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Daily Forex Analysis – March 25, 2009

EURUSD Analysis.
EURUSD has formed a short term cycle top at 1.3738 on 4-hour chart. Consolidation in a range between 1.3250 and 1.3738 is expected in next several days. Key support is at 1.3250, a break below this level will indicate that the rise from 1.2456 (Mar 4 low) has completed at 1.3738 already, and then deeper decline could be seen to 1.2700-1.2800 area. However, as long as 1.3250 key support holds, we’d expect uptrend to resume, and one more rise towards 1.4300 is still possible.

20090325_eurusd_1

USDCHF Analysis.
No changed in our view, USDCHF remains in short term downtrend from 1.1963 and the price action 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.

20090325_usdchf_1

USDCAD Analysis.
USDCAD stays in the falling price channel on 4-hour chart and consolidates above 1.2191, a break below this level will signal deeper decline towards 1.2000 zone. Initial resistance is at the upper border of the price channel, a clear break above the channel resistance will indicate that a short term cycle bottom has be formed at 1.2191 already and then rebound towards 1.2700 could be seen.

20090325_usdcad_1

USDJPY Analysis.
No changed in our short term outlook, 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.

20090325_usdjpy_1

GBPUSD Analysis.
GBPUSD’s uptrend has extended to as high as 1.4779 level. As the next cycle top is nearing, consolidation would more likely be seen in a couple of days, and pullback is expected to test 1.4394 support. However, one more rise is still possible to 1.5200-1.5300 area after consolidation.

20090325_gbpusd_1

AUDUSD Analysis.
AUDUSD remains in short term uptrend. The pullback from 0.7092 is treated as consolidation of the uptrend. Further rise is expected test 0.7267 (Jan 7 high) resistance after consolidation. Initial support is located at 0.6840, as long as this level holds, we’d expected the uptrend to continue.

20090325_audusd_1

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