Daily Forex Analysis – November 2, 2009

USDCAD Analysis.
Being supported by the lower border of the rising price channel on 4-hour chart, USDCAD rebounded from 1.0652 last week, suggesting that a short term cycle bottom has been formed and uptrend from 1.0206 has resumed. As long as the channel support holds, we’d expect uptrend to continue and another rise towards 1.1000 is possible. Key support level is now located at 1.0627, below this level could indicate that the rise from 1.0206 has completed, then the following downward trend could bring price back below 1.0206 previous low.


EURUSD Analysis.
After touching 1.4840 resistance, EURUSD dropped from 1.4859 level, suggesting probability of another fall towards 1.4550-1.4600 area, and a breakdown below 1.4683 support will confirm such case. As long as 1.4683 support holds, range trading between 1.4683 and 1.4920 is expected.


USDJPY Analysis.
USDJPY broke below 90.07 support last week. Another fall towards 88.83 is expected later today. Resistance level is now at 90.35, as long as this level holds, we’d expect downtrend to continue. However, rebound would more likely be seen before breaking below 88.03 level, and another rise to 94.00 is still possible.


GBPUSD Analysis.
GBPUSD formed a trading range between 1.6251 and 1.6692. The fall from 1.6603 could possibly be resumption of downtrend and another fall towards 1.6000 area would more likely be seen, a break below 1.6251 will confirm such case.


USDCHF Analysis.
USDCHF failed to test 1.0148 support and rebounded from 1.0156 last week. Another rise to 1.0400 is still possible and a break above 1.0285 will signal resumption of uptrend. On the down side, key support remains located at 1.0148, break below this level could take price to 1.0090 area.


AUDUSD Analysis.
An unexpected drop from 0.9180 has taken price to re-test 1.8942 previous low support, a break below this level will indicate that the downtrend from 0.9326 has resumed, then deeper decline could be seen to 0.8700-0.8750 area.


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