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Daily Forex Analysis – June 30, 2009

USDCAD Analysis.
USDCAD stays in the rising price channel on 4-hour and remains in uptrend from 1.0940. The price action in the trending range between 1.1418 and 1.1636 is treated as consolidation of uptrend. Further rise is possible to 1.1700 zone after consolidation. Initial support is at the lower border of the price channel. Key support is at 1.1418, only drop below this level will indicate that the uptrend from 1.0940 has completed at 1.1636 already, then the following pullback will take price to 1.1250-1.1300 area.

20090630_usdcad_1

USDJPY Analysis.
USDJPY failed to test 94.87 previous low support and rebounded from 95.04 level. Range trading between 97.87 and 96.56 is expected later today. Near term resistance is at 96.56, a break above this level will signal further rally to 97.00-97.50 area.

 20090630_usdjpy_1

GBPUSD Analysis.
GBPUSD is testing 1.6618 resistance, a break above this level will signal further rally to 1.1700 zone. Initial support is at 1.6400, below this level will indicate that the pair is back to range trading between  1.6187 and 1.6618.

20090630_gbpusd_1

AUDUSD Analysis.
AUDUSD is testing 0.8118 resistance, a break above this level will signal further rally to 0.8200 zone. Near term support is now at the rising trend line on 4-hour chart, as long as the trend line support holds, we’d expect uptrend to continue.

20090630_audusd_1

EURUSD Analysis.
EURUSD is in short term uptrend from 1.3748. Further rise towards 1.4200 would more likely be seen later today. Initial support is at 1.3980, only fall below this level will take price back to test 1.3889 key support.

20090630_eurusd_1

USDCHF Analysis.
USDCHF is in short term downtrend from 1.1021. Deeper decline would more likely be seen later today and target would be at 1.0700-1.0750. Near term resistance is at 1.0911, only break above this level will indicate that the fall form 1.1021 has completed.

20090630_usdchf_1

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