Daily Forex Analysis – Jun 27, 2008

USDJPY Analysis.
USDJPY is testing 106.56 support. Fall below this level would more likely be seen later today. And deeper decline to 105.50 area to reach next short term cycle bottom on 4-hour chart is now in favor.

USDCAD Analysis.
USDCAD broke above the down trend line resistance . Further rebound is possible to test 1.0194 later today. As long as 1.0194 resistance holds, we’d expect down trend to resume, and deeper decline to 1.0000 could be seen after consolidation.

AUDUSD Analysis.
AUDUSD pulled back from 0.9609 and broke below the price channel support. Deeper decline is still possible to test 0.9493 support later today. However, the fall is treated as consolidation to up trend. As long as 0.9493 support holds, we’d expect up trend to resume, and a short term cycle bottom would be formed by the end of consolidation.

GBPUSD Analysis.
GBPUSD broke above 1.9852 (May 23 high) and reached as high as 1.9895. The pair is back to up trend. Further rally is expected to 2.0000 area. Initial support is at the up trend line, as long as the trend line support holds, up trend will continue.

EURUSD Analysis.
No changed in our view, EURUSD is in up trend. Further rise to test 1.5843 is still possible in next few days. Initial support is at the up trend line and key support is located at 1.5462, only break of 1.5462 level will signal resumption of down trend.

USDCHF Analysis.
USDCHF broke below 1.0301 support and is now in down trend. Further fall is expected to test 1.0147 (June 9 low). Near term resistance is now at 1.0301, as long as this resistance holds, down trend will continue.

For long term forex analysis.

Get Your Free Elliott Wave Tutorial Now!