Daily Forex Analysis – Jun 9, 2008 – Forex Market Analysis

EURUSD Analysis.
EURUSD rebounded sharply from 1.5365 and is testing 1.5818 previous high resistance. Further rise to 1.5900 area to reach the next short term cycle top on 4-hour chart is expected in a couple of days. Initial support is at 1.5700 and followed by 1.5630. As long as 1.5630 support holds, up trend will continue.

USDCHF Analysis.
USDCHF breaks below 1.0214 previous low support. Deeper decline to 1.0000 area is still possible in a couple of days. Initial resistance is at 1.0250 and followed by 1.0300. As long as 1.0300 resistance holds, down trend will continue.

USDCAD Analysis.
USDCAD is testing 1.0242 (May 2 high) resistance. Pullback to 1.0100 could be seen before breaking above 1.0242 level. Initial support is at 1.0150 and followed by 1.0065 level. As long as 1.0065 support holds, we’d expect up trend to resume and further rally is still possible after consolidation.

USDJPY Analysis.
USDJPY is testing the support of the up trend line from 102.73 to 103.87. As long as the trend line support holds, we’d expect up trend to resume and further rise above 106.42 resistance to reach the next short term cycle top on 4-hour chart is still possible. Only break of 103.87 will signal reversal to up trend.

AUDUSD Analysis.
No changed in our view, AUDUSD is forming a sideways consolidation in a range between 0.9486 and 0.9653 (May 21 high). Rebound from 0.9486 could possibly be resumption of up trend. Further rise above 0.9653 is possible, and a break of 0.9653 will signal resumption of up trend. Only fall below 0.9486 will indicate lengthier consolidation is underway, and then deeper decline to 0.9430 area is expected to follow.

GBPUSD Analysis.
GBPUSD broke above the falling price channel resistance and formed a short term cycle bottom at 1.9461 on 4-hour chart. The rise from 1.9461 is treated as resumption of up trend. Further rally is still possible to retest 1.9852 previous high resistance. Initial support is at 1.9630 and as long as this support holds, up trend will continue.

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