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Daily Forex Analysis – February 24, 2009

AUDUSD Analysis.
AUDUSD breaks above 0.6529 resistance and reaches 0.6546 only. The pair might be forming a short term cycle top at 0.6546 level on 4-hour chart. Key support is located at 0.6331, a break below this level will confirm the cycle top and signal deeper decline to 0.6100 zone. Near term resistance is now located at 0.6546, only rise above this level will indicate that the fall from 0.6849 has completed and then further rebound is expected to retest 0.6849 previous high resistance.

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USDCAD Analysis.
USDCAD formed a short term cycle top at 1.2672 level on 4-hour chart. Sideways consolidation in a range between 1.2279 and 1.2672 is expected in a couple of days. Key support is located at 1.2279, below this level will indicate that the rise from 1.2024 has completed, and then deeper decline is expected to 1.1900 zone. Near term resistance is at 1.2672, a break above this level will signify that the short term uptrend from 1.2024 is underway, and further rally could be seen to 1.2900 zone.

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GBPUSD Analysis.
GBPUSD breaks above 1.4606 resistance and reaches 1.4661 only. The pullback from 1.4661 implies that a short term cycle top is being formed. Key support is now 1.4250, a break below this level will confirm the cycle top and signal deeper decline to 1.3800 zone. However, above 1.4661 level will indicate that the short term uptrend from 1.4093 is underway and further rally could be seen to retest 1.4985 previous high resistance.

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EURUSD Analysis.
EURUSD pulls back sharply from 1.2991, suggesting that a short term cycle top has been formed on 4-hour chart. Further fall to test 1.2512 previous low is possible in a couple of days, a break below this level will signal deeper decline to 1.2400 zone.

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USDJPY Analysis.
USDJPY breaks above 94.61 medium term key resistance, suggesting that the fall from 110.66 (Aug 15, 2008 high) has completed. Further rise is still possible to 98.00 zone after consolidation. Near term support is located at 92.50, as long as this level holds, the uptrend from 87.12 (Jan 21 low) will continue.

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USDCHF Analysis.
USDCHF rebounds from the lower border of the price channel on 4-hour chart. Consolidation in a range between 1.1459 and 1.1883 is expected in a couple of days. Near term resistance is located at 1.1883, a break above this level will signal further rally to 1.2000 zone. Key support is now located at 1.1459, below this level will indicate that the rise from 1.0366 (Dec 29, 2008 low) has terminated.

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