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Daily Forex Analysis – July 25, 2013

AUDUSD Analysis.
AUDUSD failed to break above 0.9305 resistance, and stays in a trading range between 0.8998 and 0.9305, suggesting that the pair remains in consolidation of the downtrend from 1.0582 (Apr 11 high). The range trading could be expected to continue in a couple of days. Support is at 0.8998, a breakdown below this level will signal resumption of the downtrend from 1.0582, then further decline towards 0.8500 could be seen. Key resistance is at 0.9305, only a clear break and hold of this level could indicate that the downtrend from 1.0582 had completed at 0.8998 already, then the following upward movement could bring price back to 1.0000 zone.

20130725_audusd_1

USDJPY Analysis.
USDJPY continues its sideways movement in a range between 98.27 and 101.53. Key support is at 98.27, a breakdown below this level could trigger another fall towards 95.00 area. Key resistance is at 101.53, a break above this level will signal resumption of the uptrend from 75.57 (Oct 31, 2011 low), then the following upward movement could bring price to 110.00 zone.

20130725_usdjpy_1

USDCAD Analysis.
USDCAD continues its downward movement from 1.0608, and the fall extends to as low as 1.0262. Further decline could be expected after a minor consolidation, and next target would be at 1.0200 area. Resistance is at 1.0350, only break above this level will indicate that consolidation of the downtrend is underway, then further rise to 1.0400 area could be seen.

20130725_usdcad_1

USDCHF Analysis.
USDCHF remains in downtrend from 0.9751, the rise from 0.9322 is likely consolidation of the downtrend. Initial resistance is at the downward trend line on 4-hour chart, and the key resistance is at 0.9480, as long as this level holds, the downtrend could be expected to resume, and another fall to 0.9200 area is still possible.

20130725_usdchf_1

EURUSD Analysis.
EURUSD remains in uptrend from 1.2756, the fall from is likely consolidation of the uptrend. Support is 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 next target would be at 1.3350 area. On the downside, a clear break below the channel support will signal completion of the uptrend from 1.2756, then the pair will find support around 1.3000.

20130725_eurusd_1

GBPUSD Analysis.
GBPUSD is facing the support of the lower line of the price channel on 4-hour chart. As long as the channel support holds, the fall from 1.5391 could be treated as consolidation of the uptrend, one more rise to 1.5500 is still possible. However, a clear break below the channel support will indicate that the uptrend from 1.4813 had completed at 1.5391 already, then the following downward movement could bring price back to 1.5200 zone.

20130725_gbpusd_1

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