Daily Forex Analysis – Jun 19, 2008

USDJPY Analysis.
USDJPY formed a short term cycle top at 108.58 on 4-hour chart. Pullback to test 106.56 is expected in a couple of days. Key resistance is now at 108.58, only rise above this level will signal resumption of up trend.

USDCHF Analysis.
USDCHF is forming a sideways consolidation in a range between 1.0301 and 1.0539. Deeper decline to test 1.0301 level could be seen later today, break below this level will indicate that the pair is back to down trend, and further fall 1.0200 area is expected to follow. 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 traded in range between 1.9408 and 1.9800. Further rise to 1.9750 area to reach next short term cycle top would more likely be seen in a couple of days. Near term support is at 1.9469 and followed by 1.9408.

USDCAD Analysis.
USDCAD is testing 1.0150 support, break below this level would more likely be seen later today. Next short term target would be at 1.0070 area. Initial resistance is located at 1.0210, rise above this level will pull price back to range trading between 1.0150 and 1.0322.

EURUSD Analysis.
EURUSD is testing 1.5584 resistance, a break of this level will indicate lengthier consolidation is underway. As long as 1.5584 resistance holds, we’d expect down trend to resume and deeper decline is still possible to 1.5000 area.

AUDUSD Analysis.
AUDUSD formed a short term cycle bottom at 0.9327 level on 4-hour chart. Further rally is expected to 0.9550 area in a couple of days. Key support is at 0.9327, fall below this level would be resumption of down trend.

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