Daily Forex Analysis – July 1, 2008

EURUSD Analysis.
Being contained by the previous high resistance at 1.5843, EURUSD pulled back from 1.5836. As long as the support of up trend line from 1.5302 to 1.5468 holds, we’d expect up trend to resume and rise above 1.5843 to reach next short term cycle top on 4-hour chart is in favor.

USDCHF Analysis.
USDCHF is in down trend. Rebound from 1.0129 is treated as consolidation to down trend. As long as 1.0301 resistance holds, we’d expected down trend to resume and fall towards 1.0100 could be seen after consolidation.

USDJPY Analysis.
USDJPY’s down trend extended to as low as 104.98. Subsequent rebound is treated as consolidation to down trend. One more fall towards 104.00 to reach next short term cycle bottom is still possible after consolidation and a break below 104.98 level will signal resumption of down trend.

USDCAD Analysis.
USDCAD broke above 1.0194 resistance, suggesting the fall from 1.0322 (June 10 high) has completed. Further rise to retest 1.0322 resistance could be expected in next few days, a break of this level will signal resumption of long term up trend.

AUDUSD Analysis.
AUDUSD broke below the up trend line on 4-hour chart. Sideways consolidation in a range between 0.9541 and 0.9667 could be seen in a couple of days. As long as 1.9493 key support holds, we’d expect up trend to resume and rise to 0.9700 to reach next cycle top on 4-hour chart is possible.

GBPUSD Analysis.
GBPUSD’s up trend remains and the rise from 1.9408 extended to as high as 1.9966 level. Further rally is still possible to 2.0100 in a couple of days. Initial support is now located at the lower boundary of the price channel.

For long term forex analysis.

Get Your Free Elliott Wave Tutorial Now!