Daily Forex Analysis – December 2, 2009

USDJPY Analysis.
USDJPY stays below a falling trend line from 90.60 to 89.18, as long as the trend line resistance holds, rebound from 84.82 is treated as consolidation of downtrend from 92.32 and another fall below 84.82 is still possible after consolidation. However, a clear break above the trend line resistance (now at 87.90) will indicate that the fall from 92.32 has completed at 84.82 level already, then the following uptrend could take price back to 89.00 or even 91.00.


AUDUSD Analysis.
AUDUSD has reached the falling trend line 0.9404 to 0.9321, a break above the trend line resistance will suggest that the fall form 0.9404 has completed, then another rise towards 0.9500 could be seen to follow. Support level is now at 0.9100, as long as this level holds, uptrend from 0.8946 will continue.


GBPUSD Analysis.
GBPUSD is testing resistance of the falling trend line from 1.6875 to 1.6745, above the trend line resistance will signal further rally towards 1.6745 resistance, however, next short term cycle top is nearing, pullback is expected before breaking above this level.


EURUSD Analysis.
EURUSD stays in a trading range between 1.4801 and 1.5144. Further rise to test 1.5144 is possible later today, a break above this level will signal resumption of longer term uptrend from 1.3748 (Jun 16 low), then next target would be at 1.5200-1.5300 area. Support level is now located at 1.4971, only fall below this level could take price back to 1.4850 zone.


USDCAD Analysis.
As expected, USDCAD breaks below 1.0416 support. Now the fall from 1.0748 is treated as resumption of long term downtrend. Deeper decline towards 1.0206 (Oct 15 low) previous low is in favor. Resistance is at 1.0500, as long as this level holds, downtrend from 1.0748 will continue.


USDCHF Analysis.
USDCHF stays in a trading range between 0.9917 and 1.0222. Deeper decline towards 0.9917 is expected later today, a break below this level will signal another fall to 0.9800 zone. Resistance is at 1.0074, above this level will indicate lengthier sideways consolidation in range is underway.


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