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Daily Forex Analysis – July 26, 2013

USDCAD Analysis.
USDCAD remains in downtrend from 1.0442, and the fall extends to as low as 1.0255. Resistance is now located at the upper line of the price channel on 4-hour chart. As long as the channel resistance holds, the downtrend could be expected to continue, and next target would be at 1.0200 area. On the upside, a clear break above the channel resistance will indicate that the downtrend from 1.0442 is complete, then the pair will find resistance around 1.0360.

20130726_usdcad_1

AUDUSD Analysis.
AUDUSD is facing 0.9305 resistance again, a clear break and hold of this level will indicate that the downtrend from 1.0582 (Apr 11 high) had completed at 0.8998 already, then the following upward movement could bring price to 1.0000 area. On the downside, as long as 0.9305 resistance holds, the price action from 0.8998 is treated as consolidation of the downtrend, and one more fall towards 0.8500 is still possible after consolidation.

20130726_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.

20130726_usdjpy_1

USDCHF Analysis.
USDCHF stays below a downward trend line on 4-hour chart, and remains in downtrend from 0.9751, and the fall extends to as low as 0.9283. Initial resistance is located at the trend line, as long as the trend line resistance holds, the downtrend could be expected to continue, and next target would be at 0.9200 area. Key resistance is at 0.9410, only break above this level could signal completion of the downtrend.

20130726_usdchf_1

EURUSD Analysis.
EURUSD remains in uptrend from 1.2756, and the rise extends to as high as 1.3295. Further rise could be expected, and next target would be at 1.3350 area. Initial support is now at the upward trend line on 4-hour chart, as long as the trend line support holds, the uptrend will continue. Key support is at 1.3160, only break below this level could signal completion of the uptrend.

20130726_eurusd_1

GBPUSD Analysis.
GBPUSD continues its upward movement from 1.4813 and the rise extends to as high as 1.5434. Initial support is now at the upward trend line on 4-hour chart, as long as the trend line support holds, further rise could be expected, and next target would be at 1.5550 area. Key support is at 1.5260, only break below this level could signal completion of the uptrend.

20130726_gbpusd_1

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