Daily Forex Analysis – October 2, 2009

EURUSD Analysis.
EURUSD’s downtrend from 1.4843 extends further to as low as 1.4502 level. Further fall is still possible later today and next target would be at 1.4450-1.4480 area. Key resistance is now located at 1.4673, as long as this level holds, downtrend from 1.4843 will continue, however, a break above this level will indicate that a short term cycle bottom has been formed on 4-hour chart and downtrend has completed, then the following  rebound could take price back to re-test 1.4843 previous high resistance.


GBPUSD Analysis.
GBPUSD remains in downward trend from 1.6741, the rebound from 1.5770 is more likely consolidation of downtrend, and the fall from 1.6125 could possibly be resumption of downtrend. Deeper decline to test 1.5770 support is expected in a couple of days, a break down below this level will indicate that the downtrend has resumed, then further fall could be seen to 1.5600 area.


USDJPY Analysis.
USDJPY trades in a range between 88.24 and 90.40. Moving sideways without trend in the range is expected in a couple of days. Short term target could be seen to 88.80 area later today and rebound back towards 90.40 would more likely be seen before breaking below 88.24 level.


USDCAD Analysis.
USDCAD rebounded sharply from 1.0671, suggesting that a short term cycle bottom has been formed on 4-hour chart. Further rise towards 1.0991 is expected after a small consolidation. Near term support is at 1.0780, as long as this level holds, uptrend from 1.0671 will continue.


AUDUSD Analysis.
AUDUSD is testing the support of the lower border of the rising price channel on 4-hour chart, as long as the channel support holds, we’d expect uptrend to resume and further rise is still possible to 0.8900, however, below the channel support will take price to test 0.8586 key support.


USDCHF Analysis.
USDCHF’s rebound extends further to as high as 1.0452 level, suggesting continuation of upward trend from 1.0186, next target could be expected to 1.0480-1.0500 area. Near term support is now at the rising trend line on 4-hour chart, only fall below the trend line support will signal reversal of current trend.


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