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Daily Forex Analysis – March 23, 2009

USDCAD Analysis.
USDCAD remains in short term downtrend from 1.3063. The rebound from 1.2191 is more likely consolidation of the downtrend. Initial resistance is at the upper border of the price channel on 4-hour chart, as long as the channel resistance holds, we’d expected downtrend to continue and the next target would be at 1.2000 zone.

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USDJPY Analysis.
USDJPY broke above 95.70 key resistance last week, suggesting that a short term cycle bottom has been formed at 93.53 level on 4-hour chart. Further rebound to 98.00 zone could be seen in next several days. The price action from 99.67 is treated as consolidation of the medium term uptrend from 87.12 (Jan 21 low), movingĀ  sideways in a range between 93.53 and 99.67 is expected in a couple of weeks.

20090323_usdjpy_1

USDCHF Analysis.
USDCHF remains in downtrend from 1.1963. Deeper decline is expected to 1.1000 zone after consolidation. Initial resistance is at 1.1350, and key resistance is located at 1.1470, as long as this level holds, we’d expect downtrend to continue.

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GBPUSD Analysis.
Being contained by the previous high resistance at 1.4661 (Feb 23 high), GBPUSD pulls back from 1.4595 level. However, the fall is more likely consolidation of the uptrend, as long as 1.4200 support holds, we’d expect uptrend to resume, and further rise towards 1.4900 is possible after consolidation.

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EURUSD Analysis.
EURUSD remains in uptrend from 1.2456 and the fall from 1.3738 is more likely consolidation of the uptrend. Further rise is still possible to 1.4000 zone in next several days. Near term support is now at 1.3416, and key support is located at 1.3250, only fall below this level will indicate that the rise from 1.2456 has completed.

20090323_eurusd_1

AUDUSD Analysis.
AUDUSD remains in uptrend from 0.6284 and the fall from 0.6942 is treated as consolidation of the uptrend. Further rise is possible to 0.7100 zone after consolidation. Near term support is located at 1.6785, as long as this level holds, we’d expect the uptrend to continue.

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