Daily Forex Analysis – July 11, 2008

USDJPY Analysis.
USDJPY is forming a sideways consolidation in a range between 106.25 and 107.75. Pullback to 106.00 area to reach next short term cycle bottom on 4-hour chart would more likely be seen next week. Key resistance is at 107.75, a break above this level will signal resumption of up trend.

AUDUSD Analysis.
AUDUSD traded in range between 0.9475 and 0.9667. Further rise to test 0.9667 previous high resistance is still possible in a couple of days, and pullback would more likely be seen before breaking above this level.

USDCHF Analysis.
USDCHF is forming a short term cycle top at 1.0351 on 4-hour chart. Pullback below 1.0217 level is expected to follow. Near term resistance is at 1.0351, above this level is treated as resumption of up trend.

GBPUSD Analysis.
No changed in our view, 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.
EURUSD is in correction to down trend. Further rebound is expected to 1.5840 level. Key resistance is at 1.5908, as long as this resistance holds, we’d expect down trend to resume and pullback below 1.5611 previous low could be seen after correction.

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).

For long term forex analysis.

Get Your Free Elliott Wave Tutorial Now!