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Daily Forex Analysis – March 24, 2009

USDCHF Analysis.
USDCHF remains in short term downtrend from 1.1963. The rebound from 1.1159 is treated as consolidation of the downtrend. Deeper decline could be seen to 1.1000 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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USDCAD Analysis.
USDCAD is testing the support of 1.2191, below this level will signal deeper decline to 1.2000 zone. Initial resistance is at the upper border of the price channel on 4-hour chart, above the channel resistance will indicate that a short term cycle bottom has be formed and then rebound towards 1.2700 could be seen.

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USDJPY Analysis.
USDJPY is in range trading between 93.53 and 99.67, moving sideways without trend in this range is expected in next several days. Key resistance is located at 99.67, above this level will indicate that the medium term uptrend from 87.12 has resumed and further rise could be seen to 102.00 zone.

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GBPUSD Analysis.
GBPUSD breaks above 1.4661 (Feb 23 high) resistance, further rise to 1.4850 to reach the next short term cycle top is possible in a couple of days. Key support is now located at 1.4394, a break below this level will confirm the cycle top.

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EURUSD Analysis.
No changed in our view, EURUSD remains in uptrend from 1.2456 and the fall from 1.3738 is treated as 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.

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AUDUSD Analysis.
AUDUSD remains in uptrend, further rise could be seen to test 0.7267 (Jan 7 high) resistance. Initial support is now located at 0.6840, as long as this level holds, we’d expected the uptrend to continue.

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