Daily Forex Analysis – September 2, 2009

USDJPY Analysis.
USDJPY stays in the falling price channel on 4-hour chart and remains in short term downtrend from 95.05. Deeper decline is still possible to 92.00 zone. Near term resistance is at the upper border of the price channel on 4-hour chart, and key resistance is 93.42, as long as this level holds, we’d expect downtrend to continue. However, above 93.42 level will suggest that a short term cycle bottom has been formed and the fall from 95.05 has completed.


AUDUSD Analysis.
AUDUSD drops sharply to as low as 0.8239 and is testing 0.8238 support, below this level will signal deeper decline towards 0.8000. Initial resistance is at 0.8290 followed by 0.8330, and key resistance is located at 0.8477.


GBPUSD Analysis.
GBPUSD breaks below 1.6153 support, suggesting that the downtrend from 0.7042 has resumed. Deeper decline is now in favor and next target would be at 1.5850-1.5900 area. Near term resistance is now located at the falling trend line on 4-hour chart, as long as the trend line resistance holds, we’d expect the downtrend to continue.


EURUSD Analysis.
EURUSD breaks below 1.4200 key support, suggesting that the short term uptrend from 1.4045 has completed at 1.4405 level already. Deeper decline is now in favor and next target is to test 1.4045 support, a break down below this level will signal further fall towards 1.3800 zone.


USDCAD Analysis.
USDCAD is now in short term uptrend from 1.0718. Further rise to test 1.1124 previous high resistance is possible in a couple of days, a break above this level will take price to 1.1400 zone. Near term support remains at the rising trend line from 1.0718 to 1.0791 now at 1.0850, as long as the trend line support holds, we’d expect uptrend to continue.


USDCHF Analysis.
USDCHF rebounds sharply to as high as 1.0704 and is testing 1.0714 key resistance, a break above this level will indicate that the downtrend from 1.0883 has completed at 1.0530 level already, and the following uptrend will take price towards 1.1000 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