Daily Forex Analysis – June 15, 2009

GBPUSD Analysis.
Being contained by 1.6662 previous high resistance, GBPUSD pulled back from 1.6618 last week. Range trading between 1.6240 and 1.6662 could be seen later today. As long as 1.6240 support holds, we’d expect uptrend to resume, and rise above 1.6662 would more likely be seen. However, below 1.6240 will take price back to sideways consolidation between 1.5801 and 1.6662.


EURUSD Analysis.
EURUSD trades in range between 1.3915 and 1.4171. As long as 1.3915 support holds, the price action in the trading range is treated as consolidation of short term uptrend from 1.3804, and further rebound to test 1.4338 is in favor. However, below 1.3915 will signal deeper decline towards 1.3804 level.


USDCAD Analysis.
USDCAD failed to test 1.0928 support, and rebounded sharply to as high as 1.1247 level last week. Further rise above 1.1289 previous high resistance is expected later today. Initial support is now at 1.1150 followed by 1.1080.


AUDUSD Analysis.
AUDUSD failed to test 0.8263 resistance and pulled back from 0.8236 level last week. Further fall to test 0.7967 support is expected later today. A break below this level will signal deeper decline towards 0.7827 previous low.


USDCHF Analysis.
USDCHF is testing 1.0857 resistance, a break above this level will signal further rally towards 1.0986 previous high resistance. As long as 1.0857 resistance holds, we’d expect downtrend to resume and deeper decline to re-test 1.0590 is still possible.


USDJPY Analysis.
USDJPY is forming a sideways consolidation in a range between 97.08 and 98.88. Key resistance is now at 98.88, a break above this level will signal further rally to 100.00 level. Key support is at 97.08, below this level will indicate that the uptrend from 93.85 has completed at 98.88 already, and the following downtrend will take price to 95.00 zone.


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