Daily Forex Analysis – Jun 10, 2008

EURUSD Analysis.
EURUSD broke above 1.5818 previous high resistance and pulled back sharply from 1.5843. A short term cycle top has been formed on 4-hour chart and the fall from 1.5843 is treated as resumption of down trend. Deeper decline is expected to retest 1.5365 level. Key resistance is now located at 1.5843, only break of this level will signal reversal to down trend.

USDCHF Analysis.
USDCHF rebounded from 1.0147 and formed a short term cycle bottom on 4-hour chart. The rise from 1.0147 is treated as resumption of up trend. Further rally to test 1.0526 is now in favor. Key support is at 1.0147, only break below this level will pull price back to 1.0000 area.

USDCAD Analysis.
USDCAD is testing 1.0242 (May 2 high) resistance. Consolidation is expected and pullback could be seen before breaking above 1.0242 level. Initial support is at 1.0150, a break of this level will turn price back to 1.0065 area.

USDJPY Analysis.
USDJPY breaks above 106.42 resistance. Further rise to 107.50 area is still possible after consolidation. Initial support is at 105.95 and followed by the up trend line from 102.73 to 103.87, only fall below this trend line support will signal reversal to up trend.

AUDUSD Analysis.
AUDUSD failed to test 0.9653 (May 21 high) resistance and pulled back below 0.9486 previous low support, suggesting that lengthier consolidation to the long term up trend is underway. Sideways consolidation may be expected to follow

GBPUSD Analysis.
GBPUSD is in up trend. Further rise to test 1.9852 resistance is still possible later today. However, the next short term cycle top is nearing. A break below 1.9671 level will signal consolidation to the up trend.

For long term forex analysis.

Get Your Free Elliott Wave Tutorial Now!