Daily Forex Analysis – Jun 17, 2008

USDCHF Analysis.
USDCHF pulled back from 1.0539. Consolidation will more likely be seen in a couple of days. As long as 1.0301 support holds, we’d expect up trend to resume, and rise above 1.0623 (May 8 high) is still in favor.

GBPUSD Analysis.
GBPUSD rebounded sharply from 1.9408 and reached as high as 1.9687. The rise could possibly be resumption of up trend. Further rally to test 1.9800 resistance is now in favor. Key support is located at 1.9408, only break down below this level will signal resumption of down trend.

USDCAD Analysis.
No changed in our view, 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, above this level will signal resumption of up trend.

EURUSD Analysis.
EURUSD is in down trend. The rise from 1.5302 is treated as correction to down trend. As long as 1.5584 resistance holds, we’d expect down trend to resume and deeper decline is still possible to 1.5000 area after correction.

USDJPY Analysis.
No changed in our view, 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 at 107.50 and key support is located at 106.56, as long as the key 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. Key resistance is at 0.9492, rise above this level will indicate that the downtrend from 0.0646 has completed and uptrend has resumed.

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