Daily Forex Analysis – February 16, 2009

AUDUSD Analysis.
AUDUSD might be forming a short term cycle bottom at 0.6428 on 4-hour chart. Key resistance is at 0.6641, a break above this level will confirm the cycle bottom, and further rally could be seen to 0.7000 zone. Near term support is at 0.6428, below this level will signal deeper decline to 0.6300 level.


EURUSD Analysis.
EURUSD is forming a sideways consolidation in a range between 1.2706 and 1.3093. Moving without trend in this range would more likely be seen, and rebound to 1.3050 is possible in a couple of days. However, the price action from 1.2764 (Jan 23 low) is more likely consolidation of the medium term downtrend from 1.4719 (Dec 18, 2008 high). Further fall is expected after the sideways consolidation, and a break below 1.2706 will signal deeper decline towards 1.2500 area.


GBPUSD Analysis.
GBPUSD is now in short term downtrend, the rebound from 1.4134 is more likely consolidation of the downtrend. Further fall is expected to test 1.3503 previous low support, and a break below 1.4051 would confirm the resumption of the downtrend.


USDCAD Analysis.
USDCAD is trading in a range between 1.2024 and 1.2765. Further rise is still possible to 1.2650 zone in a couple of days. Near term support is now at 1.2279, only fall below this level will signal deeper decline to 1.2000 zone.


USDJPY Analysis.
USDJPY stays above this up trend line from 87.12 to 88.58, and the rise from 89.70 could possibly be resumption of the uptrend from 87.12. As long as the trend line support holds, we’d expect uptrend to continue and further rise towards 93.50 is possible in a couple of days.


USDCHF Analysis.
No changed in our view, USDCHF is running in a price channel on 4-hour chart. As long as the channel support holds, we’d expect short term uptrend from 1.1313 to continue. Medium term key support is now located at 1.1501, below this level will indicate that the rise from 1.1313 has completed.


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