Daily Forex Analysis

Headlines

• Will The USD Continuse Its Bearish Voyage Today?

Market Trend

	EUR/USD	GBP/USD	USD/JPY	USD/CHF	AUD/USD	EUR/GBP
Daily Trend
Weekly Trend
Resistance	1.4955	1.8830	109.70	1.0970	0.8865	0.8010
	1.4935	1.8810	109.50	1.0950	0.8845	0.7990
	1.4905	1.8780	109.20	1.0920	0.8815	0.7960
Support	1.4845	1.8720	108.60	1.0860	0.8755	0.7900
	1.4815	1.8690	108.30	1.0830	0.8725	0.7870
	1.4795	1.8670	108.10	1.0810	0.8705	0.7850

Daily Technical Analysis

Daily Technical Analysis
EURUSD Outlook

Yesterday the daily CCI gave us a valid warning about an upside correction potential of EURUSD. The pair topped at 1.4907 and closed at 1.4896. I am expecting further upside scenario towards 1.4975. We have a valid bullish channel on hourly and 4h chart. As long as these channels are not violated we still have a potential further bullish scenario. Immediate support is seen at 1.4820 followed by 1.4750. Initial resistance at 1.4925 followed by 1.4975. CCI just cross 100 line down on hourly chart and in overbought area on 4h chart suggesting a downside risks as the pair is traded near the bullish channel resistance line.

EURUSD Daily Supports and Resistances:

S1= 1.4782
S2= 1.4668
S3= 1.4606
R1= 1.4958
R2= 1.5020
R3= 1.5134
GBPUSD Outlook

Yesterday the Sterling recovered against Greenback. The GBPUSD was corrected higher, topped at 1.8793 and closed at 1.8776. Technically this fact open the door for a further upside correction move towards 1.8960 area. Immediate support is seen at 1.8740 followed by 1.8666. Initial resistance at 1.8850. We have a valid bullish channel on hourly and 4h chart. As long as these channels are not violated we still have a potential further bullish correction scenario. CCI just cross 100 line down on hourly chart and in overbought area on 4h chart suggesting a downside risks towards bullish channel support line.

GBPUSD Daily Supports and Resistances:

S1= 1.8657
S2= 1.8539
S3= 1.8471
R1= 1.8843
R2= 1.8911
R3= 1.9029
USDJPY Outlook

Yesterday the Greenback slumped against Japanese Yen. The pair bottomed at 108.13 and closed at 108.47. My model is mixed with downside bias. A consistent move below 108.50 would open the door towards 107.35. Immediate support is seen at 108.11. Initial resistance at 108.90 followed by 109.50. CCI about to cross -100 line up on 4h chart suggesting an upside risks.

USDJPY Daily Supports and Resistances:

S1= 107.79
S2= 107.11
S3= 106.10
R1= 109.48
R2= 110.49
R3= 111.17
USDCHF Outlook

Like all other major currencies, yesterday the Swiss Franc was traded stronger against Greenback. The pair breakout to the downside from ranging area, bottomed at 1.0842 and closed at 1.0864. My model is mixed with downside bias. Immediate support is seen at 1.0828. Initial resistance at 1.0896 followed by 1.0930. CCI about to cross -100 line up on 4h chart suggesting an upside risks.

USDCHF Daily Supports and Resistances:

S1= 1.0805
S2= 1.0746
S3= 1.0651
R1= 1.0959
R2= 1.1054
R3= 1.1113

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Daily Forex Analysis

Headlines

The USD Brace For Tough Day As Important US data Expected.

