Daily Forex Analysis – November 9, 2009

GBPUSD Analysis.
GBPUSD is testing 1.6692 resistance, above this level will face 1.6741 critical resistance, a break of this level will indicate that the longer term downtrend from 1.7042 (Aug 5 high) has completed at 1.5708 level already, then another rise could be seen to retest 1.7042 resistance. Support levels are 1.6515 and 1.6466, below 1.6466 key support will suggest that a short term cycle top has been formed on 4-hour chart, then another fall towards 1.6000 could be seen.


USDCAD Analysis.
USDCAD is in short term downtrend from 1.0852, and the rise from 1.0594 is treated as correction of downtrend. One more fall to 1.0500 is still possible. Support level is at 1.0660, below this level could signal resumption of downtrend. Resistance is at 1.0780 and key resistance is located at 1.0852, only rise above this level will indicate that the uptrend from 1.0206 has resumed, then another rise towards 1.1000 could be seen to follow.


USDJPY Analysis.
USDJPY consolidates in a range between 89.44 and 91.26. Deeper decline to test 89.44 support would more likely be seen later today, below this level will signal another fall towards 88.83 support. Key resistance is located at 91.26, above this level will suggest that the uptrend from 88.01 has resumed, then another rise towards 94.00 is expected to follow.


USDCHF Analysis.
USDCHF is now in downtrend from 1.0338, and the narrow range trading above 1.0127 is treated as consolidation of downtrend. A breakdown below 1.0127 could signal another fall towards 1.0032 previous low. Resistance level is at 1.0201, only rise above this level will indicate that lengthier consolidation is underway.


EURUSD Analysis.
EURUSD is in uptrend from 1.4626, and the range trading between 1.4811 and 1.4916 is treated as consolidation of uptrend. A break above 1.4916 will signal another rise towards 1.5062 previous high. Support level is now at 1.4811, only fall below this level could take price back to 1.4750 area.


AUDUSD Analysis.
AUDUSD broke above 0.9180 key resistance last week, suggesting that a short term cycle bottom has been formed at 0.8916 level on 4-hour chart. Now the rise from 0.8916 is treated as resumption of longer term uptrend from 0.7703 (July 13 low), and another rise towards 0.9500 is now in favor.


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