Daily Forex Analysis – December 7, 2009

USDCHF Analysis.
USDCHF stays in a trading range between 0.9917 and 1.0222. Further rise to test 1.0222 resistance would more likely be seen later today, a break above this level could signal another bounce to 1.0300 zone. Key resistance is located at 1.0338, only break above this level will indicate that the longer term downtrend from 1.1021 (June 24 high) has completed at 0.9917 already.


EURUSD Analysis.
EURUSD continues to trade in range between 1.4801 and 1.5144. Lengthier sideways movement in the range is expected in a couple of days. Support is located at 1.4801, below this level will signal deeper decline to 1.4700 zone.


GBPUSD Analysis.
GBPUSD has formed a short term cycle top at 1.6721 level on 4-hour chart. Deeper decline towards 1.6271 previous low is now in favor. Resistance is at 1.6565, as long as this level holds, downtrend from 1.6721 will continue.


USDJPY Analysis.
After breaking above the falling trend line on 4-hour chart, USDJPY bounced sharply to as high as 90.76 level. Further rally is still possible later today and next target would be at 91.50-92.00 area. Support levels are at 89.25 and 88.85.


AUDUSD Analysis.
AUDUSD has formed a short term cycle top at 0.9321 level on 4-hour chart. Another fall towards 0.8946 previous low would more likely be seen in next several days. Key resistance is at 0.9321, only rise above this level could trigger a major rise targeting 0.9500 area.


USDCAD Analysis.
USDCAD stays in a trading range between 1.0405 and 1.0748. Lengthier consolidation in range is still possible in a couple of day. Another fall towards 1.0206 (Oct 15 low) previous low would more likely be seen after consolidation and a breakdown below 1.0405 will confirm resumption of downtrend.


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