Daily Forex Analysis – July 10, 2008

AUDUSD Analysis.
AUDUSD broke below 0.9493 support and reached 0.9475 only. The subsequent rebound could possibly be resumption of up trend. Further rally is expected in a couple of days. Key support is now located at 0.9475, only fall below this level will signal reversal to up trend.

USDCHF Analysis.
USDCHF is in consolidation to uptrend. Pullback to test 1.0217 support is possible later today. As long as 1.0217 support holds, we’d expect up trend to resume, and rise towards 1.0500 could be seen after breaking above 1.0351 level.

GBPUSD Analysis.
GBPUSD formed a short term cycle bottom at 1.9647 on 4-hour chart. Further rise to test 2.0006 resistance is expect in next few days. Key support is located at 1.9647, below this level will signal deeper decline towards 1.9500 level.

EURUSD Analysis.
No changed in our view, EURUSD formed a short term cycle bottom at 1.5611. However, the rise is treated as consolidation to down trend. As long as 1.5908 key resistance holds, we’d expect down trend to resume and a break below 1.5611 will take price to retest 1.5302 (June 13 low).

USDJPY Analysis.
USDJPY formed a short term cycle top at 107.75 on 4-hour chart. One more fall to test 105.78 could be seen in a couple of days. As long as 105.78 support holds, we’d expect up trend to resume, and rise above 108.58 previous high resistance is expected to follow.

USDCAD Analysis.
No changed in our view, USDCAD is forming a sideways consolidation in a range between 1.0048 and 1.0238. Pullback to 1.0000 level to complete to consolidation would more likely be seen. Near term resistance is at 1.0238, only rise above this level would take price to test 1.0322 (June 10 high).

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