Daily Forex Analysis – February 9, 2009

USDCHF Analysis.
USDCHF remains in short term uptrend. The pullback from 1.1742 is treated as consolidation of the uptrend. Near term support is at 1.1399 and key support is at 1.1313. As long as 1.1399 support holds, we’d expect uptrend to resume, and further rally could be seen to 1.2000 zone in next several days. Only fall below 1.1313 will indicate that the medium term uptrend from 1.0366 (Dec 29,2008 low) has completed.


USDJPY Analysis.
USDJPY is now in short term uptrend. Initial support is at 90.72, as long as this level holds, further rally could be seen to test 94.61 (Jan 6 high) resistance. A break above this level will indicate that the fall from 110.66 (Aug 8, 2008 high) has completed, and the following medium term uptrend will take price to 102.00 area.


EURUSD Analysis.
EURUSD traded in a range between 1.2706 and 1.3069 for several days. As long as 1.0369 resistance holds, we’d expect downtrend to resume, and fall towards 1.2500 is possible after the sideways consolidation. Only rise above 1.3069 level will signal further rally to test 1.3329 medium term key resistance.


USDCAD Analysis.
USDCAD pulls back sharply from 1.2538 and reaches as low as 1.2179 level, suggesting that the short term downtrend has resumed. Deeper decline is expected to retest 1.2024 support, a break down below this level will signal further fall to 1.1800-1.1850 area.


AUDUSD Analysis.
AUDUSD breaks above 0.6729 resistance, suggesting that the pair is back to range trading between 0.6008 (Oct 27, 2008 low) and 0.7267 (Jan 7 high). Further rise is now in favor and the next target would be at 0.7000 zone.


GBPUSD Analysis.
GBPUSD’s uptrend from 1.3503 extends to 1.4865 level. Further rise is still possible to 1.5200 zone in a couple of days. Initial support is now at 1.4500, as long as this level holds, we’d expect the short term uptrend to continue.


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