Daily Forex Analysis – Jun 26, 2008

USDCAD Analysis.
USDCAD broke below 1.0100 support and is back to down trend. Deeper decline to 1.0000 area is possible in next several days. Near term resistance is at the down trend line and followed by 1.0194, as long as 1.0194 resistance holds, down trend will continue.

AUDUSD Analysis.
AUDUSD’s up trend remains and further rise to test 0.9653 (May 21 high) is possible in next few days. Initial support is at 0.9532, as long as this level holds, we’d expect up trend to continue.

GBPUSD Analysis.
GBPUSD rebounded from 1.9586 and reached as high as 1.9769. Further rise to test 1.9800 resistance is still possible later to day. If this resistance gives way, the next target would be at 1.9830 – 1.9850 region. Pullback and consolidation could be seen before breaking above 1.9852 (May 23 high).

EURUSD Analysis.
EURUSD breaks above 1.5651 resistance and reaches as high as 1.5687. Further rise to test 1.5843 is still possible in next few days. Initial support is at 1.5537 and key support is located at 1.5462, only break of 1.5462 level will signal resumption of down trend.

USDJPY Analysis.
USDJPY formed a short term cycle bottom at 107.12 on 4-hour chart. Sideways consolidation in range between 106.56 and 108.58 is now in favor before breaking above 108.58 level and pullback to test 106.56 would more likely be seen. However rise above 108.58 is resumption of up trend.

USDCHF Analysis.
USDCHF traded in range between 1.0301 and 1.0539. Pullback to test 1.0301 support is still possible later today. As long as this support holds, we’d expect up trend to resume and rebound to 1.0600 is expect to follow after consolidation.

For long term forex analysis.

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