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Daily Forex Analysis – June 19, 2013

USDCHF Analysis.
Being contained by the resistance of the upper line of the price channel on 4-hour chart, USDCHF pulls back from 0.9271, suggesting that the pair remains in downtrend from 0.9838, and the rise from 0.9130 could be treated as consolidation of the downtrend. Further decline to test 0.9130 previous low support could be expected, a breakdown below this level will signal resumption of the downtrend, then next target would be at 0.9000 area. Key resistance is at 0.9271, only break above this level could indicate that the downtrend from 0.9838 had completed at 0.9130 already, then the following upward movement could bring price back to 0.9400 zone.

20130619_usdchf_1

EURUSD Analysis.
EURUSD’s upward movement from 1.2796 extends to as high as 1.3415. Further rise could be expected, and next target would be at 1.3500 area. Support is located at the lower line of the price channel on 4-hour chart, only a clear break below the channel support could signal completion of the uptrend.

20130619_eurusd_1

AUDUSD Analysis.
AUDUSD remains in downtrend from 1.0582 (Apr 11 high), the rise from 0.9326 is likely consolidation of the downtrend. Key resistance is now at 0.9664, as long as this level holds, the downtrend could be expected to resume, and one more fall to 0.9000 area is still possible. Support is at 0.9326, a breakdown below this level could signal resumption of the downtrend. However, a break above 0.9664 will suggest that the downtrend from 1.0582 had completed at 0.9326 already, then the following upward movement could bring price to 0.9800 – 0.9900 area.

20130619_audusd_1

GBPUSD Analysis.
GBPUSD remains in uptrend from 1.5008, the price action from 1.5683 could be treated as consolidation of the uptrend. Support is now located at the lower line of the price channel on 4-hour chart, as long as the channel support holds, the uptrend could be expected to resume, and one more rise towards 1.6000 is still possible, only a clear break below the channel support could signal completion of the uptrend.

20130619_gbpusd_1

USDCAD Analysis.
USDCAD breaks above the upper line of the price channel on 4-hour chart, suggesting that the downtrend from 1.0420 had completed at 1.0137 already. Further rally would likely be seen and the target would be at 1.0300 area. Support is now at 1.0137, only break below this level could trigger another fall towards 1.0000.

20130619_usdcad_1

USDJPY Analysis.
No changed in our view, USDJPY remains in downtrend from 103.73, the rise from 93.79 is treated as consolidation of the downtrend. As long as the trend line resistance holds, the downtrend could be expected to resume, and next target would be at 92.50 area, only a clear break above the trend line resistance could signal completion of the downtrend.

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