Daily Forex Analysis – Jun 3, 2008 – Forex Market Analysis

USDJPY Analysis.
USDJPY drops sharply from 105.87 and formed a short term cycle on 4-hour chart. The fall from 105.87 is treated as resumption of down trend. Deeper decline to test 102.73 previous low support is expected to follow in next several days. Near term resistance is at 105.00, as long as this resistance holds, down trend will continue.

USDCHF Analysis.
USDCHF drops sharply from 1.0526 and reaches as low as 1.0324. Deeper decline is still possible to test 1.0214 previous low. Initial resistance is at 1.0447 and key resistance is at 1.0526, only break of the key resistance can signal resumption of up trend.

GBPUSD Analysis.
GBPUSD is in correction to the up trend. Deeper decline to 1.9550 area to reach the next short term cycle bottom on 4-hour chart is still possible. Key resistance is located at 1.9822, a break of this level will indicate that the correction from 1.9852 has completed and up trend resumes.

AUDUSD Analysis.
AUDUSD might be forming a short term cycle bottom at 0.9501 on 4-hour chart. Key resistance is located at 0.9578, a break of this level will confirm the cycle bottom and then rally to test 0.9653 could be seen.

EURUSD Analysis.
EURUSD is in down trend. Rebound from 1.5462 is treated as consolidation to the down trend. Further decline is expected to test 1.5284 (May 8 low) after consolidation and a break below 1.5462 level will signal resumption of the down trend.

USDCAD Analysis.
USDCAD is moving to the next cycle top on daily chart. Further rise to 1.0125 area is still possible in a couple of days. Key support is at 0.9927, only break of this level will signal resumption of down trend.

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