Daily Forex Analysis – February 3, 2009

USDCAD Analysis.
USDCAD is in sideways consolidation in a range between 1.1464 (Nov 5, 2008 low) and 1.3015 (Oct 28, 2008 high). Further rebound to 1.2600 to reach the next short term cycle top on 4-hour chart would more likely be seen in a couple of days, and pullback is expected before breaking above 1.2765 previous high.


USDJPY Analysis.
USDJPY is in range trading between 87.98 and 90.74. Moving sideways without trend in this range is expected in a couple of days. Near term resistance is located at 90.74, a break above this level will signal further rally to 92.50 zone. Initial support support is at 88.80 followed by 87.98, below 87.98 will indicate that the medium term downtrend from 94.61 (Jan 6 high) has resumed, and then deeper decline could be seen to 86.00 zone.


USDCHF Analysis.
USDCHF is in range trading between 1.1313 and 1.1714. Pullback to test the support of the lower border of the price channel would more likely be seen later today. As long as the channel support holds, we’d expect further rally towards 1.1900 zone.


AUDUSD Analysis.
AUDUSD’s short term downtrend from 0.6729 extend to 0.6248 level. The rebound from 0.6248 is treated as consolidation of downtrend. Deeper decline is still in favor after consolidation, and the next target would be at 0.6100 zone. Key resistance is located at 0.6450, as long as this level holds, downtrend will continue.


EURUSD Analysis.
EURUSD remains in downtrend and the rebound from 1.2706 is more likely consolidation of the downtrend. Deeper decline is still possible to 1.2500 zone after consolidation. Near term support is now located at 1.2706, a break below this level will confirm the resumption of the downtrend.


GBPUSD Analysis.
GBPUSD pulls back from 1.4542. However the fall from 1.4542 is treated as correction of the short term uptrend from 1.3503. Further rally is still possible after the correction and the next target would be at 1.4800 zone.


For long term forex analysis.

Get Your Free Elliott Wave Tutorial Now!

See also:
Forex Articles
Forex Reviews
Powerful Profit System
Automate Your Trading Profits
Boost your Profit to Extreme