Forex Analysis – May 26, 2008 – Forex Market Analysis

USDCHF Analysis.
USDCHF is in consolidation to the down trend. Rebound to test 1.9354 resistance is possible later today. As long as 1.9354 resistance holds, we’d expect down trend to resume and deeper decline to 1.0000 area could be seen after consolidation.

GBPUSD Analysis.
GBPUSD is in up trend. Further rise to 2.000 area is still possible in the next few days. Near term support is at 1.9755, a break below this level will signal consolidation to the up trend and pullback could be seen to test the support of the up trend line from 1.9363 to 1.9463.

AUDUSD Analysis.
AUDUSD formed a short term cycle top at 0.9653 and is in consolidation to the up trend. Pullback to test 0.9510 is possible in a couple of days. As long as this support holds, we’d expect up trend to resume and further rally to 0.9800 is still in favor.

USDJPY Analysis.
USDJPY traded in range between 102.58 and 105.70 (May 2 high). As long as 102.58 support holds, rebound to test 105.44 previous high resistance is expected in a couple of days, and a break of 105.44 level will indicate that the sideways consolidation from 105.70 has completed and up trend resumes.

EURUSD Analysis.
EURUSD is in consolidation to the up trend. Pullback to test 1.5631 support is possible in a couple of days. As long as 1.5631 support holds, we’d expect up trend to resume, and then further rise to1.5950 area could be seen.

USDCAD Analysis.
USDCAD is in down trend. Rebound from 0.9818 is treated as consolidation to the down trend. Further fall to test 0.9709 (Feb 28 low) is possible after consolidation. Near term resistance is at 0.9959, as long as this resistance holds, down trend will continue.

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