Daily Forex Analysis – June 2, 2009

USDCAD Analysis.
USDCAD’s downtrend from 1.1814 extends to as low as 1.0784. Sideways consolidation is expected in a couple of days and rebound to test the resistance of the falling trend line from 1.1814 to 1.1257 would more likely be seen. As long as the trend line resistance holds, we’d expect the downtrend to resume and deeper decline could be seen to 1.0600 after consolidation.


USDCHF Analysis.
USDCHF remains in short term downtrend from 1.0953 and the rebound from 1.0618 is treated as consolidation of the downtrend. Range trading between 1.0618 and 1.0800 would more likely be seen later today. Deeper decline could be expected after consolidation and a break down below 1.0618 level will signal deeper decline to 1.0450-1.0500 area.


USDJPY Analysis.
Being contained by the long term key support at 93.53 (Mar 19 low), USDJPY rebounded from 93.85 level. Moving sideways without trend in a range between 93.85 and 97.23 would more likely be seen in a couple of days.


EURUSD Analysis.
EURUSD remains in short term uptrend from 1.3793, the pullback from 1.4245 is treated as consolidation of the uptrend. Range trading between 1.4070 and 1.4245 is possible later today. As long as 1.4070 support holds, we’d expect uptrend to resume, and further rally to 1.4500 could be seen after consolidation.


AUDUSD Analysis.
AUDUSD’s uptrend extends to as high as 0.8152. Further rally is still in favor and next target is expected at 0.8350-0.8400 area. Initial support is now at 0.8050 followed by 0.7960, as long as these levels hold, the short term uptrend from 0.7743 will continue.


GBPUSD Analysis.
GBPUSD continues in bullish and the rise from 1.4397 extends to as high as 1.6496 level. Further rally is still in favor and the next short term target would be at 1.6750 zone. Near term support is at 1.6350 followed by 1.6300.


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