Daily Forex Analysis – Jun 16, 2008

USDCHF Analysis.
USDCHF broke above 1.0526 (May 30 high). Pullback from 1.0539 is treated as consolidation to up trend. Near term support is at the up trend line from 1.0147 to 1.0301. As long as the trend line support holds, we’d expected up trend to resume and further rally to test 1.0623 (May 8 high) is still possible. Key support is located at 1.0301, only fall below this level will signal reversal to up trend.

GBPUSD Analysis.
GBPUSD broke below 1.9461 previous low support and reached as low as 1.9408. Further fall to test 1.9363 (May 14 low) is expected later today. Long term key support is located at 1.9337 (Jan 22 low), a break down below this level will signal resumption of long term down trend.

USDCAD Analysis.
USDCAD is forming a sideways consolidation in a range between 1.0150 and 1.0322. Pullback to test 1.0070 support is expected before breaking above 1.0322 level. As long as 1.0070 support holds, we’d expect up trend to resume. Initial resistance is at 1.0322, a break of this level will signal resumption of up trend.

EURUSD Analysis.
EURUSD broke below 1.5365 previous low support and reached as low as 1.5302. Further fall below 1.5284 (May 8 low) is still possible after consolidation. Key resistance is at 1.5584, only rise above this level will signal reversal to down trend.

USDJPY Analysis.
USDJPY is in up trend. Further rally to 100.00 area to reach next short term cycle top is still possible in a couple of days. Near term support is located at 106.56, as long as this support holds, up trend will continue.

AUDUSD Analysis.
AUDUSD is in down trend. Rebound from 0.9327 is treated as consolidation to down trend. Further fall to test 0.9291 (May 15 low) is still possible later today and a break of 0.9327 will confirm such case.

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