Daily Forex Analysis – April 10, 2009

EURUSD Analysis.
As expected, EURUSD drops below 1.3112 previous low support, and the fall from 1.3581 extends further to 1.3089 level. Deeper decline is still possible to 1.2900-1.3000 area. Near term resistance is at the falling trend line from 1.3581 to 1.3335, and the key resistance is now located at 1.3335, as long as this level holds, we’d expect the downtrend to continue.


AUDUSD Analysis.
AUDUSD has formed a short term cycle bottom at 0.7032 level on 4-hour chart. Further rise to test 0.7227 is now in favor, a break above this level will signal further rally to 0.7300-0.7350 area. Initial support is at 0.7032, only fall below this level will take price back to 0.6900 level.


USDCHF Analysis.
USDCHF breaks above 1.1548 previous high resistance. Suggesting that the uptrend from 1.1159 (Mar 19 low) has resumed. Further rally could be seen to 1.1800 zone. Initial support is at the rising trend line from 1.1240 to 1.1426, as long as the trend line support holds, uptrend will continue.


USDCAD Analysis.
USDCAD is in consolidation of the downtrend from 1.2714, range trading between 1.2191 and 1.2483 is still in favor, and rebound to 1.2350-1.2400 area to reach the next cycle top on 4-hour chart is expected later today.


GBPUSD Analysis.
GBPUSD trades in a narrow range between 1.4580 and 1.4778. The price action in this range is treated as consolidation of the short term downtrend from 1.4957. Deeper decline could be seen to 1.4290 level next week. Initial resistance is now at 1.4780, as long as this level holds, we’d expect downtrend to continue.


USDJPY Analysis.
USDJPY might be forming a short term cycle bottom at 99.31 level on 4-hour chart. Key resistance is now located at 100.85, a break above this level will confirm the cycle bottom. Sideways consolidation in a range between 99.31 and 101.43 is expected in next several days.


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