ForexCycle @ 3:24 AM, Wednesday June 10 2009
Being contained by 1.3793 support, EURUSD rebounds from 1.3804,
suggesting that a cycle bottom is being formed on daily chart. However,
a break of 1.4338 key resistance is needed to confirm the cycle bottom.
For long term analysis, EURUSD stays in a trading range between
1.2329 (Oct 28, 2008 low) and 1.4719 (Dec 18, 2008 high). Rebound
towards 1.4400-1.4700 area is expected.
GBPUSD failed to test 1.5777 key support and rebounded from 1.5801,
suggesting a cycle bottom is being formed on daily chart. Further rally
is expected to test 1.6662 key resistance, a break above this level
will confirm the cycle bottom, and then further rise could be seen to
1.7000 zone.
For long term analysis, GBPUSD is in consolidation of the long term
downtrend from 2.1161 (2007 high). Rebound to 1.6500-1.7000 area to
reach the next cycle top on weekly chart is expected.
USDJPY might be forming a cycle top at 98.88 level on daily chart.
Deeper decline would more likely be seen in next several days. Near
term resistance is located at 98.88, a break above this level will
signal further rally to re-test 101.43 previous high resistance.
For long term analysis, USDJPY might be forming a cycle top at
101.43 level on weekly chart. Key support is at 93.53, a break below
this level will confirm the cycle top.
USDCHF is forming a cycle top at 1.0986 level on daily chart. Key
support is now located at 1.0590, a break down below this level is
needed to confirm the cycle top. Near term resistance is at 1.0986,
only break above this level will signal further rally to 1.1200 zone.
For long term analysis, USDCHF has formed a cycle bottom at 1.0366
level on weekly chart. Consolidation in a range between 1.0366 and
1.2296 is expected in a couple of months.
Being contained by the resistance of the falling trend line from
1.2504 to 1.1813, USDCAD drops from 1.1289 level, suggesting that a
cycle top is being formed on daily chart. Further fall is expected to
re-test 1.0784 previous low support, a break below this level will
confirm the cycle top, and then deeper decline could be seen to 1.0400
zone.
For long term analysis, USDCAD has formed a cycle top at 1.3063
level on weekly and monthly chart. The pair is now in long term bearish
movement. Further fall towards 1.0000 is expected in next several weeks.
AUDUSD might be forming a cycle bottom at 0.7827 level on daily
chart. Key resistance is located at 0.8263, a break above this level is
needed to confirm the cycle bottom. Near term support is located at
0.7827, below this level will indicate lengthier consolidation of
uptrend is underway, and pull down to test the support of the rising
trend line on daily chart is expected to follow.
For long term analysis, AUDUSD has formed a cycle bottom at 0.6008
(2008 low) level on monthly chart. Further rise to 0.8300-0.8500 area
is expected.
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