Daily Forex Analysis – June 3, 2009

USDCAD Analysis.
USDCAD continues in range trading between 1.0784 and 1.0971. The price action in the trading range is treated as consolidation of the downtrend from 1.1814. Deeper decline could be expected after consolidation, a break down below 1.0784 level will indicate that the downtrend has resumed and the next target would be at 1.0600 zone. Initial resistance is at the falling trend line from 1.1814 to 1.1257, key resistance is at 1.0971, as long as this level holds, downtrend will continue.


USDCHF Analysis.
USDCHF’s short term downtrend from 1.0953 extends further to as low as 1.0590 level. Deeper decline is possible later today and the next target is at 1.0450-1.0500 area. Initial resistance is at the downtrend line from 1.0953 to 1.0742, and the key resistance is at 1.0742, as long as this level holds, downtrend will continue.


USDJPY Analysis.
No changed in our view, USDJPY is in range trading between 93.85 and 97.23. Moving sideways without trend will more likely be seen in a couple of days. As long as 97.23 key resistance holds, the range trading is treated as consolidation of the downtrend from 101.43 (Apr 6 high) and further fall below 93.53 (Mar 19 low) long term key support is expected after consolidation.


EURUSD Analysis.
EURUSD breaks above the rising price channel on 4-hour chart. Sharp move towards 1.4600 is possible in a couple of days. Near term support is at 1.4250 followed by 1.4200, as long as these levels hold, we’d expect the uptrend from 1.3793 to continue.


AUDUSD Analysis.
AUDUSD remains in short term uptrend from 0.7743. Further rise is still possible to 0.8500 in a couple of days. Initial support is at the rising trend line on 4-hour chart now at 0.8120, and key support is at 0.8050, as long as 0.8050 support holds, uptrend will continue.


GBPUSD Analysis.
GBPUSD continues in bullish and the rise from 1.4397 extends to as high as 1.6596 level. Further rally is still possible to 1.6750 zone later today. Key support is now at 1.6323, only drop below this level will signal consolidation of the uptrend.


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