Daily Forex Analysis – September 9, 2009

GBPUSD Analysis.
GBPUSD’s rebound extends further to as high as 1.6586. The pair is testing 1.6623 resistance, a break above this level will suggest that the downtrend from 1.7042 has completed at 1.6113 already. Initial support is now  at the lower border of the price channel on 4-hour chart and key support is at 1.6286, below this level will indicate that a short term cycle top has been formed, then deeper decline could be seen to re-test 1.6113 previous low support.


USDCAD Analysis.
Being contained by 1.0632 previous low support, USDCAD rebounds from 1.0673 level, suggesting that a short term cycle bottom is being formed on 4-hour chart. Consolidation in a range between 1.0673 and 1.0900 is expected in a couple of days.


AUDUSD Analysis.
AUDUSD continue its bullish movement and the uptrend from 0.8239 extends to as high as 0.8657 level. Further rise to 0.8700 is still possible in a couple of days. Initial support is now at 0.8580 followed by 0.8525, as long as these levels hold, uptrend from 0.8239 will continue.


EURUSD Analysis.
EURUSD broke above 1.4447 previous high resistance and reached as high as 1.4534 level. Further rally is still possible to 1.4600-1.4650 area in a couple of days. Near term support is at 1.4410, as long as this level holds, we’d expect uptrend from 1.4177 to continue.


USDCHF Analysis.
USDCHF broke below 1.0530 previous low support, suggesting that the downtrend from 1.0883 has resumed. Deeper decline is still possible to 1.0350-1.0400 area in a couple of days. Near term resistance is at 1.0530, only rise above this level will signal consolidation of the medium term downtrend.


USDJPY Analysis.
USDJPY has formed a short term cycle top at 93.29 level on 4-hour chart. Deeper decline is now in favor and next target would be at 91.00 zone. Near term resistance is now at the upper border of the price channel, only rise above the channel resistance will indicate that lengthier consolidation of downtrend is underway.


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