Daily Forex Analysis – July 15, 2008

USDCHF Analysis.
USDCHF traded in range between 1.0136 and 1.0250. Deeper decline to test 1.0111 support is still possible later today. As long as 1.0111 support holds, we’d expect up trend to resume, and then rebound to test 1.0351 could be seen. Key resistance is now located at 1.0250, a break of this level will signal resumption of up trend.

EURUSD Analysis.
EURUSD traded in range between 1.5841 and 1.5964. As long as 1.5841 support holds, we’d expect up trend to resume and further rally to test 1.6019 (Apr 22 high) long term key resistance is possible. However, below 1.5841 will indicate deeper decline to retest 1.5611 level.

USDJPY Analysis.
USDJPY is forming a short term cycle bottom at 105.64 on 4-hour chart. Key resistance is now located at 106.80, a break above this level will confirm the cycle bottom. As long as the pair stays above 105.64 support, rebound to 107.50 area is possible in a couple of days and sideways consolidation is expected before breaking above 107.75 previous high resistance.

AUDUSD Analysis.
AUDUSD’s up trend remains and the rise from 0.9475 extends to as high as 0.9735. Further rally to 0.9800 area to reach next short term cycle top on 4-hour chart is possible in a couple of days. Initial support is at 0.9644, only break down below this level will signal consolidation to the up trend.

GBPUSD Analysis.
GBPUSD’s uptrend from 1.9647 extends further to as high as 1.9966. One more rise above 2.0006 previous high resistance to reach the next short term cycle top is expect in next few days. Key support is at 1.9814, only break below this level will signal resumption of down trend.

USDCAD Analysis.
USDCAD broke below 1.0048 previous low support. Further pullback to 1.0000 level to complete to consolidation would more likely be seen. Initial resistance is at 1.0140, as long as this resistance holds, down trend will continue.

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