Daily Forex Analysis – August 10, 2009

USDCAD Analysis.
USDCAD is moving to the next short term cycle top on 4-hour chart and the next cycle top is nearing. Pullback would more likely be seen before breaking above 1.0933 resistance. Key support is now located at 1.0755, a break below this level will confirm the cycle top, then deeper decline could be seen to re-test 1.0632 previous low support. However, above 1.0933 will indicate that the downtrend from 1.1723 has completed at 1.0632 level already.


EURUSD Analysis.
EURUSD has formed a short term cycle top at 1.4447 level on 4-hour chart. Deeper decline is expected to 1.4050-1.4100 area later today. Near term resistance is at 1.4260, as long as this level holds, the short term downtrend from 1.4447 will continue.


USDJPY Analysis.
USDJPY rose sharply and broke above the upper border of the price channel on 4-hour chart. Further rally to 99.00 zone is possible later today. Near term support is at 97.00 followed by 96.50, as long as these levels hold, uptrend will continue.


AUDUSD Analysis.
AUDUSD is testing the support of the lower border of the rising price channel, as long as channel support holds, we would expect uptrend to resume, and one more rise above 0.8469 is still possible in a couple of days. However, a clear break below the channel support will indicate that the uptrend from 0.7703 has completed at 0.8469 level already, then the follow downtrend will take price back to 0.8000 zone.


GBPUSD Analysis.
GBPUSD has formed a short term cycle top at 1.7042 level on 4-hour chart. Deeper decline is still possible to 1.6500 zone later today. Key resistance is at 1.6834, as long as this level holds, the short term downtrend form 1.7042 will continue. However, above 1.6834 level will suggest that a short term cycle bottom has been formed and further rally could be seen towards 1.7042 previous high.


USDCHF Analysis.
USDCHF rebounded sharply to as high as 1.0844 last week, suggesting that the pair is back to range trading between 1.0562 and 1.1021. Further rise to 1.0900 is expected in a couple of days. Initial support is at 1.0785 followed by 1.0750.


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