Forex Analysis – May 22, 2008 – Forex Market Analysis

USDCHF Analysis.
USDCHF drops sharply to 1.0232 level. Deeper decline to 1.0000 area to reach the next short term cycle bottom on 4-hour chart is possible in a couple of days. Near term resistance is at 1.0325 and followed by 1.0390.

GBPUSD Analysis.
GBPUSD is now in up trend. Further rise to 1.9850 area to reach the next short term cycle top is possible in a couple of days. Initial support is at 1.9610 and followed by the up trend line from 1.9363 to 1.9453, as long as the trend line support holds, we’d expect up trend to continue.

AUDUSD Analysis.
AUDUSD is in up trend. The rise from 0.9291 extends to 0.9653 level. Near term support is at 0.9557 and followed by 0.9510, as long as 0.9510 support holds, further rally to 0.9800 is expected.

USDJPY Analysis.
USDJPY is testing 102.58 previous low support. As long as this support holds, we’d expect up trend to resume and rise to retest 1.0544 resistance is possible. A break of 102.58 level will indicate that the up trend from 95.77 (Mar 17 low) has completed and down trend resumes, pullback to 1.0000 area could then be seen.

EURUSD Analysis.
EURUSD is in up trend. The rise from 1.5284 extends to 1.5800 level. Further rally is expected to retest 1.6019 (Apr 22 high) level. Initial support is at 1.5630 and followed by the up trend line from 1.5284 to 1.5419, as long as the trend line support holds, we’d expect up trend to continue.

USDCAD Analysis.
USDCAD’s down trend from 1.0242 extends to as low as 0.9818. Further fall to test 0.9709 (Feb 28 low) is possible in a couple of days. Near term resistance is at 0.9959, as long as this resistance holds, down trend will continue.

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