29 resistance holds, we’d expect downtrend to resume, and fall towards 84.00 zone is still in favor after consolidation.


GBPUSD Analysis.
GBPUSD’s rebound from 1.3503 extends to 1.4240 level. Further rise is still possible to 1.4400 zone in a couple of days. Initial support is now at 1.4025 followed by 1.3850, only fall below 1.3850 will indicate the the rebound from 1.3503 has completed.


USDCHF Analysis.
USDCHF formed a short term cycle top at 1.1714 level on 4-hour chart. Deeper decline is expected to retest 1.1108. A break below this level will indicate that the medium term uptrend from 1.0366 has completed.


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