Daily Forex Analysis – Jun 30, 2008

USDCHF Analysis.
USDCHF is testing the support of 1.0147 (June 9 low). Consolidation would more likely be seen before breaking below this level and rebound to 1.0240 is possible. As long as 1.0301 resistance holds, we’d expected down trend to resume and fall below 1.0147 could be seen after consolidation.

USDJPY Analysis.
USDJPY pulled back sharply from 108.41 and broke below 106.56 support. The pair is now in down trend. Further fall is still possible to 105.00 area in a couple of days. Initial resistance is at 107.20, as long as this resistance holds, we’d expect down trend to continue.

USDCAD Analysis.
USDCAD is in down trend. Deeper decline to 1.0000 area to reach next short term cycle bottom on 4-hour chart is still possible in a couple of days. Initial resistance is at 1.0142 and key resistance is at 1.0194. Only break above 1.0194 could signal reversal to down trend.

AUDUSD Analysis.
AUDUSD is in up trend. Further rise to test 0.9653 (May 21 high) is possible in a couple of days. Initial support is at the up trend line, and as long as the trend line support holds, we’d expect up trend will continue.

GBPUSD Analysis.
GBPUSD broke above 1.9852 (May 23 high) resistance. Further rise to 2.0100 area to reach next short term cycle top on 4-hour chart is still possible in next several days. Initial support is at 1.9804, as long this level holds, we’d expect up trend to continue.

EURUSD Analysis.
EURUSD is in up trend. Further rise to test 1.5843 (June 9 high) is still possible in next few days. Initial support is at 1.5719 and followed by the up trend line from 1.5302 to 1.5468, as long as the trend line support holds, up trend will continue.

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