Daily Forex Analysis – June 18, 2009

GBPUSD Analysis.
GBPUSD stays in the trading range between 1.6209 and 1.6618. A break above 1.6618 will indicate that the uptrend from 1.3654 (Mar 11 low) has resumed, then further rally could be seen to 1.7000 zone. However, below 1.6209 support will take price to 1.5950-1.6000 area.


USDCHF Analysis.
USDCHF drops below 1.0821 support, suggesting range trading between 1.0590 and 1.0986 is underway. Deeper decline to 1.0700 zone could be seen later today and rebound is expected before breaking below 1.0650 level.


EURUSD Analysis.
EURUSD breaks above 1.3932 resistance. Further rally to 1.4050-1.4100 area to reach the next cycle top on 4-hour chart could be seen in a couple of day. However, 1.4171 resistance would more likely be held, and pullback is expected before breaking above this level.


USDCAD Analysis.
No changed in our view, USDCAD remains in short term uptrend. Further rally is possible to 1.1500 zone later today. Key support is at 1.1221, only fall below this level will indicate that the rise from 1.0940 has completed.


AUDUSD Analysis.
Being supported by 0.7827, AUDUSD consolidates in a range between 0.7850 and 0.8067. Rebound to 0.8150 zone would more likely be seen. Initial support is at 0.7827, only fall below this level will signal deeper decline to 0.7700-0.7750 area.


USDJPY Analysis.
USDJPY’s downtrend from 98.88 extends to as low as 95.51 level. Further fall is still in favor and next short term target is at 94.50-95.00 area. Initial resistance is at 96.00 followed by 96.80, as long as these levels hold, downtrend will continue.


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