Daily Forex Analysis – July 3, 2008

GBPUSD Analysis.
GBPUSD is in up trend. The pullback from 2.0006 is treated as consolidation to the up trend. As long as the price channel support holds, we’d expect up trend to resume, and then further rally to 2.0100 could be seen after consolidation.

EURUSD Analysis.
EURUSD broke above 1.5843 (June 9 high) resistance and the uptrend from 1.5302 (June 13 low) extended to as high as 1.5890. Further rise is still possible to test 1.6019 (April 22 high). Pullback is expected before breaking above 1.6019 level

USDCHF Analysis.
USDCHF formed a sideways consolidation in a range between 1.0129 and 1.0231. Further fall towards 1.0050 to reach next short term cycle bottom on 4-hour chart is expected in a couple of days. Initial resistance is now located at 1.0231 and followed by 1.0301.

USDJPY Analysis.
USDJPY is in down trend. The rebound from 104.98 is treated as correction to down trend. Initial resistance is at 106.77. As long as this resistance holds, deeper decline is possible after correction. A break below 104.98 will indicate that the correction has completed and deeper decline towards 104.00 is expected to follow.

USDCAD Analysis.
USDCAD dropped sharply from 1.0238 and formed a short term cycle top on 4-hour chart. Further fall is expect towards 1.0000 in next few days. Near term resistance is at 1.0238, only rise above this level would take price to test 1.0322 (June 10 high).

AUDUSD Analysis.
AUDUSD formed a short term cycle bottom at 0.9511 on 4-hour chart. Further rise to 0.9700 to reach next cycle top on 4-hour chart is possible. Key support is now at 0.9511, only fall below this level will signal reversal to the up trend.

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