Daily Forex Analysis – June 8, 2010

USDCAD Analysis.
USDCAD is in uptrend form 1.0333, and the fall form 1.0678 is treated as correction of uptrend. Key support is now at 1.0515, as long as this level holds, uptrend could be expected to continue and one more rise to 1.0750-1.0800 area is still possible. However, a breakdown below 1.0515 will indicate that a cycle top has been formed on 4-hour chart and the bounce from 1.0333 has completed at 1.0678 already, then another fall to 1.0100 area could be seen.


USDCHF Analysis.
USDCHF formed a cycle bottom at 1.1430 level on 4-hour chart. Another rise to 1.1900 is expected and a break above 1.1730 will signal resumption of uptrend. Support is at 1.1580 followed by 1.1530, below these levels will indicate that lengthier consolidation in a range between 1.1430 and 1.1730 is underway.


GBPUSD Analysis.
GBPUSD formed a cycle top at 1.4769 level on 4-hour chart. The fall from 1.4769 could possibly be resumption of downtrend. Another fall towards 1.4230 is expected later today and a breakdown below this level will confirm the resumption of downtrend, then next target would be at 1.4000 area.


AUDUSD Analysis.
AUDUSD is testing 0.8066 previous low support. Minor consolidation would more likely be seen before breaking below this level, however a breakdown below this level could trigger another fall to 0.7800 area. Resistance is at 0.8215 followed by 0.8320.


EURUSD Analysis.
EURUSD’s downward movement extends to as low as 1.1876 level. Another fall is expected later today and next target would be at 1.1750-1.1800 area. Initial resistance is at 1.1995 followed by 1.2050, as long as these levels hold, downtrend will continue.


USDJPY Analysis.
USDJPY formed a cycle top at 92.88 level on 4-hour chart. However, the fall from 92.88 is more likely correction of uptrend. As long as 90.53 key support holds, another rise towards 94.98 is still possible and a break of 92.88 could signal resumption of uptrend, only fall below 90.53 support will indicate that the bounce from 88.98 is complete.


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