Daily Forex Analysis – May 1, 2009

USDJPY Analysis.
USDJPY breaks above the previously mentioned price channel resistance, suggesting that a short term cycle bottom has been formed at 95.62 level on 4-hour chart and the downtrend from 101.43 has completed. Further rally is still possible to test 99.74 resistance later today. Near term support is at 98.50 followed by 98.00, as long as 98.00 level holds, we’d expect the short term uptrend from 95.62 to continue.


EURUSD Analysis.
Being contained by 1.3392 previous high resistance, EURUSD pulls back from 1.3385 level. Further fall would more likely be seen in a couple of days, and target is at 1.3000-1.3050 area. Initial resistance is now at 1.3385, break above this level will signal further rally to 1.3500 zone.


USDCAD Analysis.
As expected, USDCAD breaks below 1.1981 previous low. Deeper decline is still possible to 1.1700 level. Initial resistance is at 1.1975 followed by 1.2070, only rise above 1.2070 level will indicate that the downtrend from 1.2504 has completed.


USDCHF Analysis.
After breaking below 1.1303 previous low support, USDCHF rebounds sharply from 1.1270 level. Further rise would more likely be seen to 1.1500-1.1550 area. Near term support is at 1.1270, only break below this level will signal further fall to test 1.1159 (Mar 19 low) support.


AUDUSD Analysis.
After breaking above 0.7322 previous high resistance, AUDUSD pulls back from 0.7383 level. Range trading between 0.7150 and 0.7383 would more likely be seen in a couple of days. Initial resistance is at 0.7383, break above this level will signal further rally to 0.7500 zone.


GBPUSD Analysis.
GBPUSD drops sharply from 1.4946. Deeper decline will more likely be seen later today, and the target would be at 1.4600 zone. Near term resistance is at 1.4946, above this level will signal further rally to test 1.5066 key resistance.


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