Market Trend

	EUR/USD	GBP/USD	USD/JPY	USD/CHF	AUD/USD	EUR/GBP
Daily Trend
Weekly Trend
Resistance	1.4735	1.8640	110.80	1.1075	0.8725	0.7970
	1.4715	1.8620	110.60	1.1055	0.8695	0.7950
	1.4685	1.8590	110.30	1.1025	0.8665	0.7920
Support	1.4625	1.8530	109.70	1.0965	0.8605	0.7860
	1.4595	1.8500	109.40	1.0935	0.8575	0.7830
	1.4575	1.8480	109.20	1.0905	0.8555	0.7810

Technical Analysis Daily: EUR/USD

EUR/USD 1.4785

EUR/USD Open 1.5001 High 1.4938 Low 1.4755 Close 1.4776

The Euro continued descending insignificantly yesterday against the US Dollar from Thursday's top 1.4938 to today's bottom 1.4755, which are the the first resistance and support levels respectively for the currency couple today. If the negative trend continues as we expect to, next support is expected at 1.4685, followed by 1.4600. In upward direction next resistance for today is expected at 1.5000, the break of which would lead to next target 1.5180.

Technical resistance levels: 1.4940 1.5000 1.5180
Technical support levels: 1.4755 1.4685 1.4600

Trading range: 1.4795 - 1.4735

Trend: Downward

Sell at 1.4785 SL 1.4815 TP 1.4745

Daily Technical Analysis

Daily Technical Analysis Posted: 8/15/2008 1:46:28 AM

Currency Pair

Daily Momentum

4-Hour Momentum

1-Hour Momentum

Support

Resistance

EUR/USD				1.4750 1.4710 1.4680	1.4830 1.4880 1.4905	440GMT bullish MACD divergence on 4 hr and hourly charts, recent thrust lower looks overdone, looking for bounce back to former support at 1.4830
GBP/USD				1.8600 1.8570 1.8500	1.8750 1.8820 1.8910	450GMT base could be forming ahead of 1.8600, break above trendline at 1.8750 takes immediate downside pressure off, over that likley sees 1.8910
USD/JPY				109.90 109.60 109.30	110.20 110.50 110.80	500GMT pressing up against trendline resistance in the 110.20/30 area, break there should take us through recent highs, upside bias above 109.30
USD/CHF				1.0920 1.0880 1.0830	1.0980 1.1030 1.1060	505GMT broke above recent highs and upside potential remains while above 1.0920, below sees likely pullback to 1.0870/80
AUD/USD				0.8620 0.8590 0.8555	0.8670 0.8705 0.8750	510GMT rejected at its 100 hr SMA, now trying to regroup above recent lows in the 0.8590 area, above 100 hr at 0.8750 puts 200 hr SMA in focus
USD/CAD				1.0620 1.0570 1.0540	1.0660 1.0730 1.0760	515GMT support near 1.0620 holding, below sees losses to 1.0570 initially, to the upside look for resistance into recent highs at 1.0730
EUR/JPY				162.60 161.90 161.30	163.00 163.35 164.20	520GMT bullish MACD crossover on hourly suggests further gains, currently testing trendline resistance at 163.00, over puts 100 hr SMA in focus
NZD/USD				0.6980 0.6950 0.6900	0.7030 0.7080 0.7130	525GMT sideways consolidation, sees trendline support near 0.6950, above 0.7030 sees to 200hr SMA near 0.7075
EUR/GBP				0.7905 0.7890 0.7865	0.7940 0.7960 0.7985	530GMT hit 38.2percent retracement of move higher from 0.7800 at 0.7915, but strength above 0.7940 needed to shift the focus back up
AUD/JPY				95.15 94.50 93.90	95.55 95.95 96.70	535GMT facing resistance into 100 hr SMA at 95.90 but finding support into 55 hr SMA at 95.15, break over 100 hr likley sees test of 200 hr at 97.40
GBP/JPY				204.60 204.00 203.50	206.00 206.80 207.20	540GMT bearish flag formation forming as the recent upmove is stalling ahead of 206.00, break below 204.60 likley sees test of recent lows
CAD/JPY				103.20 102.75 102.20	103.40 103.70 104.25	545GMT currently consolidating between its 55 and 200 hr SMAs, break higher likley sees 104.25, break lower likley sees 101.50

	- Optimal phase to initiate position with arrow		- Cycle mature, protect profits
	- Cycle extreme, t/p, plan for new cycle		- Hold Cycle in direction of arrow