Daily Forex Analysis – June 8, 2009

EURUSD Analysis.
EURUSD is testing the support of the lower border of the rising price channel on 4-hour chart. A clear break below the channel support will signal deeper decline to test 1.3793 key support. As long as 1.3793 support holds, we’d expect uptrend to resume and one more rise towards 1.4600 is still possible. However, below this level will suggest that the rise from 1.2884 has completed at 1.4338 already, and then deeper decline could be seen to 1.3550-1.3600 area.


AUDUSD Analysis.
AUDUSD is testing the support of 0.7913. Deeper decline to 0.7750 level would more likely be seen later today and a break down below 0.7913 level will confirm such case. However, the fall from 0.8263 is more likely consolidation of uptrend from 0.6284 and further rally towards 0.8500 is still possible after consolidation. Key resistance is now located at 0.8121, above this level will indicate that a short term cycle bottom has been formed on 4-hour chart and the consolidation from 0.8263 has completed.


USDCAD Analysis.
USDCAD’s rebound from 1.0784 extends to 1.1206 level. Further rally is possible to 1.1400 zone in a couple of days. However, the rise from 1.0784 is treated as consolidation of downtrend from 1.3063 and downtrend could be expected to resume after consolidation. Key support is now at 1.0928, below this level will confirm the resumption of downtrend.


USDCHF Analysis.
USDCHF rebounded sharply to as high as 1.0906 last week. Further rise is still possible to re-test 1.0953 resistance. A break above this level will signal further rally to 1.1000-1.1050 area. Near term support is at 0.0750, below this level will indicate that the rebound from 1.0590 has completed, then deeper decline could be seen to test 1.0590 previous low support.


USDJPY Analysis.
USDJPY moves sharply to 98.88 level last week. Further rise is expected to test 99.64 (May 7 high) resistance. However, consolidation would more likely be seen before breaking above this level. Near term support is at 97.70, as long as this level holds, the uptrend from 94.44 will continue.


GBPUSD Analysis.
GBPUSD’s fall from 1.6662 extends to 1.5936 level. Deeper decline is expected to test 1.5777 key support, a break down below this level will indicate that the uptrend from 1.4397 has completed at 1.6662 level already, and then the following downtrend will take price to 1.5500 zone.


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