Daily Forex Analysis – May 15, 2008

EURUSD Analysis.
EURUSD failed to test 1.5594 resistance and pulled back from 1.5569. As long as 1.5284 support holds, we’d expect up trend to resume and further rise to 1.5650 area to reach the next short term cycle top is possible. Initial support is at 1.5365 and followed by 1.5284, only break of 1.5284 level will signal resumption of the down trend.

USDJPY Analysis.
USDJPY is testing 105.70 resistance. Rise above this level could be seen in a couple of days and short term target should be at 107.00 area. Initial support is at the up trend line and key support is at 102.58, only break of the key support will signal reversal to the long term up trend.

USDCHF Analysis.
USDCHF formed a short term cycle bottom at 1.0388 on 4-hour chart. As long as 1.0623 previous high resistance holds, we’d expect down trend to resume and pullback below 1.0388 is possible. If 1.0623 level gives way, the short term target would be at 1.0700 area.

GBPUSD Analysis.
Being contained by 1.9337 (Jan 22 low) support, GBPUSD rebounds from 1.9363 level. Sideways consolidation in a range between 1.9363 and 1.9633 could be seen before breaking below 1.9337 level. Initial resistance is at 1.9633, a break of this level will signal reversal to the down trend.

USDCAD Analysis.
USDCAD broke below 0.9887 previous low support and reached as low as 0.9962. Further fall to 0.9900 area is still possible after consolidation. Near term resistance is at 1.0105, we’d expect down trend to resume below this level.

AUDUSD Analysis.
AUDUSD is testing 0.9275 previous low support. Break below this level to reach the next short term cycle bottom is expected. Near term resistance is at 0.9360, only rise above this level will signal consolidation to the down trend.

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